Korean carmakers' 2008 sales edge up, but Dec. shipments dive

SEOUL, Jan. 2 (Yonhap) -- South Korean carmakers' sales rose slightly in 2008
from a year earlier, but their shipments tumbled in December amid a deepening
global economic downturn, the companies' data showed Friday.
Hyundai Motor Co., Kia Motors Corp., GM Daewoo Auto & Technology Co., Renault
Samsung Motors Corp. and Ssangyong Motor Co. sold a combined 5.35 million
vehicles last year, up 2.4 percent from the previous year, according to the data.
Domestic sales fell 5.1 percent annually to 1.14 million units due to a sharp
fall in demand, while exports gained 4.7 percent to 4.21 million units.
For December, however, the automakers' combined sales fell 13.1 percent from a
year earlier to 406,051 units. Exports dropped 9.8 percent annually to 319,123
units, with domestic sales plunging 23.2 percent to 86,928 units.
"Local automakers saw good performance in their auto sales through the first
three quarters of the year despite higher oil prices and the suspension of
operations, but a deepening global economic crisis forced them to experience a
sharp fall in their domestic sales," an industry source said.
Market watchers said the local auto industry is feeling the pinch of the global
economic downturn which has made a big dent in their sales both at home and
abroad.
Industry leader Hyundai Motor and other carmakers cut output in December and
idled some production lines amid slumping sales in the United States and China as
well as on the domestic market.
With the market outlook remaining murky, Hyundai Motor and No. 2 carmaker Kia
Motors even failed to unveil sales targets for 2009 earlier in the day, though it
is customary for them to issue them at the beginning of the year.
ksnam@yna.co.kr
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