Hyundai Motor January 2003 Auto Sales Up 2.9% On Year

SEOUL-February 4, 2003; Dow Jones is reporting that Hyundai Motor Co.'s sales rose 2.9% on year to 156, 222 units in January as strong exports offset a fall in local sales, the car maker said Tuesday.

Export shipments in January climbed 10.5% on year to 95,567 units, the company said in a disclosure to the Korea Stock Exchange.

South Korea's largest car maker said late Tuesday its U.S. sales rose to 27, 179 units in January compared with 27,126 units a year ago.

However, local sales fell 7.2% on year to 60,655 units in January.

Month-on-month, Hyundai Motor's January sales fell 8%, with exports down 12.8% due largely to a higher comparable base. In December, Hyundai Motor expanded its export shipment of new-year models to fill up its overseas inventory ahead of actual marketing season. Its January local sales grew 1% from December.

Hyundai Motor attributed the on-year fall in local sales to poor auto demand after a temporary cut in taxes on car purchases finished at the end of August amid bearish consumer sentiment, said the company's spokesman Park Sang-Woo.

The car maker's domestic market share grew to 48.3% in January, compared to 45.4% in December, the car maker said in the disclosure.

Hyundai Motor also said it boosted export shipments in January on anticipation of growth in its overseas sales, particularly from the U.S., China, Turkey and India.

Exports to Europe of Hyundai's compact car, Click, and a mini van, Lavita, also increased.