GM Daewoo 2003 August Sales up 100%

SEOUL September 1, 2003; Dow Jones reported that GM Daewoo Auto & Technology Co.'s auto sales in August more than doubled to 44,650 units from 21,679 a year ago as strong export shipments offset sluggish domestic auto sales, the company said Monday.

GM Daewoo, an affiliate of General Motors Corp. , saw its exports grow fivefold to 35,340 units in August from 6,456 units a year ago. GM is expanding sales of vehicles manufactured from GM Daewoo in North America, China and Europe under other GM brands.

But GM Daewoo's domestic sales declined 39% on year to 9,310 units in August, it said.

On a month-on-month basis, GM Daewoo's August sales were 8% lower, with domestic sales dropping 18% from July and exports down 5.2%.

During the first eight months of this year, GM Daewoo sold a total of 317,794 vehicles, up 15% on year. Exports climbed 34% on year to 222,468 units in the eight month period, while domestic sales fell 13% to 95,326 units.