Seoul, July 10 (IANS) South Korea’s automobile production grew 3.4 percent in the first half of this year due to brisk exports that offset sluggish domestic demand, a government report showed Tuesday.
Auto production by the nation’s five carmakers, including Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and Ssanyong Motor, reached 2,380,782 vehicles during the January-June period, up 3.4 percent over the same period of last year, according to the Ministry of Knowledge Economy.
The production growth was mainly attributed to strong overseas demand for locally-manufactured cars. The nation’s five carmakers shipped a total of 1,700,364 vehicles in the first half, up 10.4 percent from a year earlier, reported Xinhua.
Despite growing uncertainties over the global economy, the country’s auto exports soared in the first half thanks to an expansion in exports to the US and the European Union (EU).
The Daily News Post India (tdnpost)