S. KOREAN AUTO SALES CLIMB 2.7 PCT IN OCTOBER

Mon. November 02, 2009; Posted: 03:36 AM

SEOUL, Nov 02, 2009 (AsiaPulse via COMTEX) -- KIMTY | Quote | Chart | News | PowerRating -- Combined auto sales by South Korea's five automakers rose 2.7 per cent in October from a year ago, helped by robust domestic demand as they introduced new models, the carmakers said Monday.

Sales by the carmakers, led by Hyundai Motor Co. (KSE:005380) and its affiliate Kia Motors Corp. (KSE:000270), gained to 518,623 units last month. Domestic sales jumped 24 per cent from a year ago to 130,192 units while overseas sales fell 2.9 per cent to 388,431 units.

Hyundai said it sold 288,618 units last month, 6.9 per cent more than a year ago, thanks to rising demand at home.

Kia said its sales climbed 7.3 per cent in October from a year earlier to 149,591 units.

GM Daewoo Auto & Technology Co., the local unit of General Motors Co., said it sold 55,314 units last month, 24.6 per cent fewer than a year ago, due to falling exports. But GM Daewoo vice president Rick LaBelle expected exports to rebound next year.

"We are seeing signs of some economic growth in our key export markets and ... we are expecting strong sales into the beginning of next year," LaBelle said in a statement.

Renault Samsung Motors Co., the local unit of French carmaker Renault SA, said sales rose 25.6 per cent in October from a year earlier to 20,470 units on higher overseas demand.

Sales at Ssangyong Motor Co. (KSE:003620), which has been under bankruptcy protection since February, were down 35.4 per cent to 4,630 units.

On Friday, a bankruptcy court in Seoul will hold a meeting to decide whether to approve a turnaround plan by Ssangyong. If the court rejects it instead, Ssangyong could be liquidated.

In the first 10 months of this year, sales at the nation's five carmakers fell 3.7 per cent from a year ago to 4.32 million units.

(Yonhap) rw

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