S. Korea's April auto sales drop 16 pct

SEOUL, May 4 (Yonhap) -- South Korean automakers reported a 16 percent drop in
April sales Monday as the global economic crisis reduced overseas demand and
local car buyers waited for tax cuts on car purchases.
On-month sales, however, rose for the third consecutive month in April,
suggesting that sales may have hit bottom and will begin to rebound down the
road, industry watchers say.
Hyundai Motor Co. and four other automakers sold a combined 418,506 vehicles last
month, down 15.9 percent from a year earlier, according to data released by each
carmaker. Exports dropped 15.4 percent to 324,670 units with domestic sales
declining 14.8 percent to 93,836 units.
Compared with a month earlier, overall sales rose 3.6 percent in April. Overseas
shipments increased 5.3 percent, but domestic sales fell 1.1 percent.
In a move aimed at further bolstering sales, the government plans to offer a
70-percent reduction starting this month in both purchase and registration taxes
for consumers who buy a new car to replace an older one.
By company, Hyundai Motor saw its vehicle sales fall 7.5 percent to 233,342 units
last month.
In the first four months of this year, Hyundai's sales dropped 11.8 percent to
860,579 units, the company said.
Kia Motors' sales declined 6.8 percent to 117,530 units last month, with domestic
sales rising 5.8 percent to 29,010 units, while exports declined 10.3 percent to
88,520 units.
Kia's total sales in the January-April period reached 399,200 units, down 14.5
percent from a year earlier.
GM Daewoo Auto & Technology Co., the local unit of General Motors Corp., said its
sales plunged 46 percent to 43,655 units.
In the first four months of the year, the carmaker's sales dropped 44.5 percent
to 178,728 units.
Renault Samsung Motor Co., the South Korean unit of French automaker Renault SA,
also suffered a 38.3 percent plunge in sales for April. The company sold 10,515
vehicles last month.
Ssangyong Motor Co., which entered court receivership in February under a weight
of debt and record losses, said sales plunged 58 percent to 3,464 units.
sam@yna.co.kr
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