Korea’s auto exports surge on luxury sedan sales

Korea’s auto exports surge on luxury sedan sales


Korea’s auto exports surged to a record high of almost 50 billion u.s. dollars last year as local automakers expanded their presence in the luxury sedan market exports to the US also hit a record high in 2013 Hwang ji-hye has the details Korean auto exports reached a record high of 48 point seven billion dollars last year despite production losses of billions of dollars following strikes by Korean auto workers that is up more than three percent from a year earlier the ministry of trade industry and energy says that the nation’s auto exports got a boost from sales of luxury sedans and advanced economies like the United States and the European Union exports to the u.s. in particular are estimated to exceed a record 12 billion dollars in 2013 according to the korea Automobile Manufacturers Association the US sales of luxury sedans produced by Hyundai Motor and Kia Motors including the Honda Genesis jumped over twenty percent last year from 2012 the ministry said sales were also helped by a moderate economic recovery in the US which pushed up auto demand and Korea’s free trade agreement with the EU which raised the price competitiveness of Korean automobiles meanwhile Hyundai Motor the nation’s largest automaker is aiming to boost its market share in the u.s. to four point seven percent this year from four point six percent in 2013 with its new genesis and Sonata models driving gains Hwang ji-hye Arirang news

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