Global auto sales of S. Korean firms surge

China Daily - - BUSINESS -

South Korean car­mak­ers’ global au­to­mo­bile sales rose in three years last year due to a tem­po­rary tax cut for car pur­chases in the lo­cal mar­ket and solid de­mand from emerg­ing economies, in­dus­try data showed on Wed­nes­day. Global auto sales by Hyundai, Kia, GM Ko­rea, Re­nault Sam­sung and Ssangy­ong to­taled 8,231,418 ve­hi­cles in 2018, up 0.4 per­cent from the pre­vi­ous year. It was the first growth in three years af­ter fall­ing in 2016 and 2017. De­spite the weak pri­vate con­sump­tion, do­mes­tic car sales reached 1,545,604 units in 2018, down 0.3 per­cent from a year ear­lier thanks to the govern­ment’s tem­po­rary con­sump­tion tax cut.

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