South Korea’s automobile industry enjoyed an overall growth in production, domestic demand and exports last month.
 
The Ministry of Trade and Industry said in a report Wednesday that 336-thousand cars were produced in February, up nearly ten percent from the same month a year earlier. The growth was driven by bullish domestic demand and exports.
 
The exports of automobiles increased five-point-three percent year-on-year to exceed 200-thousand. This is due to an increase in the number of working days, the expansion of the European and emerging markets and a greater demand for eco-friendly and high-end cars.
 
Boosted by the release of new models, domestic auto sales also grew seven-point-six percent to roughly 120,000 units.
 
Hyundai Motor saw its domestic sales jump eight-point-seven percent year-on-year in February based on the popularity of the new Grandeur. Its sister company Kia Motors posted a 14-percent growth in exports.
 
Production at both Ssangyong Motor Company and Renault Samsung increased due to steady sales in the domestic market.