Higher Oil Prices Boost Sales of Small and Hybrid Cars
Higher Oil Prices Boost Sales of Small and Hybrid Cars
  • Korea IT Times
  • 승인 2011.03.30 09:42
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The Ministry of Knowledge Economy has released its car sales figures for February. Despite a shorter working month, vehicle sales in the domestic market totaled 114,465, the highest number in nine years.

Of the total, 107,695 vehicles were domestic cars, which saw a 1.1 percent year-on-year increase in sales; meanwhile, imported cars saw a 5.2 percent increase with 6,770 vehicles sold.

With the recent surge in oil prices, sales of fuel-efficient cars such as small and hybrid vehicles shot up to 16,523. Sales of small cars rose 45.1 percent to 15,882, accounting for 18.1 percent of all domestic passenger cars sold in February-the highest proportion of small cars sold in 13 years. Domestic consumers also purchased 641 hybrid vehicles, an increase of 12.1 percent.

However, domestic hybrid vehicle sales fell 38.2 percent to 293, while sales of imports surged 255 percent to 348. Meanwhile, automobile exports rose 15.2 percent from the same period the previous year, having increased for the fifth consecutive month with 199,048 cars exported.

source: Ministry of Environment

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