KARI: 4.8 million units of cars sold in China in Q1; 11.6%↑ YoYUpdated: 2014-06-18 13:58:05 (KST)
The world's largest automobile market is growing at a fast pace.
The Korea Automotive Research Institute says more than 4-and-a-half million cars were sold in China in the first quarter of this year -- a twelve percent increase compared to the same period last year.
The most sought after brand was German car maker Volkswagen with sales at around 950-thousand units followed by America's General Motors and Korea's Hyundai-Kia Automotive Group.
But the company that had the most exponential growth was Ford.
First quarter sales of the American automaker surged more than 50 percent year-over-year while Hyundai-Kia showed growth hovering around 10 percent.
Analysts say the Korean automaker needs to build a fourth production plant, capable of producing 300-thousand units annually within the next two years if it wants to reap the benefits of China's booming car market.
And Korea's leading auto parts maker Hyundai Mobis is doing better in China as well contributing to becoming the world's sixth biggest player in the industry -- climbing two positions up from last year.
U.S.-based auto magazine Automotive News says Hyundai Mobis posted revenue of nearly 25 billion dollars in 2013 -- showing 16 percent year-over-year growth, while other top ten firms showed a growth average of 6 percent.
Market watchers say the RISE of Hyundai Mobis may have started with the stellar performances of its parent Hyundai Motor Company in the 2000s.
But they attribute the steady and gradual GROWTH to the firm's improved price competitiveness as well as the free trade pacts that Korea signed with the U.S. and the EU.
Laah Hyun-kyung, Arirang News.
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