International Trends

South Korea sales fall

New vehicle sales dropped 3.1 percent in South Korea during May compared to same time 2002 due to falling domestic sales, a slowing local economy and deteriorating consumer credit status. Total January to May sales have dropped 26 percent to 118,390 units. Sales are expected to continue to decline during the coming months. The one bright spot for South Korean automakers continues to be exports, which grew 19 percent to 320,642 compared to January to May 2002.

Nissan adds in Mexico

Nissan will add its Murano, Pathfinder Armada and Titan along with several other new vehicles to its lineup in Mexico. The automaker is adding the models to keep its high market share in the country. It is currently in the No. 2 spot with 22 percent marketshare.

Maruti to sell stake

The Indian government is planning to sell shares of Maruti Udyog Ltd. — India’s largest automaker — starting next month. The last time shares were sold in an Indian carmaker was in 1995 for PAL-Peugeot Ltd. Maruti is partially owned by Suzuki Motor Corp., which recently discounted components sold to the company in an effort to boost profits on the eve of the share sale.