South Korean automaker Hyundai Motor Co. and its sister company Kia Motors Corp. are taking control back from foreign peers in the country’s commercial vehicle market partly after the economic slowdown has led a growing number of people to self-employment.

According to the two Korean automakers on Sunday, their combined commercial vehicle sales in the first half of this year expanded 3 percent to 129,709 units compared to a year earlier. This is a contrast to their overall domestic sales that fell 4.3 percent on year to 600,626 units during the same period.

Hyundai Motor’s truck sales during the first six months of this year jumped 10.8 percent to 12,750 units from a year ago period and its bus sales increased 9.9 percent to 4,706 units. Kia Motors` commercial vehicle sales including trucks and buses also expanded 5.5 percent on year to 33,590 units during the same period.

Market experts attribute the improvement in their commercial vehicle sales to its aggressive marketing activities. After losing ground to its foreign peers in the local commercial vehicle market, the automakers have actively launched promotional campaigns to win back the hearts of consumers. Hyundai Motor began a late-night truck repair service program at its 29 auto repair shops located across the country in the beginning of this year. It also has allowed potential buyers to test drive its trucks at all time and has provided 5.5 percent fixed-rate monthly installation plan on truck and bus purchases.

The subdued economy is also said to have contributed to the rise in commercial vehicle sales. The number of new mom-and-pop stores often increases during an economic downturn that prevents many people from landing on permanent jobs. Over the first six months of this year, the sales of the country’s best-selling commercial vehicle models Hyundai Motor’s Starex and Kia Motors’ grew 3.5 percent and 5.8 percent, respectively, against a year ago period.

By Park Chang-young

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]