Korea GM Daewoo October 2003 Sales Way Up

SEOUL November 2, 2003; Shin Jung-Won writing for Dow Jones reported that GM Daewoo Auto & Technology Co.'s auto sales in October jumped to 80,313 units from 21,998 units a year ago, fueled by brisk exports.

GM Daewoo, an affiliate of General Motors Corp., saw its exports soar to 70,275 units last month from 10,716 units a year earlier. Domestic sales declined 11% on year to 10,038 units from 11,282 units.

GM Daewoo's domestic sales more than doubled from September on special low- interest installment auto loans to customers and various other marketing efforts.

A sharp increase in exports to the U.S. and Canada and the steady increase in sales to Europe and other countries boosted overseas sales.

The company expects to sell about 600,000 units both in local and overseas markets for the entire 2003.

During the first 10 months of the year, GM Daewoo's sales rose 40% to 441,168 units. Ten-month domestic sales fell 15% to 110,268, while exports jumped 79% to 330,900 units.