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By Kim Kyoung-wha
SEOUL, Dec 31 (Reuters) - South Korea's top car maker, Hyundai Motor Co , said on Wednesday its sales edged up in 2003 as soaring exports of high-end models helped offset a sharp decline in domestic sales.
Sales rose 1.8 percent to a provisional 27.8 trillion won ($23.2 billion) this year against 27.3 trillion won last year, while the sales volume climbed seven percent to 1.98 million vehicles from 1.85 million, a Hyundai spokesman said.
"Hyundai Motor recorded $10.5 billion worth of exports this year, up about 20 percent from last year, thanks to brisk sales of high-value vehicles," Hyundai Chief Executive Kim Dong-jin was quoted as saying in a year-end speech.
Exports, which make up 60 percent of Hyundai earnings, saw bumper sales especially in China, the world's fastest growing auto market, the company said.
Hyundai said in mid-December that it expected a 10 percent rise or more in exports for 2004 and planned to launch two or three new models next year.
"We had unexpected record sales of 52,000 units in China this year. Hyundai is targeting to sell 140,000 units next year," Kim said.
Strong exports have made up for a shaky showing in domestic sales, which have been hit by a government crackdown on credit card debt and an uncertain domestic economic outlook.
Hyundai controls 42 percent of South Korea's automobile market, while affiliate Kia Motors Corp , the country's second largest auto maker, accounts for 27 percent.
Hyundai shares ended the year up 1.6 percent at 50,500 won on Tuesday, compared with the wider market's 2.3 percent rise. The stock market resumes trade on Friday. (US$1=1,197.3 Won)