[THE INVESTOR] Renault Samsung Motors has ramped up its sales in the first half of this year, riding on the advantage of a consumption tax cut program.

The local unit of French automaker Renault said it sold a cumulative 46,916 units at home during the January-June period, up 25.9 percent from a year earlier. It marked the highest rate of sales growth among carmakers in South Korea.

GM Korea said its cumulative sales at home during the first half of the year came to 81,172 units, up 24.9 percent from the same period a year earlier.

Kia Motors, South Korea’s second-largest automaker, said its cumulative sales in the local market jumped 16.2 percent to 244,911 units during the first six months of this year.

The spike in sales was attributed largely to the consumption tax cut program.

In August last year, the government slashed excise taxes on cars by 30 percent to 3.5 percent till Dec. 31 to try to fuel private consumption in the second half of last year.

In February, the government extended the consumption tax cut program on passenger cars to June to try to bolster domestic demand of Asia’s fourth-largest economy.

Land Rover led all other foreign carmakers in first half sales with 5,502 units, up 68.4 percent from 3,267 units from a year earlier.

Nissan Korea secured the second spot with 38.7 percent sales growth in the same period, followed by Honda Korea with 27 percent.

(theinvestor@heraldcorp.com)