The donut tank in the trunk of the Renault Samsung Motors Corp. SM6 LPG model. (Yonhap)
SEOUL, Sept. 25 (Korea Bizwire) — Ever since all restrictions on the use of liquefied petroleum gas (LPG) powered vehicles were lifted in March, sales of LPG cars are on the rise.
The Korea Automobile Manufacturers Association reported that LPG car sales set a new record this year after 12,433 cars were sold in July, almost double February’s sales of 6,671 cars.
Average monthly sales in the second quarter amounted to 11,219 cars, up by 36.3 percent from the first quarter (8,229). The market share of LPG cars during the same period increased from 6.8 percent to 8.5 percent.
Hyundai Motor Co., after introducing the LPG versions of its Sonata models, saw 31.8 percent increase in average monthly sales of LPG cars in the second quarter.
LPG car sales are expected to grow thanks their affordability.
“LPG cars are normally 10 percent cheaper than gasoline vehicles, and they come with high fuel efficiency that exceeds 10 kilometers per liter, which makes them more attractive for consumers,” said Lee Ji-yeon, a researcher at Shinyoung Securities Co.
The Korea Energy Economics Institute forecasted that the market share for LPG cars will reach more than 10 percent.
H. M. Kang (hmkang@koreabizwire.com)
