SEJONG, Jan. 18 (Korea Bizwire) – The number of registered vehicles in South Korea rose 4.3 percent in 2015 from a year earlier on the back of the government’s tax-cut programs and solid demand for foreign-made cars, government data showed Sunday.
Car registration stood at 20,989,885 units, up 4.3 percent or some 872,000 vehicles from a year earlier, according to the data compiled by the Ministry of Land, Infrastructure and Transport.
The yearly gain marked the fastest clip since 2003 when it jumped 4.6 percent on-year to 14,590,000.
The number of locally produced vehicles newly registered last year rose 7.3 percent to 1,553,647, while imported vehicles spiked 29.2 percent on-year to 288,272 over the cited period.
The Seoul government has lowered special excise taxes on cars and other large expensive appliances to energize consumer spending since August.
Locally made cars accounted for 93.4 percent of the total registered vehicles, down from 94.5 percent a year ago.’