SEOUL, Feb. 1 (Korea Bizwire) — Sales of imported luxury cars priced over 100 million KRW (approximately $70,000) declined in South Korea for the first time in eight years, impacted by economic downturns and new regulations on corporate vehicle registration. According to the Korea Automobile Importers & Distributors Association (KAIDA), 62,520 high-end imported vehicles were sold [...]
SEOUL, Apr. 16 (Korea Bizwire) — In a significant shift within South Korea’s imported car market, hybrid vehicle sales surpassed gasoline-powered models for the first time in the first quarter of this year, signaling a robust trend favoring hybrid offerings. Following the initial milestone in November 2023, when hybrid cars outsold gasoline variants on a monthly [...]
SEOUL, Feb. 29 (Korea Bizwire) — Imported car purchases among those in their 20s and 30s fell nearly 18 percent on-year in 2023 amid a slowdown of the economy and high interest rates, industry data showed Thursday. According to data from the Korea Automobile Importers & Distributors Association, the number of newly imported cars registered [...]
SEOUL, Feb. 10 (Korea Bizwire) –In the import car sector, a clever discount strategy is being employed to bypass the green license plates mandated for corporate vehicles valued over 80 million won. This workaround involves slightly reducing the acquisition cost to fall below the 80 million won threshold, as the green license plate requirement is [...]
SEOUL, Nov. 20 (Korea Bizwire) – The overall sales of imported passenger cars in South Korea declined in the third quarter of this year compared to last year. However, amidst this trend, sales of Japanese hybrid cars have seen a notable surge. Following a dip in the popularity of Japanese cars during the 2019 “No Japan” [...]
SEOUL, Oct. 6 (Korea Bizwire) — Sales of imported vehicles in South Korea rose 17 percent last month from a year earlier despite the extended chip shortage, an industry association said Thursday. The number of newly registered foreign vehicles stood at 23,928 units last month, up from 20,406 units a year ago, the Korea Automobile [...]
SEOUL, Oct. 6 (Korea Bizwire) — Sales of imported vehicles in South Korea fell 6.6 percent in September from a year earlier due to fewer working days and supply glitch that stemmed from parts shortages, an industry association said Wednesday. The number of newly registered foreign vehicles fell to 20,406 units last month from 21,839 [...]
SEOUL, June 27 (Korea Bizwire) – U.S. automakers overtook Japanese brands to take the No. 2 spot in the imported car market in South Korea last year, a report showed Sunday, taking advantage of local consumers’ boycott of Japanese products over trade and wartime legacy disputes. A total of 46,000 cars from U.S. automakers were [...]
SEOUL, July 3 (Korea Bizwire) — Sales of imported vehicles in South Korea jumped 41 percent in June from a year earlier on tax cuts and new models, an industry association said Friday. The number of newly registered foreign vehicles rose to 27,350 units last month from 19,386 a year earlier, the Korea Automobile Importers [...]
SEOUL, Aug. 5 (Korea Bizwire) — Imported vehicle sales in South Korea fell 5.2 percent in July due to a slump in sales of Japanese vehicles amid trade tensions with Japan, industry data showed Wednesday. The number of newly registered foreign vehicles stood at 19,453 last month, down from 20,518 a year earlier, according to [...]