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Hybrid Vehicles Surpass Gasoline Models in South Korea’s Imported Car Market for First Time

Hybrid Vehicles Surpass Gasoline Models in South Korea’s Imported Car Market for First Time

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 [...]

Imported Car Purchases by People in 20s, 30s Fall 18 Pct in 2023

Imported Car Purchases by People in 20s, 30s Fall 18 Pct in 2023

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 [...]

Imported Car Sellers Skirt New Green Plate Rule with Savvy Discount Tactics

Imported Car Sellers Skirt New Green Plate Rule with Savvy Discount Tactics

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 [...]

Resurgence of Japanese Hybrids Leads Sales Surge in South Korea’s Imported Car Market

Resurgence of Japanese Hybrids Leads Sales Surge in South Korea’s Imported Car Market

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” [...]

Imported Car Brands Turn a Blind Eye to ‘Lemon Law’, Except for Volvo Korea

Imported Car Brands Turn a Blind Eye to ‘Lemon Law’, Except for Volvo Korea

SEOUL, Feb. 13 (Korea Bizwire) — The so-called ‘Lemon Law’, which allows for exchanges or refunds following new automobile purchases, took effect on January 1. However, a lack of cooperation from some imported car businesses is raising controversy over ‘reverse discrimination’ among companies. The ‘Lemon Law’ came as a result of the series of fire [...]