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Imported Car Sales Decline for Second Consecutive Year Amid Contraction in Consumer Sentiment

Imported Car Sales Decline for Second Consecutive Year Amid Contraction in Consumer Sentiment

SEOUL, Jan. 16 (Korea Bizwire) —  For the first time since the 1997-1998 Asian financial crisis, South Korea’s imported car market has experienced a two-year consecutive decline in sales. According to the Korea Automobile Importers & Distributors Association (KAIDA) on January 15, the number of newly registered imported passenger vehicles in 2024 totaled 263,288 units, marking [...]

October Sees a 15.9% Decrease in Imported Car Sales Due to Weaker Electric Vehicle (EV) Demand

October Sees a 15.9% Decrease in Imported Car Sales Due to Weaker Electric Vehicle (EV) Demand

SEOUL, Nov. 3 (Korea Bizwire) – Sales of imported vehicles in South Korea dropped 15.9 percent in October from a year earlier due to weakened demand for foreign electric vehicle (EV) models, industry data showed Friday. The number of newly registered imported cars last month totaled 21,329 units, compared with 25,363 units a year ago, [...]

Volvo Overtakes Volkswagen in Imported Car Sales, as Lexus and Porsche Compete for Fifth Place

Volvo Overtakes Volkswagen in Imported Car Sales, as Lexus and Porsche Compete for Fifth Place

SEOUL, April 29 (Korea Bizwire) — The rankings for sales of imported cars have undergone significant changes this year, with Mercedes-Benz, BMW, Audi, and Volkswagen no longer dominating the market. In the first quarter of this year, Volvo has overtaken Volkswagen to claim the fourth spot, while new players such as Lexus and Porsche are [...]