Back To Top

Imported auto sales in Korea to grow 4% next year: trade association

Imported car sales in South Korea are expected to increase 4 percent next year, aided by a recovery in the sales of Volkswagen and Audi models, and the releases of new models, a trade association said Tuesday.

According to the Korea Automobile Importers and Distributors Association (KAIDA), some 238,000 foreign vehicles are forecast to sell in the country next year, compared with this year's estimated 228,000 units.

In the first 11 months of the year, a total of 205,162 imported vehicles have been sold in the country, down 6.5 percent from a year earlier. Should this trend continue, the foreign auto sales here will probably suffer an on-year fall this year for the first time in seven years, apparently affected by weaker demand for diesel cars and sales bans on popular models.

In 2015, a total of 243,900 foreign vehicles were sold in the country, up 24.2 percent from a year earlier.

Since peaking at a record monthly sale of 24,366 in December 2015, foreign auto sales have been on a decline due to the expiry of a special tax incentive and the recent ban on sales of Audi and Volkswagen car models here after an emissions scandal.

Audi and Volkswagen saw their respective sales in the country drop 44 percent and 60 percent on-year to 16,482 and 13,178 units in the first 11 months of the year, while the other foreign brands saw their combined sales shoot up 12 percent to 175,502 units over the cited period, the sources said. (Yonhap)