April 24, 2024

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[THE INVESTOR] Imported cars sales in South Korea are expected to rise 4 percent next year on the back of a recovery in the sales of Volkswagen and Audi models, according to a trade association on Dec. 13.

According to the Korea Automobile Importers and Distributors Association, 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 VW car models here after an emissions scandal.

(theinvestor@heraldcorp.com)