MAN Truck & Bus Korea said Nov. 18 it expects sales to remain weak through next year in South Korea, one of the German carmaker’s strategically important markets.
The company expects market deamand to be 15 percent lower for the total commercial vehicle market this year compared with last year, Max Burger, president of MAN Truck & Bus Korea, said on the sidelines of its exhibition held in Yongin, 50 kilometers southeast of Seoul.
In the January-September period, the company sold 519 trucks and buses in Asia’s fourth-biggest economy, down 34 percent from 780 units a year earlier, according to the Korea Automobile Importers and Distributors Association.
The president expects sales this year to be lower than last year‘s due mainly to an economic slowdown. In 2018, the company sold 1,020 trucks and buses.
“Our expectation for next year ... honestly is not too optimistic. We expect the same level as this year because I have not seen any numbers for economic improvement,” he said.
“South Korea is the perfect market for us as it demands high-price level, high-quality level, high-comfort level, highest-emissions level and highest safety standards.”
By Ram Garikipati and newswires (firstname.lastname@example.org)