German and Japanese cars top sales in S. Korea’s growing imported auto market

German and Japanese cars top sales in S. Korea’s growing imported auto market

It seems South Korean’s preference for imported
cars is growing. Industry watchers say the number of foreign-made
vehicles sold in the country hit a record high last year. Oh Soo-young help us look beyond the digits. More imported cars were sold in Korea last
year than ever before,… and they’re taking up a growing share of the local auto market. The Korea Automobile Importers and Dealers
Association said Friday that the number of newly registered imported cars topped 260-thousand
last year,… up by 11-point-eight percent from 2017. Mercedes-Benz was the top choice among Koreans
for the third consecutive year, with more than 70-thousand vehicles registered in 2018. Its E300 4Matic was the best selling foreign
car, with around 9-thousand sales. BMW remained in second place, although the
company’s sales declined substantially after a spate of vehicles caught fire throughout
the year. Japanese brands including Toyota and Lexus
also ranked among the top five,… thanks to a boost in sales of hybrid models. Hybrid cars in general saw a surge in popularity
— jumping 33 percent on year — although gasoline and diesel cars took up most of the
sales. By region, it’s clear that Korean drivers
still prefer European vehicles,… which accounted for more than 70 percent of imported cars
registered last year. Japanese and U.S.-made cars were the second
and third most popular. The number of foreign-made vehicles in Korea
has been consistently growing,… taking up an estimated 16-point-seven percent of the
domestic auto market,… up by one-point-five percentage points from 2017 — the highest-ever
annual growth rate. Oh Soo-young, Arirang News.

About the Author: Michael Flood


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