Foreign car sales in South Korea to reach 250,000

Sales of foreign autos in South Korea are expected to go beyond 250,000 in 2016 astride a strong demand for luxury brands, a neighborhood market team claimed on Wednesday.

This would sustain a nearly double-digit development, Xinhua priced estimate Korea Car Importers and Distributors Organization as saying.

The KAIDA held a press conference in Seoul to mark the 20th anniversary of its establishment, forecasting this year’s foreign car sales would certainly reach 235,000.
For the initial 10 months of this year, 196,543 devices of international high-end brands were sold below, publishing a market share of 15.8 percent.

It was a rise from 0.004 per-cent in 1987, when the government presented import liberalisation of industrial vehicles with engine displacement in between 1,000 and 2,000 cc.

Demand for foreign automobile brands kept a sharp higher pattern, rising from 156,497 units in 2013 to 196,359 in 2014.

German luxury brand names have led the growing popularity of imported cars. Sales of German brand names, consisting of BMW, Mercedes Benz as well as Volkswagen, took up for 68.7 per-cent of the total imported automobile sales right here in October, up from 54.3 per-cent in 2003.

The section of fuel models to the complete sales plunged from 97.8 per cent in 2003 to 27.7 percent in October this year, suggesting a surge in the portion of imported diesel vehicles.