In April 2024, South Korea's imported light passenger vehicle sales increased by 3%, while domestic car sales dropped by 7%.
In April 2024, South Korea's imported light passenger vehicle sales increased by 3% to 21,560 units compared to a year earlier, marking the second consecutive month of growth. Domestic car sales saw a 7% drop to 119,414 units in April, and an 11% decline to 442,454 units year-to-date. Sales of imported light passenger vehicles in the first four months of 2024 were down 8% at 76,143 units, with German-owned brands accounting for 66% of the total. Genesis, Hyundai's luxury brand, is gaining ground in the luxury car market, attracting Audi customers and contributing to a decrease in imported car market share from 20.1% to 17.7% in 2022.
May 13, 2024
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