11-year low in South Korean new car sales, with 8.7% decline and 1.6M units forecasted.
New car sales in South Korea hit an 11-year low, with a reported 8.7% decline in registrations from January to September, totaling 1,209,154 units. Contributing factors include high-interest rates and weakened demand for electric vehicles, which fell by 7.9%. The Korea Automobile and Mobility Association (KAMA) has revised its annual sales forecast to 1.6 million units, predicting further drops in domestic sales and production amid a sluggish economy.
October 30, 2024
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