South Korea’s Imported Car Market Climbs in June
(MENAFN) South Korea's imported car market saw a solid increase in sales during June, driven largely by strong demand for German luxury vehicles and U.S.-made electric cars, according to industry data released on Thursday.
The number of imported vehicles sold in the country rose by 9.8% year-on-year, reaching 27,779 units in June, as reported by the Korea Automobile Importers & Distributors Association (KAIDA).
Looking at the first half of 2023, a total of 138,120 foreign vehicles were sold, reflecting a 9.9% increase compared to the same period last year.
BMW led the charge in June, becoming the top-selling foreign brand in South Korea with 6,553 units sold. Tesla followed closely behind with 6,377 units sold, while Mercedes-Benz rounded out the top three with 6,037 units. Other notable brands included Lexus (1,230 units), Volvo (1,067 units), and Porsche (1,056 units).
European brands dominated the market in June, accounting for 65.7% of total imported car sales, with 18,237 units sold. U.S. brands captured 25.7% of the market share, while Japanese and Chinese vehicles made up 7.9% and 0.8%, respectively.
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