Imported car sales dip 5.2% in July
Imported vehicle sales in South Korea fell 5.2 percent in July due to a slump in sales of Japanese vehicles amid trade tensions with Japan, industry data showed Aug. 5.
The number of newly registered foreign vehicles stood at 19,453 last month, down from 20,518 a year earlier, according to the data from the Korea Automobile Importers & Distributors Association.
“Japan’s export restrictions (against Korea) affected vehicle sales of Toyota Motors, Honda Motor and Nissan Motor in Korea,” a KAIDA spokesman said.
In July, Toyota’s vehicle sales plunged 32 percent to 865 from 1,270 a year ago. Honda’s declined 34 percent to 468 from 704 and Nissan’s were down 35 percent to 228 from 351 during the same period, the statement said.
The three bestselling models were the Mercedes-Benz E 300 sedan, the Mercedes-Benz E 300 4MATIC sedan and the Lexus ES300h sedan, it said.
The portion of German vehicles in the imported passenger vehicle market rose to 62 percent last month from 59 percent a year earlier, KAIDA said.
From January to July, imported car sales declined 20 percent to 128,767 units from 160,627 in the same period of last year, it said.
Imported cars accounted for 14.91 percent of all local passenger car sales in the first six months, down from 17.75 percent a year ago, KAIDA said.
By Ram Garikipati and newswires (firstname.lastname@example.org)