S. Korea's Imported Car Sales Fall 1.3 Pct In July

SEOUL,Aug 3 (UrduPoint / Pakistan Point News - 3rd Aug, 2023 ) :South Korea's imported car sales fell last month due to the end of consumption tax cuts, industry data showed Thursday.

The number of imported vehicles sold here stood at 21,138 in July, down 1.3 percent from a year earlier, according to the Korea automobile Importers & Distributors Association (KAIDA).

The single-digit reduction was attributed to the end of consumption tax cuts and the shortage of some brands.

German automaker BMW ranked first in terms of automotive sales here among foreign companies by selling 5,931 units last month.

Another German carmaker Mercedes-Benz came next with the local sale of 5,394 units, followed by Audi cars with 1,504 units, Volvo with 1,409 units, Volkswagen with 1,195 units and Lexus with 1,088 units.

The number of European models sold here was 18,106 in July, accounting for 85.7 percent of the total. Japanese and U.S. brands recorded market shares of 8.2 percent and 6.1 percent, respectively.