South Korea’s Imported Car Sales Slightly Dent Amid Supply Constraints

(MENAFN) Industry data released Thursday reveals a minor decrease in South Korea's imported car sales last month. According to the Korea Automobile Importers & Distributors Association, the number of foreign vehicles sold domestically inched down 0.3 percent year-over-year to 21,495 units in April.

The slight decrease in imported car sales last month is primarily attributed to rising prices for certain models and a scarcity of available vehicles. These factors counteracted significant consumer demand, particularly for high-end German automobiles.

Despite the monthly dip, the overall performance for the first four months of the year remains positive. A total of 82,152 foreign vehicles were sold domestically during this period, marking a 7.9 percent increase compared to the same timeframe last year.

Among foreign automakers, German giant BMW led the pack in sales last month, moving 6,710 units. Fellow German manufacturer Mercedes-Benz followed with 4,908 units sold. U.S. electric vehicle maker Tesla recorded 1,447 sales, while Lexus sold 1,353 units, Porsche 1,077 units, and Volvo 1,068 units.

European models continued to dominate the South Korean imported car market, accounting for 16,170 units sold last month, which translates to a 75.2 percent market share. U.S., Japanese, and Chinese brands held market shares of 11.1 percent, 11.1 percent, and 2.5 percent, respectively.

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