Decline in Imported Car Sales in South Korea Continues into 2024
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Seoul, Jan 6 (NationPress) Sales of imported vehicles in South Korea have decreased for the second consecutive year in 2024, while hybrid cars have emerged as the top-selling fuel type for the first time, according to industry data published on Monday.
In 2024, the total number of newly registered imported passenger vehicles reached 263,288 units, reflecting a 2.9 percent decline from the previous year, as reported by the Korea Automobile Importers & Distributors Association.
This marks a second annual decline in a row, following a 4.4 percent decrease in 2023, as noted by the Yonhap news agency.
Hybrid vehicles took the lead as the most preferred fuel type, with sales of 134,426 units, which represents 51.1 percent of total registrations, making it the top-selling fuel category for the first time.
Gasoline-powered cars fell to second place with 62,671 units, or 23.8 percent, while electric vehicles and plug-in hybrids accounted for 18.8 percent and 3.5 percent, respectively.
For the second consecutive year, BMW maintained its position as the leading imported brand, selling 73,754 units, followed by Mercedes-Benz at 66,400 units. Tesla, Volvo, and Lexus followed with sales of 29,750 units, 15,051 units, and 13,969 units, respectively.
Additionally, the transport ministry announced that it has imposed fines totaling 11.7 billion won ($8.16 million) on 18 foreign and domestic automakers for selling vehicles that do not meet safety standards.
The imported brands that faced penalties include BMW Korea, Honda Korea, Mercedes-Benz Korea, and Tesla Korea, while domestic manufacturers such as Hyundai Motor Co., Kia Corp., and KG Mobility Corp. were also included, according to the ministry.
The fines were based on corrective measures addressing defective parts in the companies' models between July and December of the previous year.
BMW Korea was subject to the largest fine of 2.99 billion won due to issues involving defective steering wheels across 13 models.
