Car sales see double-digit rise for third month in a row

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Car sales see double-digit rise for third month in a row

Published: 08 Nov. 2015, 19:17

Car sales in Korea significantly increased in October thanks to a lowered individual consumption tax and new models rolled out, the Ministry of Trade, Industry and Energy said Sunday.

The ministry said a total of 164,507 cars were sold in the country, an 18.6 percent rise from a year ago. It was the biggest increase since last December’s 25.4 percent and the third consecutive month of double-digit growth since August’s 13.2 percent.

The ministry said five Korean automakers daily car sales improved by 24.4 percent since the government lowered the consumption tax on August 27, a move to boost the local market. New models such as Hyundai Motor’s Avante sedan and Kia Motors’ Sportage SUV led the sales.