More than 50,000 U.S. cars were sold in Korea in 2018

Home > Business > Economy

print dictionary print

More than 50,000 U.S. cars were sold in Korea in 2018

U.S. carmakers sold more than 50,000 vehicles in Korea last year helped by zero tariffs and demand for SUVs, a local industry association said Friday.

The number of U.S.-made vehicles reached 52,539 units, up a solid 8.2 percent from a year earlier, the Korean Automobile Manufacturers Association (KAMA) said in a statement.

“Increased imports of Ford Motor’s Explorer SUV, GM Bolt EV and Tesla’s electric vehicle models helped drive up U.S. car sales in Korea,” the statement said.

Import tariffs on U.S.-made vehicles fell to 4 percent in March 2012, when the free trade agreement between Seoul and Washington took effect from the previous 8 percent.

All vehicles from the United States currently benefit from zero import duties, it said.

In 2018, imported car sales totaled 283,347, a 11 percent on-year increase. They accounted for 18.6 percent of all passenger vehicle sales in the country, KAMA said.


Yonhap

More in Economy

When settling for a studio apartment is too expensive

Bill creates new rental protections for small businesses

Moon gets creative with New Deal as funds are established

Stats show a dearth of cheap digs, politician claims

Covid-19 sees marriage, births fall as divorce, death rises

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now