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