The Korea Herald reports that despite generous tax incentives, the sales of sub-800cc minicars are declining in Korea. The newspaper said that data issued by the Korea Automobile Manufacturers Association (KAMA) showed that their share of the market has now slipped below 4%.
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Local sales of minicars totalled just 3,589 units in January, 3.6% of the 100,242 passenger cars sold in the month.
The Korea Herald said that in an effort to combat rising oil prices and encourage the buying of fuel-efficient cars, a group of 40 lawmakers recently presented a revised tax bill calling for the exemption of registration and acquisition taxes for all minicar buyers.
