The Korea Automobile Manufacturers Association (KAMA) has forecast that car sales in South Korea will decline by 8% in 2009.
 
KAMA said it expected new car sales next year to reach 1.1m units compared with 1.2m this year.
 
“The local auto industry has recently been facing a sharp slowdown in sales as the global economic downturn dampens the economy,” KAMA said in a statement.
 
Carmakers have responded to lower demand at home and abroad by reducing production and raising incentives in South Korea.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Just Auto Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Auto Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now