The South Korean government is looking at the possibility of tax cuts for its struggling automakers, local press reported. The news comes as the latest figures from the country show double-digit falls for the industry in November.
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According to local reports, data from the Korea Automobile Manufacturers’ Association showed that November was the country’s sixth consecutive month of declining production in the sector.
The country’s output of cars, trucks and buses fell 18.2% year on year last month to 328,178 units.
Domestic sales fell 27.7% to 70,453 units. Exports fell 12.5% to 248,943 units, the report said.
Meanwhile, South Korea’s knowledge economy minister Lee Youn-Ho told the Yonhap news agency: “The government is pushing to adjust the special excise tax and environmental improvement charges levied on vehicles.”
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By GlobalData“Carmakers made specific recommendations on the need for tax cuts and details are being discussed with the finance ministry so they can be implemented as soon as possible,” Lee said.
