South Korea’s imported car sales in 2004 are expected to rise 24% on year to 23,500 units as economic prospects improve, Dow Jones reported, citing the Korea Automobile Importers and Distributors Association.
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Strong demand for imported sport utility models and the entry of Honda Motor into the domestic market will also boost sales of imported cars next year, KAIDA said in a press release cited by the news agency.
Honda plans to begin selling cars in South Korea next year, according the association reportedly said.
Dow Jones said sales of imported cars in South Korea totalled 17,529 units in the first 11 months of this year, up 20% from a year ago.
The association projected that total sales for this year will reach 19,000 units, accounting for 1.9% of the South Korean market, which is dominated by locally-made cars, the report added.
“Helped by a large number of new models to be introduced in the country, sales will continue to grow steadily next year,” an official at the association reportedly said.
Dow Jones noted that weaker consumer sentiment this year caused local car makers’ sales for the January to November period to fall 20% year on year to 1.1 million units.
