Small car sales have surged in South Korea thanks to a number of government incentives introduced as economic conditions tighten.
A total of 124,450 small cars were sold in the January-July period, up 15% year on year, and the highest level since 1992 when the Daewoo Tico was launched.
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The steep growth was in sharp contrast with five Korean carmakers’ slow sales performance and the tally already is close to last year’s 185,130 small car sales.
The number of compact cars produced in the country has increased while the government is trying to encourage people into smaller cars with incentives such as discounts on toll and parking fees.
