+ A

More than 50,000 U.S. cars were sold in Korea in 2018

Mar 09,2019
U.S. carmakers sold more than 50,000 vehicles in Korea last year helped by zero tariffs and demand for SUVs, a local industry association said Friday.

The number of U.S.-made vehicles reached 52,539 units, up a solid 8.2 percent from a year earlier, the Korean Automobile Manufacturers Association (KAMA) said in a statement.

“Increased imports of Ford Motor’s Explorer SUV, GM Bolt EV and Tesla’s electric vehicle models helped drive up U.S. car sales in Korea,” the statement said.

Import tariffs on U.S.-made vehicles fell to 4 percent in March 2012, when the free trade agreement between Seoul and Washington took effect from the previous 8 percent.

All vehicles from the United States currently benefit from zero import duties, it said.

In 2018, imported car sales totaled 283,347, a 11 percent on-year increase. They accounted for 18.6 percent of all passenger vehicle sales in the country, KAMA said.


Yonhap