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South Korea 2020. Vehicles sales up 40.3% in June due to anticipated end of tax reduction

Korean Vehicles Market surged 40.3% in June 2020 thanks to the anticipated end of the 30% tax cut on passenger cars consumption. Indeed, 203.818 units were sold in June, leading the First Half to 925.065 (+5.8%). Hyundai improved in double-digits while Audi signed an outstanding performance.Market Trend in JuneNew vehicles sales signed a stunning performance in June, confirming a spectacular response to the Coronavirus pandemic, after the marginally negative first quarter. Indeed, 203.818 units were sold in June – up 40.3% – leading the First Half to 925.065 (+5.8%). This was primarily due to the anticipated end – on June 30 – of a 30% reduction in consumption tax on passenger cars. However, close to the end of June, the tax cut was actually extended until December 31, in order to further support the car industry.Brand-wise, the leader Hyundai surged in double-digits in June (+24.4%) while Kia gained 41.5% and Renault Samsung entered the market podium of the year-to-date ranking. Audi more than doubled its sales in the first half of the year – landing in 9th place – thanks to an outstanding performance in June.Post Covid19 Market TrendActually, as previously mentioned, South Korea was already hit by the Coronavirus outbreak in February, while managing – at least for now – to wrestle the virus to the ground in March. Indeed, the Country went from being the 2nd most affected country in the World as of March 6, to the 17th as of April 9.As a result, the vehicle market went back on a positive track, registering 171.329 units (+16.5%) in March, ending the Q1 at 390.646 (-3.6%).In April the market responded with a 6.7% growth with 164.826 units sold, while gaining 12.7% in May at 169.402.Medium-term market directionSouth Korean vehicles market has been closed to foreign vehicles import until the recent (2012) FTA with EU. The entrance of many new competitors fueled the market growth in these years and the all time record sales had been established in three years in a row in the period 2014-2016, with the record fixed at 1.83 million units.On 26 March 2017, the U.S. and Korea agreed to revise their bilateral free trade agreement. The agreement—which would improve U.S. access to Korea’s automobile market and require Korea to curb its steel exports to the U.S. in return for an exemption from higher U.S. steel tariffs. The industry continued to assist at the growth of imported vehicles, mainly luxury brands, while in the 2017 and was stable around the 1.8 million units. In 2019, the market fell marginally down, at 1.77 million sales.However, according to data released by KAMA and KAIDA, the South Korean market in 2020 started on a very negative tone. Several local factories suspended production due to component shortage caused by the Coronavirus outbreak. Indeed, year-to-date figures in February have been 214.216, down 17% from the previous year.Tables with sales figuresIn the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.This content is for members only. Visit the site and log in/register to read.

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