According to a report by the Associated Press on February 4, data from the Korea Automobile Importers and Distributors Association showed that the number of imported cars registered in South Korea was 16,234 units in January, down 18.5% year-on-year due to seasonal factors and the end of tax incentives.
Association officials said, "The sharp decline in sales in January was due to the end of the consumption tax concessions in December last year and some brand cars are facing supply shortages." In 2015, due to the significant growth in demand for Korean cars from South Korea, the sales of imported cars in Korea jumped 24.2% to 243,900.
The data also shows that in 2016 European cars continued to dominate the Korean market, accounting for 79.4% of the Korean market, with Japanese and American cars accounting for 11.8% and 8.8% of the Korean market, respectively. In January, Mercedes-Benz ranked first in sales of imported cars in South Korea, reaching 4,398 vehicles, BMW sales of 2410 vehicles, Audi sales of 1,900 vehicles, and mass sales of 1,660 vehicles.
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