Seoul, The number of imported vehicles sold in South Korea last month dropped slightly from a year earlier, but eco-friendly vehicles such as hybrids and electric vehicles (EVs) accounted for a record 81 per cent of the total, industry data showed on Thursday.
According to the Korea Automobile Importers and Distributors Association (KAIDA), a total of 21,495 imported cars were newly registered in April, down 0.3 per cent from a year ago. Seoul, The number of imported vehicles sold in South Korea last month dropped slightly from a year earlier, but eco-friendly vehicles such as hybrids and electric vehicles (EVs) accounted for a record 81 per cent of the total, industry data showed on Thursday.
According to the Korea Automobile Importers and Distributors Association (KAIDA), a total of 21,495 imported cars were newly registered in April, down 0.3 per cent from a year ago.
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KAIDA attributed the decrease to price hikes and inventory shortages for certain brands, reports Yonhap news agency.
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KAIDA attributed the decrease to price hikes and inventory shortages for certain brands, reports Yonhap news agency.
By brand, BMW retained the top spot with 6,710 units sold, followed by Mercedes-Benz, Tesla and Lexus, with 4,908, 1,447 and 1,353 units, respectively.
South Korea’s appetite for eco-friendly mobility is accelerating, with hybrids and EVs dominating imported car sales in April.Industry expert
In terms of fuel type, hybrid vehicles led the sales, accounting for 63.7 per cent, followed by EVs and gasoline models, at 17.3 per cent and 17.1 per cent, respectively. Diesel models accounted for 1.9 per cent of total imports.
South Korea’s appetite for eco-friendly mobility is accelerating, with hybrids and EVs dominating imported car sales in April.Sitharaman
H2: Mercedes-Benz’s E-Class
KAIDA attributed the decrease to price hikes and inventory shortages for certain brands, reports Yonhap news agency.
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The India-UK FTA includes provisions for EV trade, with the UK gaining access to a quota for selling 22,000 high-value EVs at a 10% duty, while India gets a quota for low- and mid-range EV exports to Britain. India will lower automotive tariffs to 10% from the current duty of more than 100%.
H6: BMW was the most popular brand, selling 6,274 units, followed by Mercedes-Benz, which sold 4,663 units.
The India-UK Free Trade Agreement is poised to reshape the automotive industry by significantly reducing tariffs on imported vehicles. Luxury British car brands will become more accessible to Indian consumers, while Indian automakers gain enhanced export opportunities in the UK.
BMW led brand sales, followed by Mercedes-Benz and Tesla. Hybrid vehicles dominated fuel type preferences, capturing 63.7% of the market, while February saw a significant sales increase due to EV subsidies.
The growth would be fueled by expansion in Europe and Latin America, the people said, even as BYD and all other Chinese brands remain locked out the U.S. market by trade barriers.
Consumers may soon find premium cars more affordable. The India-UK FTA is set to lower import duties on high-end vehicles.
