US auto brands rank No. 2 in imported motor vehicle gross sales in S. Korea in 2020: facts

US automakers overtook Japanese brand names to get the No. 2 place in the imported auto marketplace in South Korea previous calendar year, a report showed Sunday, having benefit of area consumers’ boycott of Japanese products and solutions above trade and wartime legacy disputes.

A full of 46,000 automobiles from US automakers ended up marketed in South Korea very last yr, accounting for 15.2 per cent of the all round imported motor vehicle revenue, according to information by the Korean Car Producers Affiliation (KAMA).

German manufacturers topped the position with 187,000 units for a 61.7 p.c market place share, when Japanese makers slipped to the 3rd location following their income achieved only 21,000 models for a 7 p.c share.

Sales of Japanese cars have declined for two consecutive years in South Korea since Tokyo positioned export curbs on Seoul in 2019, whilst the prolonged wartime compelled labor and sexual slavery difficulties also frayed bilateral connection amongst the two nations.

In contrast, income of US automobiles have been expanding considering that 2017, benefiting from the US-South Korea absolutely free tree trade arrangement.

The information showed South Korea grew to become the ninth-greatest car market for the US in 2020 right after People in america delivered 67,000 cars, or 2.8 percent of its overall automobile exports, to Seoul. 

KAMA reported the sector share of South Korean manufacturers in the US vehicle market place is also growing, with the blended industry share of Hyundai Motor Co. and Kia Corp. achieving 8.5 p.c in 2020, which is shut to their biggest market share of 8.9 p.c in 2011.

Hyundai and Kia merged for a 9.4 {c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} market place share in the US in the very first 5 months of 2021.

GM Korea Co.’s greater vehicle exports have also aided increase the existence of South Korean-created vehicles in the US

The South Korean device of Basic Motors Co. very last 12 months shipped 233,000 models to the US Of the 227,000 compact SUVs sold in the US, 80.2 {c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588}, or 182,000 models, were being created by GM Korea, according to KAMA. (Yonhap)