Korea-Imported Cars Likely to Total 12,000 This Year

Korea Times Special To The Auto Channel Kim Ki-tae Staff Reporter

"Imported cars are expected to return to the market position they held prior to the financial crisis, after posting a series of record sales.

According to the Korea Automobile Importers & Distributors Association, they sold 1,371 units in April, breaking the previous monthly record of 1,163 units in March.

It is a 137 percent surge from March last year, and the cumulative amount for this year is 89 percent higher than the first four month of last year.

With the impressive sales figures, the association has adjusted this year's sales forecasts from 10,500 cars to 12,000 units. If the target is reached, this will be the first time for sales to exceed pre-IMF levels.

Foreign car sales plunged after the financial turmoil, hitting rock bottom with 2,075 units in 1998, but has slowly rebounded to 4,414 units in 2000 and 7,747 units last year.

In a breakdown of foreign brands, BMW enjoyed the most sales posting 417 units last month, followed by 255 Lexus models, 208 Mercedes-Benz models and 107 Chryslers or Jeeps.

Other contenders were Ford or Lincoln with sales of 102 units, Saab with 25 cars, Land Rover sold 16, Cadillac with 13, Jaguar sold seven, Porsche with five and Citroen with single.

Two to three liter models accounted for 58.9 percent of foreign car sales in the last four months. The market share of cars with 2 to 3 liter engine capacities was 44.7 percent in the corresponding period last year, indicating that medium-sized foreign automobiles are expanding in the imported car market.

``The recent recovery in consumer spending, excise tax reductions and active marketing by imported car dealers are responsible for the recent surge in foreign cars."