South Korea November Imported Car Sales Up

SEOUL -December 5, 2002; Dow Jones reported that imported car sales in South Korea remained strong on-year in November, but eased slightly from a month earlier, according to a report Thursday by the Korea Automobile Importers and Distributors Association, or Kaida.

Sales of imported cars were up 86% on-year to 1,302 units in November, while falling 4.5% from a month earlier, Kaida said.

Kaida said the on-month fall in November sales is largely because people delay buying cars near the end of year, and are waiting for the introduction of new models for 2003.

It also blamed a shortage in inventory for some foreign car brands after strong demand driven by tax cuts earlier this year.

In November, BMW sold the highest number of imported cars in South Korea, at 440 units sold. Toyota Motor Corp.'s Lexus ES300 was the best selling model, with 126 units sold last month.

During the first 11 months of this year, sales of imported cars in South Korea more than doubled to 14,656 units compared with 7,077 units.