New automobile sales in South Korea during the first nine months of the year fell over 8% from a year earlier amid high borrowing costs and a slowdown in global electric vehicle demand, South Korean industry data showed Wednesday. According to the data from the Korea Automobile and Mobility Association (KAMA), registrations of new cars during the January-September period totaled 1,209,154 units, down 8.7 % from a year ago. It marked the lowest recording for the nine-month period since the 1,175,010 units tallied in 2013. The number of gasoline vehicles decreased 19.6 % on-year to 515,000 units, while diesel registrations plummeted 56.7 % to 99,000 units. EV registrations also fell 7.9 % to 108,000. Hybrids was the only category that saw a bump in registrations, adding 27.6 % to 355,000 units. The country's annual tally is also estimated to reach its lowest level in 11 years, barely exceeding 1.6 million units. KAMA previously predicted annual sales to reach 1.7 million units. Source: Qatar News Agen cy
Tuesday, November 05, 2024