Car Registrations Set to Reach 20 Million

      July 11, 2014 09:16

      Car registrations are set to exceed 20 million by the end of the year, according to the Ministry of Land, Transport and Maritime Affairs. As of late June, the figure stood at 19.78 million, or one for every 2.59 people.

      This is a 2 percent increase from late last year, and at this pace, annual growth will reach 4 percent at the end of this year for the first time in 11 years. The release of new models, rising demand for SUVs and increased sales of foreign models have contributed to this increase.

      A total of 738,801 Korean-made cars were newly registered in the first half of this year, up 2.3 percent from a year earlier. Hyundai's Sonata made up the largest number of registrations at 55,263 units.

      The number of foreign car registrations increased 34.5 percent over the same period to 105,898 units, with the BMW 5 series topping the list at 9,385 units.

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