December 08, 2014 12:54
The domestic automobile market will be the largest in history next year, the Ministry of Trade, Industry and Energy predicted Sunday.
The ministry expects that the market will expand 2.5 percent from this year and 1.65 million cars will be sold.
Major carmakers will launch a slew of new models next year. Hyundai will showcase a new Avante, Equus, and Tucsan, and its affiliate Kia will release a new Sportage and K5. Ssangyong will launch a new Tivoli.
Given that 6.74 million cars on the roads are at least 10 years old, the demand for new cars will be substantial. Also, a special excise tax on cars with engines of over 2.0 liter will drop from six to five percent in the new year, and various benefits on hybrid and electric vehicles also come into force.
However, the main beneficiaries look to be foreign carmakers. Sales of Korean cars will likely remain similar level to this year’s at 1.4 million, but imported car sales are to increase an estimated 19 percent to 250,000.
Domestic production of Korean brands will grow 1.1 percent to 4.5 million units and overseas production 4.5 percent to 4.6 million.
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