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South Korea’s Vehicle Sales Decreased 8.4% to Around 1.73 Million Units in 2021
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South Korea’s vehicle sales decreased 8.4% year-on-year to 1,730,688 units in 2021. The figure is based on the combined results of the members of South Korea’s automotive industry association KAMA and imported vehicle association KAIDA as well as Tesla’s results. Starting from March 2021, South Korea’s top 2 automakers Hyundai Motor and Kia Motors faced insufficient semiconductor supply in 2021, resulting in delayed vehicle delivery. Although South Korea extended a temporary 30% cut in individual consumption tax on passenger vehicles for another six months until the end of December, full-year sales fell below the previous year’s level. Passenger vehicle sales declined 9.2% to 1,497,213 units and commercial vehicle sales fell 3.1% to 233,475 units.