South Korea’s Automobile Sales Results in 2022

South Korea’s vehicle sales decreased 2.4% year-on-year to 1,689,484 units in 2022. 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 which is not a member of either association. Although individual consumption tax for passenger cars has been reduced, semiconductor shortages, interest rate hikes and high fuel costs due to the impact of Russia's invasion of Ukraine, sales dipped below 1.7 million units for the first time in eight years. However, recent market trends such as an increase in demand for SUVs, imported vehicles and electric vehicles continued. Passenger vehicle sales declined 2.9% to 1,453,927 units while commercial vehicle sales inched up 0.9% to 235,557 units.