South Korea’s Automobile Sales Results in the First Half of 2024

South Korea's automobile sales in the first six months of 2024 fell 10.6% year-on-year to 801,283 units. The decline is due to worsening consumer sentiment triggered by the recession and high interest rates, as well as by the ending of individual consumption tax break which pushed up demand during the same period of the previous year. Sales of domestic-made vehicles decreased 12.1% to 667,579 units, while imported vehicles dropped 2.0% to 133,704 units.