Baku, December 15, AZERTAC
Car sales in South Korea are expected to contract for the first time in three years in 2016 with foreign brands likely to keep expanding their market share, a report by Hyundai Motor Group's think tank showed Tuesday, according to Yonhap News Agency.
Carmakers -- foreign and local brands -- are expected to sell about 1.76 million units in South Korea next year, down 1.3 percent from this year's estimated 1.78 million units. The report was compiled by the Korea Automotive Research Institute (KARI), a think tank that provides information needed for Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. to draw up their sales and other business plans. "We expect that domestic car sales will reach around 1.76 million units next year, down 1.3 percent from a year earlier, with local brands facing a decline... but foreign brands likely to keep expanding their ground," the report said. This would mark the first time in three years that the on-year domestic vehicle sales would decline. This also follows a 7.1 percent growth projected for 2015.
