Wednesday, March 29, 2023
  • PRESS RELEASE
  • ADVERTISE
  • CONTACT US
198 Automobile News
No Result
View All Result
  • Home
  • Videos
  • Business
  • Brands
  • Clubs
  • Ratings & Reviews
  • News
  • Blog
  • Ad
  • Autodeals
  • Auctions
  • Global Trends
  • Contact Us
  • Home
  • Videos
  • Business
  • Brands
  • Clubs
  • Ratings & Reviews
  • News
  • Blog
  • Ad
  • Autodeals
  • Auctions
  • Global Trends
  • Contact Us
No Result
View All Result
198 Automobile News
No Result
View All Result
Home News

Tax break underpins Korean market recovery | Automotive Industry News

by The Editor
October 9, 2020
in News
0
Tax break underpins Korean market recovery | Automotive Industry News
Share on FacebookShare on TwitterShare on EMail

[ad_1]

Following the information that home gross sales by South Korea’s 5 fundamental automakers mixed elevated by simply over 25% to 138,530 models in September 2020, a GlobalData analyst informed just-auto that the Korean auto business is firmly in restoration – helped by a tax break that’s boosting the Korean market. 

Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData, notes that South Korea’s prime 5 automakers – Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. – offered a cumulative of 678,549 models in September, up from 655,968 models in September 2019.

“The growing home and abroad gross sales marks the restoration of Korean auto business from the long-prevailing COVID-19 dent,” he says.

“The brand new car gross sales recovered on the again of robust home demand in addition to enhancing abroad demand. Home gross sales witnessed a strong progress of 25% to 138,530 models over 110,654 models a yr in the past, which was primarily pushed by the rising want for private mobility amid COVID-19, elevated traction in the direction of EVs and excessive quantity gross sales of fashions resembling Tesla Mannequin 3 and Hyundai Kona EV, aggressive promotion and launch of latest fashions by OEMs.

“Most significantly, the 30% decline in consumption tax, which is prolonged until finish of this yr, can also be boosting gross sales.”

Car exports additionally noticed a primary year-on-year improve since March 2020 with demand from abroad markets together with US, Europe and CIS international locations up after sharp declines in earlier months. “There have been elevated shipments of South Korean SUVs and eco-friendly autos,” says Agwan.

Agwan additionally forecasts robust gross sales forward. “With the Korean automakers set to launch new autos and aggressive promotion marketing campaign within the subsequent few months, the This fall 2020 home gross sales in South Korea could witness vital improve and counterbalance the hunch created by the COVID-19,” he maintains. “For example, Hyundai has introduced launch of its new Tucson SUV and G70 sedan, SsangYong has plans to launch Tivoli Air SUV and Renault Samsung is all set with its Zoe all-electric. Tax relation of cars and availability of incentives on EV will stay main driving forces.”

See additionally: South Korean gross sales leap 25% in September



[ad_2]

Source link

ShareTweetSend

Related Posts

Food delivery strike in Malaysia today – Grab responds

Food delivery strike in Malaysia today – Grab responds

by The Editor
August 5, 2022
0

Yesterday, it was reported that food delivery riders were set to go on a 24-hour nationwide strike today to...

Tesla investors approve stock split; Musk to add factories, Auto News, ET Auto

Tesla investors approve stock split; Musk to add factories, Auto News, ET Auto

by The Editor
August 5, 2022
0

Tesla announced plans for the split in late March when shares were trading over $1,000. It will not affect...

FACT OR FICTION: The Sobering Truths Behind Fleet Safety – Webinar

FACT OR FICTION: The Sobering Truths Behind Fleet Safety – Webinar

by The Editor
August 5, 2022
0

August 24, 2022 |11:00 AM PST |Duration: 1 Hr ...

Auction Academy Class Marks a Half Year of Upfront Training – Remarketing

Auction Academy Class Marks a Half Year of Upfront Training – Remarketing

by The Editor
August 4, 2022
0

Auction Academy’s 7th Class Group met in Spokane, Washington for three days of training that included DAA...

Cummins completes acquisition of Meritor, to deliver decarbonized solutions, Auto News, ET Auto

Cummins completes acquisition of Meritor, to deliver decarbonized solutions, Auto News, ET Auto

by The Editor
August 4, 2022
0

New Delhi: Global power and technology leader, Cummins Inc. recently completed the acquisition Meritor, Inc., a leading global supplier...

2022 Chevrolet Silverado 1500 ZR2 AWD Review & Test Drive : Automotive Addicts

2022 Chevrolet Silverado 1500 ZR2 AWD Review & Test Drive : Automotive Addicts

by The Editor
August 4, 2022
0

Who would have thought that there would be an American truck race where manufacturers are vying for recognition for...

Load More
Next Post
2021 Chevrolet Trailblazer Review | Price, features, specs, photos

2021 Chevrolet Trailblazer Review | Price, features, specs, photos

Safer driving tips for senior citizens – Automotive Blog

Safer driving tips for senior citizens – Automotive Blog

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

No Content Available
Load More
198 Automobile News

Get the latest automotive news and follow the coverage of updates, new release, auctions, deals and and more from the world's top trusted sources.

Follow Us

Categories

  • Auto Auctions
  • Autodeals
  • Blog
  • Brands
  • Business
  • Clubs
  • Global Trends
  • News
  • Reviews
  • Videos

Recent News

CerebrumX’s deep learning platform hints at the future of connected vehicle data

CerebrumX’s deep learning platform hints at the future of connected vehicle data

August 5, 2022
Food delivery strike in Malaysia today – Grab responds

Food delivery strike in Malaysia today – Grab responds

August 5, 2022
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2020 198 Automobile News.

No Result
View All Result
  • Home
  • Videos
  • Business
  • Brands
  • Clubs
  • Ratings & Reviews
  • News
  • Blog
  • Ad
  • Autodeals
  • Auctions
  • Global Trends
  • Contact Us

Copyright © 2020 198 Automobile News.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?