Slowdown in growth of vehicle registrations in South Korea

There was a slowdown in the rising number of registered vehicles in South Korea in the first half of the year, due largely to a big drop in new vehicle purchases. According to the Ministry of Land, Transport and Maritime Affairs, the number of registered vehicles reached 18,661,866 by the end of June, up by 1.2% from the same period in 2011. The number of new vehicle purchases in the January-June period dropped by 42,000 units from the same period last year. Imported vehicles, however, continued the positive growth which was recorded since 1994, and went up by 9.5 % to 680,041. Fuel-efficient hybrid cars also exhibited positive growth, with 54,139 hybrid vehicles registered at the end of June, up from less than 40,000 units by the end of last year. “The number of hybrid vehicles rose by an average 2,683 units a month this year and is expected to continue growing amid high fuel prices,” the ministry said. (July 16, 2012)