Seoul:<Text>
Honda Korea, the South Korean sales unit of Japan's Honda Motor Co., announced its decision to exit the country's automobile market, concluding its 23-year operation in South Korea. The carmaker revealed this plan during a press conference held in Seoul, stating that it will stop vehicle sales in the nation by the end of 2026.
According to Yonhap News Agency, the decision comes after a thorough review of the company's business direction, considering changing market conditions and fluctuations in exchange rates. Lee Ji-hong, the head of Honda Korea, emphasized the careful evaluation that led to this significant move. Despite the withdrawal from the car market, Honda Korea has assured that it will continue to provide customer services for existing car owners in the country.
The company also highlighted its intention to concentrate on its motorcycle business within South Korea. Honda plans to enhance product competitiveness, improve customer service , and enrich the brand experience in this sector. Honda initially entered the South Korean market in 2001 through its motorcycle division, before launching its automobile sales unit in March 2003. Since then, Honda Korea has sold a cumulative total of 108,600 cars in the country.
Honda Korea has maintained a leading market share in the motorcycle sector, with cumulative motorcycle sales amounting to 420,600 units. The company has also been at the forefront of innovative initiatives, such as becoming the first import car brand in South Korea to launch an online vehicle sales platform in April 2023.
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