SEOUL - South Korea's domestic vehicle sales are expected to decrease by 1.7 percent in 2024 due to the ongoing economic slowdown and high inflation affecting consumer spending. This forecast was detailed in a report released Monday by the Korea Automobile Manufacturers Association.
According to Yonhap News Agency, the report estimates that domestic auto sales in 2024 will reach approximately 1.71 million units. Despite the anticipated decrease in domestic sales, the association projects a 1.9 percent increase in auto exports, amounting to about 2.75 million units, driven by strong demand in the United States and Europe. Additionally, the total output of the industry is predicted to rise slightly by 0.7 percent to 4.17 million units in 2024.