Seoul: Sales of U.S. passenger car imports in South Korea have increased substantially in recent months, industry data showed Thursday, amid discussions between Seoul and Washington over easing non-tariff barriers in the auto sector.
According to Yonhap News Agency, data compiled by auto industry tracker Carisyou revealed that 7,362 passenger cars of American brands were sold in South Korea in July, accounting for 27.2 percent of total imported vehicle sales last month.
For the January-July period, U.S. auto imports totaled 32,069 units, taking up 19.4 percent of the total auto import market. The share more than doubled from 2016, when American auto imports accounted for 8.2 percent of all foreign-made cars in South Korea.
The sharp rise is largely attributed to the growing popularity of U.S. electric vehicle (EV) maker Tesla Inc. in the country. Tesla sold 26,585 vehicles during the first seven months of the year. The company set record sales in South Korea last year by selling 29,754 vehicles, driven by its competitively priced China-made Model Y equipped with lithium-iron-phosphate (LFP) batteries.
Industry observers say American automakers are likely to gain further traction in the South Korean market following the recent removal of regulatory limits on U.S. imports, including a 50,000-unit safety cap, as part of the two countries' tariff deal.