DTW has often noted that the Koreans, in the form of Kia and Hyundai, have been selling very competitive products in Europe. But what is happening with European cars in the Korean market?
The New York Times reported that Koreans will soon be spending more on imported cars than they earn exporting vehicles. The situation is not symmetrical. While mainstream European brands have probably lost most to the Koreans’ competitive edge, in Korean it is the “prestige” brands that have thrived. The main reason for the change in the mix of cars sold in Korea is a trade agreement dating from 2011. Additionally, Koreans are less shy about buying foreign cars. In the past a major disincentive was that foreign cars were often vandalised. Continue reading “The Turning of Tables: European Car Sales Grow in Korea”