South Korea’s CV segment takes a tumble
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By Will Pulson - 14th October 2022
South Korea – The commercial vehicle market over 2 tons gvw in South Korea continued to fall in the second quarter of 2022, by 8% to 59,366 units from 64,525 units in the same period of last year, based on data released individually by vehicle manufacturers and also by trade associations.
This follows a 16% drop in the first quarter, despite annual GDP growth of 2.9% in the second quarter and average growth of 3% in the first half of the year, driven by strong consumer spending – particularly on semidurable goods and services such as accommodations and restaurants after the latest Covid restrictions were lifted.
