Q1 sales of CVs in South Korea increase by a third
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By Will Pulson - 28th June 2023
South Korea – South Korea’s commercial vehicle market over 2 tons gvw rebounded by 31% to 65,359 units in the first quarter of 2023 after declining by 16% to 49,878 units a year earlier, based on data from various industry sources.
The strong sales growth came about despite economic growth continuing to slow sharply in the first quarter to 0.8% year-on-year from 1.4% in the fourth quarter and 2.6% in the whole of last year. The market in recent months has been underpinned by strong pent-up demand for light commercial vehicles following last year’s shortages of semi-conductors.
