Domestic carmakers’ local market share continued to contract in the face of foreign brands’ aggressive marketing, according to data released on Saturday by the Korea Automobile Manufacturers Association.
Since their combined market share fell below 90 percent for the first time in the third quarter of last year, the nation’s five automakers ― Hyundai, Kia, GM Korea, Renault Samsung and Ssangyong ― have seen a continued drop in sales.
Industry observers said the trend was expected to continue as imported brands, including BMW, Mercedes-Benz and Toyota, vie against local rivals with competitive prices and diversified lineups.
By Chung joo-won (
joowonc@heraldcorp.com)