The number of new cars in Korea this year is the lowest in 11 years...a sharp drop in diesel cars

This year, the number of new car registrations in Korea is expected to be the lowest in 11 years.

The Korea Automobile Mobility Industry Association said that the number of new car registrations in Korea until last month was 1,498,000 units this year, down 6% from the same period last year.

The number of annual registrations is expected to be around 1.64 million this year, the lowest number since 2013.While weak consumer sentiment and slowing demand for electric vehicles due to

high interest rates have adversely affected domestic demand, consumers seeking internal combustion locomotives such as diesel cars have also had a significant impact.

Gasoline cars, which have the highest share of new car registrations this year, fell 19% from last year, while diesel cars plunged 57%.

However, 1.66 million units are expected to be newly registered in the country next year, up 1.3% from this year, thanks to improved consumer sentiment and increased sales of hybrid cars.