Sales of small cars in South Korea sank in the first two months of the year due to weak demand stemming from the country’s protracted economic slump, industry data showed Monday.
According to the data, a total of 28,711 small cars with engine capacities of 1.0 liter were sold in the country in the January-February period, down 8.2 percent from a year earlier.
The overall domestic passenger car market, however, shrank at a lower rate of 2.8 percent during the cited period, the data showed, indicating that low-income earners’ purchasing power fell by a wider margin.
Demand for small cars had remained high in the country for their fuel efficiency and driving convenience.
Last year, a total of 202,854 small cars were sold in South Korea amid high fuel costs with Kia Motors Corp.’s Ray, released in late November 2011, leading the overall growth.
There are currently three small so-called city car models in South Korea ― the Chevrolet Spark made by GM Korea Co., and the Morning and the Ray produced by Kia Motors. (Yonhap News)
