Not so long ago, the so-called BRIC markets still stood out as outstanding growth motors for the world’s
Fast forward to 2013 and the year to date, and the thrust seen earlier in BRIC member economies
such as Brazil, Russia and India was suddenly missing.
Potentially at least, the abrupt slowdown in these countries suddenly left autoindustry planners with a
That’s chiefly the need to find alternative markets to take up the slack.
Korea, a car export juggernaut, became the focus of their attention, particularly for Europe’s premium car makers.
Intriguingly, while Korea’s autoindustry swamped most leading Western world markets with their cars,
until fairly recently the previously heavily bolted door to their Korean home market remained all but shut.
Korean domestics’ car sales share in 2001
Importers car sales share during
As recently as the millennium change, in 2001 Korea’s
domestic carmakers still accounted for 99 per cent of the cars sold in their home patch.
Importers, after years of strenuous and largely fruitless efforts took less than 1 per cent of Korea’s car market in 2001,
rising thereafter to a still under whelming 4.3 per cent a handful of years later.
Just 40,530 imported cars found Korean buyers during the whole of 2006...more
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