Sales of small cars in South Korea made a leap in 2008 amid high oil prices and an economic slump, a government report showed Friday.
According to the report by the Land, Transport and Maritime Affairs, new registration of vehicles with engines below 1.6-liters marked 347,000, up from 295,000 a year earlier.
The report attributed the increase to higher oil prices and the global economic slump, amid which consumers turned to smaller cars with less oil consumption and lower maintenance costs.
As crude oil prices nearly doubled from the start of 2008 last July, the gasoline prices skyrocketed in South Korea, which heavily depends on oil imports for its energy demand.
Meanwhile, the economic slump led to sales decline in total vehicles in the local market, with a total of 948,000 vehicles newly registered in 2008, down from 960,000 a year earlier, according to the report.
Source: Xinhua
|
Comment
Tell A Friend
Print Format
Save Article