Sales of imported cars in S. Korea fall 12.3 pct in May

SEOUL, June 3 (Yonhap) -- Sales of imported cars in South Korea fell 12.3 percent
from a year ago to 5,313 units in May as consumers continued to shun big-ticket
spending amid a bruising economic downturn, industry data showed Wednesday.
May sales gained 11.4 percent from April, however, thanks to government tax cuts
aimed at spurring vehicle demand, the Korea Automobile Importers and Distributors
Association said in a statement.
Starting May, the government lowered purchasing and registration taxes by 70
percent for people who buy new cars to replace their old ones.
"New-car registrations of imported cars in May rose from April, helped by the
government's tax benefits," said Yoon Dae-sung, managing director at the
association, in the statement.
Last month, Germany's BMW AG was the most popular foreign car brand in South
Korea with 895 vehicles sold, followed by Mercedes-Benz with 681 units and Audi
with 677, according to the statement.
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