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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] Honda Korea announced it will discontinue its automobile sales business in South Korea by the end of this year, shifting its focus to motorcycles.
Speaking at a press conference held at COEX in Seoul on April 23, the company said the decision reflects a strategic move to strengthen long-term competitiveness by concentrating resources on core business areas amid changing market conditions.
Despite the exit from car sales, Honda Korea will continue after-sales services, including maintenance, parts supply, and warranty support. The company also pledged to work with its dealer network to ensure uninterrupted customer service.
Motorcycles will remain a key business segment in Korea. CEO Lee Ji-hong said the decision was made after considering various factors, including market dynamics and exchange rate trends.
Honda entered the Korean market with motorcycles in 2001 and expanded into automobiles in 2004. It became the first imported brand in Korea to surpass annual sales of 10,000 vehicles and has sold a cumulative 108,600 cars to date. Its motorcycle division has maintained the top market share, with cumulative sales exceeding 426,000 units.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
