The surprising reason luxury car sales have plunged in this country

AutoExec Summary
Sales of high-end vehicles in South Korea have dropped this year, with the newly mandated green licence plates for company-registered vehicles being blamed. The rule, introduced to prevent tax avoidance, has led to a significant decrease in sales for Bentley, Rolls-Royce, Lamborghini, and Porsche. Luxury carmakers are concerned about the negative image associated with green plates, and the impact on business owners purchasing fleet vehicles. Data shows a significant percentage of high-end vehicles sold in Korea are registered as fleet vehicles. Overall, sales of luxury imported vehicles were down 31.4 per cent in March 2024.

Brands mentioned: Bentley, Rolls-Royce, Lamborghini, Porsche