Honda to End Car Sales Operations in South Korea

[Market Exit] Honda will terminate its automobile sales operations in South Korea by the end of 2026, concluding 23 years of automotive business in the country.

Core Development: From Import Leader to Full Withdrawal

In 2008, Honda sold 12,356 vehicles in South Korea, capturing a market share of 20.4%, making it the top-selling imported car brand that year. However, due to the rise of domestic brands and intensified competition from German automakers, its sales have steadily declined, falling to just 1,385 units in 2023.

Strategic Rationale: Focusing Resources to Strengthen Long-Term Competitiveness

Honda stated that, in response to evolving global and South Korean market conditions, it has decided to reallocate resources by exiting vehicle sales. The company will, however, retain its motorcycle business and continue providing after-sales service and parts supply for automobiles.

Key Figures: Cumulative Sales and Timeline

Since establishing its automobile division in March 2003, Honda has sold a total of 108,600 vehicles in South Korea. The company first entered the Korean market with motorcycles in 2001.