Honda dealership in Seoul / Yonhap
Honda Korea, the Korean sales unit of Japan's Honda Motor, said Thursday it will withdraw from the country's automobile market, ending its 23-year operation in the country.
The carmaker announced the plan at a press conference in Seoul, saying it will cease vehicle sales in Korea by the end of 2026.
"We have carefully reviewed our business direction in light of changing market conditions and exchange rate fluctuations," Lee Ji-hong, head of Honda Korea, said.
Honda Korea will continue to provide customer services for existing customers.
The company also said it will strengthen its motorcycle business in Korea by enhancing product competitiveness, customer service and brand experience.
Honda entered the Korean market in 2001 with its motorcycle business, followed by the launch of the automobile sales unit in March 2003. Honda Korea had sold a cumulative 108,600 cars in Korea as of last month.
The company has maintained the top market share in the motorcycle market, with cumulative motorcycle sales reaching 420,600 units.
Honda Korea has also introduced various initiatives in recent years, including becoming the first import car brand in the country to launch an online vehicle sales platform in April 2023.
Source: Korea Times News
