Car registration in S. Korea jumps in May on tax breaks

SEOUL, June 8 (Yonhap) -- The number of newly registered cars in South Korea
jumped 45 percent in May from a month earlier thanks to government tax cuts aimed
at boosting demand, a report showed Monday.

According to the report by the Ministry of Land, Transport and Maritime Affairs,
the number of cars registered totaled 135,255 last month, compared with 93,155
reported in April.
Passenger cars accounted for 84.3 percent with 113,976 registered during the
month. Trucks made up 11.2 percent with 15,201 units, the report showed.
The sharp increase was attributed to tax breaks the government began offering on
May 1 to consumers who buy new cars after selling or scrapping their old
vehicles, a move aimed at bolstering the struggling local auto industry.
kokobj@yna.co.kr
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