SEOUL: Vehicles imported to South Korea through the so-called original equipment manufacturing (OEM) arrangement have spiked over the past few years thanks to strong demand for some major models, industry data showed Monday.
The number of vehicles produced overseas and imported under the brand names of local carmakers stood at 14,943 units during the January-August period, up 62 percent from the same period a year earlier, according to the data by the Korea Automobile Manufacturers Association.
Cars imported through the OEM arrangement include the QM3 SUV of Renault Samsung Motors Co., the local unit of French auto firm Renault S.A., and the Impala of GM Korea Co., the local unit of U.S. carmaker General Motor Co.
Last year, OEM auto imports came to 18,249 units, driven in part by robust demand for the QM3 SUV that was produced in Spain and imported to the local market. In 2013, the corresponding figure was 1,194 units.
OEM imports will likely top 25,000 units this year as sales are expected to grow thanks to the launch of the new Impala last month, market observers said.
OEM imports totaled 1,661 units in 2009, which accounted for a mere 0.1 percent of total sales of locally produced vehicles. The proportion has been on the rise since 2013, with the ratio standing at 1.5 percent so far this year, up from 1.2 percent tallied at the end of 2014.
