Honda to withdraw from South Korean car market
The Japanese automaker will halt sales in South Korea following a twenty percent drop in annual volume. Honda faces rising competition from local and Chinese brands.
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HONDA MOTOR CO LTD announced on Thursday its decision to terminate all automobile sales operations in South Korea by the end of the year. The move by Japan's second-largest automaker highlights the intensifying pressure on legacy brands within the Asian automotive landscape. Honda first entered the South Korean market in 2004, offering popular models such as the Accord and CR-V.
