The Korea Times
Honda Korea’s recent decision to withdraw from the Korean automobile market is amplifying concerns among remaining Japanese carmakers Toyota Motor and Lexus over their long-term viability here in a rapidly shifting industry landscape. Honda’s exit sends a clear message to its rivals that any foreign automakers which fail to embrace industrial changes — especially the transition toward electrification — will end up losing their foothold in one of Asia’s most competitive auto markets. The latest development is seen as a warning sign for Toyota and Lexus, both of which currently lack fully electric vehicle (EV) lineups in Korea. The Korean auto market has already witnessed the exits of several other once-renowned Japanese brands. Subaru, which entered the Korean auto market in 2010, left after only about two years due to worsening profitability, driven by lackluster sales stemming from its limited vehicle lineup. Nissan and Infinity, both of which once enjoyed solid popularity in Korea, also withdrew from business here in 2020, failing to overcome declining sales. Industry officials
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