Price Disclosure
The prices of all automobile components, including those of imported vehicles, are being released on the Internet.
The Ministry of Land, Infrastructure and Transport announced that regulations on the self-verification of automobiles and components were amended to disclose the consumer prices of automobile components sold by automobile manufacturing companies, and the amendment has been effective since August 2.
Components of all motor vehicles sold in Korea, including imported vehicles, are targets. This includes not only the Korean brands of Hyundai-Kia Motors, GM Korea, Renault Samsung Motors, and SSangyong Motor, but also imported brands such as BMW, Mercedes-Benz, Wolkswagen, Audi, and Lexus.
The prices of components are to be exposed in partial or assembly orm, the minimum unit sold to consumers. Partial and assembly means several components assembled together.
Automakers are obliged to disclose the prices of components on their website, and this information shall be updated quarterly depending on various changes including exchange rates. Automobile manufacturing companies without online websites must distribute printouts with relevant price information.
Automakers which do not reveal such information shall be punished according to the Motor Vehicle Management Act.
An associate of the Ministry of Land, Infrastructure and Transport said, “If prices of automobile components are open to the public, consumers’ right to know is protected, and the transparency of the automobile component prices are enhanced.”