Three out of every 10 imported sport utility vehicles (SUVs) sold in the first half of 2023 were high-priced cars worth more than 100 million won.
A total of 28,005 imported SUVs costing more than 100 million won were sold in Korea from January to August this year, up 15.9 percent from 24,156 units in the same period of last year, said the Korea Automobile Importers & Distributors Association (KAIDA) on Oct. 3. Their share of the total imported car sales also climbed by 2.5 percentage points to 35.9 percent from 33.4 percent.
Manufacturer-wise, BMW led the way with 9,001 units. It was followed by Mercedes-Benz with 8,201 units, Porsche with 4,553 units, Land Rover with 3,276 units, and Audi with 1,138 units. By fuel type, gasoline cars (11,729 units), hybrids (10,461 units), plug-in hybrids (2,299 units), diesel cars (1,872 units), and electric vehicles (1,644 units) sold the most in that order.
The number of imported SUVs costing more than 100 million won has been soaring in the last five years. It increased to 11,204 units in 2019, 21,866 units in 2020, and 34,907 units in 2021, and has been on an upward curve every year. In 2022, 39,803 units were sold, reflecting robust demand despite high prices.
For a long period of time, SUVs have taken over the imported car market, which was once dominated by sedans. As consumers have shown a strong preference for vehicles with strong space efficiency, imported car brands have expanded their SUV lineups. In addition, an increase in imported vehicle purchases by corporations seems to have played a role in pushing up SUV sales, experts say.
Car importers continue to introduce expensive SUV models in the second half of this year. In September, Mercedes-Benz unveiled five models of the New Mercedes-Benz GLE, a partially revised version of the fourth-generation GLE, and began official their sales. The five new models feature new power trains and advanced safety and comfort features.
Porsche also launched third-generation partially revised versions of its flagship SUV, the Cayenne. They are three models -- the Cayenne, the Cayenne Coupe and the Cayenne Turbo GT, which are the first to offer the new Porsche Driver Experience.
In September, the brand further expanded its lineup with the unveiling of the new Cayenne S E-Hybrid and Cayenne S E-Hybrid Coupe. The Cayenne S E-Hybrid is the third plug-in hybrid model in the Cayenne lineup. The two models are priced at 156.1 million won (US$114,544) and 162.5 million won, respectively, in Korea. They will go on sale in the first half of 2024.
What is more, Mercedes-Benz Maybach’s EQS SUV and Rolls-Royce’s Spectre will hit the market in Korea. The Maybach EQS SUV will be priced between 200 million won and 300 million won while the Spectre will start at 622 million won.