Cars Worth More Than 100 Mil. Won
With imported cars expanding their market share in Korea, luxury imported cars worth more than 100 million won are enjoying strong sales.
Imported cars worth 100 million won or higher sold 39,965 units in the first seven months of the year, accounting for 23.2 percent of the 172,146 imported cars sold in Korea during the period, said Korea Automobile Importers & Distributors Association on Aug. 14.
Sales of imported cars priced at 100 million won or higher swelled 74.1 percent from a year ago, and their proportion grew by 8 percentage points from 15.5 percent.
If the trend continues, this year's sales are likely to break through the 43,158 units in 2020, the highest annual sales figure in history.
Sales of expensive imported cars from three German carmakers, Mercedes-Benz, BMW and Audi, doubled from a year before.
During this period, sales of Benz, the No. 1 imported car brand, rose from 9,649 units in 2020 to 17,524 units in 2021, those of BMW from 5,286 units to 11,535 units and those of Audi from 1,305 units to 2,437 units.
Sports utility cars (SUVs) and eco-friendly cars enjoyed immense popularity in the imported luxury car market.
Between January and July 2020, 11,205 units of SUVs valued at 100 million won or higher were sold. This year, the SUV sales figure more than doubled to 21,398.
Imported eco-friendly cars (hybrid, plug-in hybrid and electric vehicles) worth more than 100 million won sold 20,470 units, an increase of about 400 percent from 5.112 in the same period of 2020.
Eco-friendly cars amounting to more than 100 million won outsold diesel and gasoline cars, accounting for 51.2 percent in the Korean imported car market. They accounted for only 22.2 percent in 2020.