Despite COVID-19, Imported Car Sales Surpass 20,000 Units in March... Thanks to Base Effect and Chevrolet's Strong Performance

March Sales Reach 20,304 Units... 12.3% Increase Compared to Same Period Last Year

Chevrolet Colorado (Photo by Chevrolet)

[Asia Economy Reporter Kim Ji-hee] Last month, domestic imported car sales managed to exceed 20,000 units despite the impact of the novel coronavirus infection (COVID-19). This was due to the base effect of sluggish sales caused by certification delays in the first half of last year, combined with the entry of the Chevrolet brand into the imported car market, which helped mitigate the COVID-19 shock. However, the industry expects the imported car market to come under the influence of COVID-19 starting from April.

According to the Korea Automobile Importers & Distributors Association (KAIDA) on the 3rd, the number of newly registered imported passenger cars in March was 20,304 units, a 12.3% increase compared to the same period last year. This figure is 21.4% higher than the previous month (16,725 units), when COVID-19 was spreading domestically. It is considered a strong performance amid the major adversity of COVID-19, outperforming the overall domestic sales growth rate of the five domestic automakers last month.

Last month’s imported car market can be summarized by the base effect from the previous year and Chevrolet’s strong performance. Imported car companies failed to exceed monthly sales of 20,000 units even once throughout the first half of last year due to certification delays caused by the strengthening of the Worldwide Harmonized Light Vehicles Test Procedure (WLTP). German brands, which built their lineups mainly around diesel models, were particularly affected. As a result, Mercedes-Benz and BMW saw sales increase by 14.7% and 60.4% respectively compared to the same period last year. Audi’s sales jumped eightfold from 142 units in March last year to 1,151 units this year.

Chevrolet’s strong performance is also notable after joining KAIDA at the end of last year and declaring a switch to an imported car brand. In March alone, 1,363 units were registered. This ranks third in sales among imported car brands, following Mercedes-Benz (5,093 units) and BMW (4,811 units).

Despite the strong results in March, the imported car industry remains gloomy. The consensus is that the full impact of COVID-19 will begin after April. The fact that the upward trend in the imported car market, which had continued since September last year, broke at February is also a factor increasing concerns. An industry insider said, "Since it can take up to three months for vehicles shipped overseas to arrive domestically, the effects of global factory shutdowns may appear after April and May," adding, "For now, showroom visitors have noticeably decreased, and imported car companies are closely monitoring sales volumes."

This content was produced with the assistance of AI translation services.