"No COVID Chill"... Luxury Imported Cars Over 100 Million Won Soar High

Rapid Growth in Imported Car Sales Priced Between 100 Million and 150 Million KRW
Imported Cars Over 100 Million KRW Surpass 15% of Total Sales Share

Porsche Cayenne Coupe (Photo by Porsche Korea)

[Asia Economy Reporter Kim Ji-hee] The sales proportion of imported cars priced over 100 million KRW has surpassed 15% of the entire imported car market. Despite the unprecedented adversity caused by the novel coronavirus disease (COVID-19), sales have actually increased, strengthening their presence in the domestic market.

According to the Korea Imported Car Association on the 12th, from January to July this year, 22,951 imported cars priced over 100 million KRW were sold, accounting for 15.5% of total imported car sales. This represents a remarkable 66.4% increase compared to the same period last year (13,791 units).

The proportion of imported cars priced over 100 million KRW has been steadily increasing every year, surpassing 10% for the first time in 2017. Last year, while the overall imported car market size shrank compared to the previous year, sales of models priced over 100 million KRW increased, raising their share to 11.8%. This year, alongside the overall market growth of 14.9% up to July, high-end imported car brands are also expanding their presence. If the current trend continues, it is expected that sales will surpass 26,000 units in 2018 and 29,000 units in 2019.

Since the beginning of this year, the rise of ultra-luxury brands such as Bentley and Lamborghini, alongside Porsche, has been particularly noticeable. Up to July, Bentley and Lamborghini sales have jumped 2.5 times and 3 times respectively compared to the previous year. Bentley, which sold 129 units throughout 2019, has already sold 179 units by last month, and Lamborghini is close to last year's total of 173 units with 160 units recorded so far.

Lamborghini Urus (Photo by Lamborghini Seoul)

In the case of Porsche, since March this year, monthly sales have hovered around 1,000 units, emerging as a new powerhouse in the imported car market. In the first half of the year alone, the diversified lineup of the Cayenne, including coupe and E-hybrid models, sold an impressive 2,305 units, accounting for nearly half of Porsche's total sales last year. The Cayenne ranked 9th among the most sold imported cars in April based on the basic model alone.

In addition to the strong performance of premium brands, traditional leaders in the imported car market such as Mercedes-Benz, BMW, and Audi are also strengthening their large-sized models and high-performance lineups, which is believed to have contributed to this trend. An industry insider commented, "Since last year, demand for 'large cars' has increased, and simultaneously, there is strong domestic demand for vehicles that offer driving enjoyment, so the growth trend of the high-priced imported car market is expected to continue."

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