Luxury imported cars selling like hotcakes with sales in the hundreds of millions... The era of 40,000 units per year has begun

Imported Car Sales Over 100 Million Won from January to November Reach 38,712 Units

The new Mercedes-Benz GLE Coupe (Photo by Mercedes-Benz Korea)

[Asia Economy Reporter Kim Ji-hee] Sales of imported cars priced over 100 million KRW are expected to exceed 40,000 units this year. Despite the COVID-19 pandemic, the overall imported car market performed well, with half of the increased sales driven by high-end models.

According to the Korea Imported Automobile Association on the 24th, 38,712 imported cars priced over 100 million KRW were sold from January to November this year. This represents a staggering 53.2% increase compared to the same period last year, far surpassing the overall imported car sales growth rate of 13.4% this year. High-end imported car sales, which first exceeded 20,000 units annually in 2015, have doubled in size over five years, making it certain that sales will surpass 40,000 units this year.

Market share also soared during the same period. The market share of imported cars priced over 100 million KRW, which had hovered around 10%, expanded to 15.9% this year. This means that out of every 100 imported cars, 15 are 'hundred-million KRW' models. Especially compared to the early 2000s when the imported car market was small, the current market, which has grown to nearly 300,000 units annually, shows a significantly increased proportion of high-end vehicles, which is even more meaningful.

BMW New X5 xDrive45e (Photo by BMW Korea) [Image source=Yonhap News]

In the high-end imported car market, Mercedes-Benz and BMW have a strong presence. Mercedes-Benz ranks first with 15,760 units, followed by BMW with 11,480 units. Porsche's strong performance is also notable. Porsche, which recorded the highest annual sales this year with 7,082 units, has 86.7% (6,139 units) of its sales from models priced over 100 million KRW.

Mercedes-Benz models such as the GLE 450 4MATIC, CLS 450 4MATIC, and S350d 4MATIC each sold around 2,000 units despite their high prices. BMW's Sports Utility Vehicle (SUV) lineup, the 'X Series,' stood out. Leading with the mid-size X5 3.0d (2,128 units), the 3.0d models of the X6 and X7 each sold about 1,500 units. Porsche also led with 3,299 units of the mid-size SUV Cayenne, diversified through coupe, hybrid, and turbo lineups.

Additionally, ultra-luxury brands such as Lamborghini (281 units) and Bentley (253 units) nearly doubled their sales compared to last year. Both brands drove overall demand with corporate sales accounting for 91.8% and 75.9%, respectively.

There are several reasons for the increase in high-end imported car sales. Major brands, which have focused on establishing themselves in the domestic market over the past 30 years since the full opening of the imported car market, have recently begun expanding their lineups. In particular, as the market expands, they have started introducing larger or high-performance models that previously had low demand and were not imported, broadening the choices for high-end imported cars. Although domestic automakers are rapidly expanding their lineups, there are still no models priced over 100 million KRW, so demand inevitably flows to imported cars.

An industry insider said, "While sales of imported cars under 40 million KRW, which have many alternatives in domestic cars, are gradually decreasing, sales of high-end imported cars with no suitable alternatives continue to rise," adding, "Imported car companies that have filled their basic lineups are now actively targeting niche demand with distinctive models aimed at enthusiasts."

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