Last Year, High-End Imported Car Sales Soared Despite COVID-19 "Expected to Continue for a While"

Export vehicles are waiting to be loaded at Pyeongtaek Port in Gyeonggi Province on the 11th, two days before Chuseok, the largest traditional holiday of the Korean people. (Aerial photography cooperation: Sergeant Lee Yong-gil of the Seoul Metropolitan Police Agency Aviation Unit, Inspector Park Hyung-sik of the Gyeonggi Northern Provincial Police Agency) / Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Yu Je-hoon] The number of imported luxury cars priced over 100 million KRW sold in the domestic market last year increased by nearly 50% compared to the previous year. Despite the global COVID-19 pandemic, the preference for high-end imported cars continues unabated.

According to the Korea Automobile Importers & Distributors Association (KAIDA) on the 29th, the sales volume of imported cars priced over 100 million KRW last year was recorded at 43,158 units, a 48.8% increase from the previous year. This figure is about four times higher than the overall increase rate of imported car sales last year, which was 12.3%.

By brand, Mercedes-Benz maintained its top position with 17,021 units sold, followed by BMW with 12,917 units, and Porsche with 6,784 units, ranking second and third respectively. By model, the Mercedes-Benz CLS 450 4MATIC (2,558 units), BMW X5 3.0d (2,258 units), and Mercedes-Benz GLE 450 4MATIC (2,178 units) were among the top sellers.

The proportion of luxury cars priced over 100 million KRW had been on a downward trend since the popularization of imported cars, dropping to around 7% in 2013, but has since been on a steady growth path. Last year, the share of imported cars priced over 100 million KRW reached 15.7%, the highest level in 14 years since 2006.

This upward trend in luxury car sales is expected to continue for the time being. The COVID-19 pandemic shows no signs of subsiding, and there is a high likelihood of continued retaliatory consumption sentiment. Additionally, the industry is planning new car launches, indicating a large waiting demand.

Professor Lee Ho-geun of the Automotive Department at Daeduk University explained, "There has been little change in the income of the high-income group, the main demand segment for luxury cars. Especially this year, with increased market liquidity and significant retaliatory and substitution demand due to COVID-19, sales have grown. Mercedes-Benz is also planning to launch many new models this year, and with domestic automakers establishing premium car lineups such as the GV90, the increase in luxury car sales is expected to continue for the foreseeable future."

Meanwhile, the total number of imported cars sold last year was 274,859 units, a 12.3% increase compared to the previous year. This is the highest level since 2003.

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