The COVID Paradox: More Expensive Cars Sold Last Year Compared to Before

[Asia Economy Reporter Changhwan Lee] Despite severe economic downturn due to COVID-19 last year, it was found that more expensive cars were sold.

According to statistics from the Korea Automobile Manufacturers Association on the 14th, last year, the five domestic automakers sold 1,374,715 passenger cars in Korea, an increase of 6.2% compared to the previous year, marking the highest domestic sales ever recorded.

Among them, sales of mid-sized cars were 787,967 units, a 9.1% decrease compared to the previous year. On the other hand, sales of mid-to-large and large-sized cars surged by 32.7% compared to 2019, reaching 586,748 units. SUV (Sports Utility Vehicle) models also grew by 15.3%, with a total of 615,983 units sold.

Luxury imported cars also mostly sold well. According to the Korea Imported Automobile Association, BMW sold 58,393 units last year, an increase of 32.1% compared to the previous year. Audi sold 25,513 units, up 113.9%.

Porsche sold 7,779 units, up 85.0%, and Volvo sold 12,798 units, up 21.1%.

The increase in luxury car sales amid difficult economic conditions is attributed to the widening income polarization and the occurrence of revenge consumption due to COVID-19.

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