Top 3 Imported Car Sales Solidified... Porsche and Tesla Experience 'Storming Growth'

Porsche and Tesla Each Achieve Triple-Digit Growth

On the 10th, a day before the Lunar New Year holiday, imported cars are waiting to be shipped at Pyeongtaek Port, as seen from a Seoul Metropolitan Police Agency helicopter. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Yu Je-hoon] Mercedes-Benz, BMW, and Audi Volkswagen have firmly maintained their positions as the 'big three' in import car industry sales, while Porsche and Tesla have significantly increased their sales, closing the gap.

According to the Financial Supervisory Service's electronic disclosure system on the 1st, Mercedes-Benz Korea recorded sales of 5.3382 trillion KRW and an operating profit of 199.8 billion KRW last year. Although sales decreased by about 2% compared to the previous year, it still maintained its position as the number one import car company.

The 2nd and 3rd highest sales were BMW Korea and Audi Volkswagen Korea. BMW Korea posted sales of 3.964 trillion KRW (operating profit of 59.6 billion KRW), an increase of about 38% from the previous year, while Audi Volkswagen Korea recorded 2.1053 trillion KRW (operating loss of 19.1 billion KRW), up about 75%.

While the German big three maintain their stronghold, Porsche and Tesla are showing rapid growth and chasing after them. Porsche Korea surpassed the 1 trillion KRW sales mark with sales of 1.0109 trillion KRW (operating profit of 38.6 billion KRW). The sales growth rate was about 108%, more than doubling compared to the previous year. It also surpassed the 2019 sales of Toyota (789 billion KRW) and Jaguar Land Rover Korea (675 billion KRW), which have fiscal years ending in March.

The growth of electric vehicle maker Tesla is even steeper. Tesla Korea recorded total sales of 716.2 billion KRW last year, a staggering 296% increase compared to the previous year (180.8 billion KRW). This figure surpassed Volvo (623 billion KRW), Ford (486.9 billion KRW), and FCA (353.9 billion KRW).

Industry insiders attribute this shift in the import car market landscape to the diversification of demand for luxury cars. While the German big three are solidifying their premium image, there is also a trend toward brands that represent a different kind of luxury car. An industry official said, "In addition to the overall rise in income levels, the increase in car demand due to COVID-19 has changed trends. Following Volvo, Porsche and Tesla have broadened the range of choices for the public."

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