Koreans' Passionate Love for the Three-Pointed Star, Mercedes-Benz Ranks 3rd in Domestic Sales for the First Time

Mercedes-Benz ranks 3rd in domestic sales last year, following Hyundai and Kia

Mercedes-Benz E-Class

[Asia Economy Reporter Changhwan Lee] Mercedes-Benz has risen to third place in sales in the domestic automobile market, following Hyundai Motor and Kia for the first time. It is analyzed that the demand for luxury cars among Koreans has rather increased despite the economic difficulties caused by COVID-19.

According to the Korea Imported Car Association on the 8th, Mercedes-Benz Korea sold 76,152 units last year, ranking third in sales after Hyundai Motor and Kia. This is the first time an imported car brand has ranked third in the domestic automobile market.

Mercedes-Benz sold 76,152 units domestically last year. Compared to Hyundai Motor and Kia, which sold 726,838 and 535,016 units respectively in Korea, the difference is significant.

However, considering Mercedes-Benz as a luxury car brand with a very high price per unit, the number is not small. The mid-size sedan E-Class led the overall imported car model sales last year with 26,109 units, and the large sedan S-Class ranked fourth with 11,131 units, driving Mercedes-Benz’s performance.

Following Mercedes-Benz, another German luxury car brand BMW ranked fourth. BMW sold 65,669 units domestically last year. Among them, the 5 Series ranked second among imported car models with 17,447 units sold.

Previously, the positions were held by Renault Samsung Motors and Korea GM, but last year Mercedes-Benz and BMW took over.

The change in rankings between imported and domestic cars is analyzed to be due to the deepening consumption polarization after the COVID-19 crisis, combined with the semiconductor shortage for vehicles.

According to research institutions including the Bank of Korea, job and income polarization in Korea has worsened since the COVID-19 crisis. In particular, the difficulty of overseas travel has led to an increase in domestic luxury consumption.

The semiconductor supply shortage for vehicles, which caused domestic car factories to halt production, is also cited as a reason.

An industry official said, "Although our economy faced difficulties due to COVID-19 last year, major imported cars actually saw an increase in sales," adding, "We expect the popularity of imported cars to continue this year as well."

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