Imported Cars Also Face Semiconductor-Driven Supply Shortage... Double-Digit Decrease in New Registrations in January

Domestic Imported Cars January New Registrations 17,361 Units
Below 18,000 Units for the First Time in 2 Years Since February 2020

Number of New Imported Car Registrations in January 2022

[Asia Economy Reporter Choi Dae-yeol] Last month, the number of new registrations for imported cars in South Korea dropped by more than 20%. The industry attributes this decline to supply disruptions caused by the shortage of semiconductor parts for vehicles, similar to the situation with domestic cars.

According to the new registration status announced by the Korea Imported Automobile Association on the 7th, the number of registered vehicles last month was 17,361, a 22.2% decrease compared to January of last year. Compared to the previous December, it also decreased by 27.4%. The top five brands in sales, including BMW and Mercedes-Benz, all saw a decline in new registrations compared to a year ago.

The monthly registration volume falling below 18,000 units is the first time in over two years since February 2020 (16,725 units), when the COVID-19 pandemic first emerged. Lim Han-gyu, Vice Chairman of the Imported Car Association, stated, "The decrease last month compared to the same period last year was due to a shortage of supply caused by the semiconductor supply shortage and seasonal factors during the off-season."

The top-selling brand in the first month of the new year was BMW, with 5,550 units registered. This represents a relatively small decrease of 2.9% compared to a year earlier. Mercedes-Benz ranked second last month with 3,405 new registrations, a drop of more than 42% compared to January of last year. Although Mercedes-Benz had the highest annual sales volume among imported cars in South Korea last year, it lost the top spot in the first month of this year. The two brands alternate between first and second place depending on supply conditions.

Audi and Volkswagen ranked third and fourth with 1,269 and 1,213 units respectively, followed by Volvo with 1,004 units. Sales for these brands also declined compared to a year ago. Other brands following were Mini (819 units), Porsche (677 units), Ford (605 units), Lexus (513 units), and Jeep (498 units). Among brands that sold more than 100 units, only Mini, Ford, Honda, and Peugeot showed an increase compared to the previous year.

By brand nationality, European brands accounted for 14,491 units, making up 83.5%, while American brands totaled 1,758 units, or 10.1%. Gasoline vehicles numbered 9,600, exceeding half of the total, with hybrids (3,266 units) and diesel vehicles (3,045 units) showing similar figures. Environmentally friendly vehicles such as plug-in hybrids (948 units) and electric vehicles (502 units) still accounted for less than 10%.

The best-selling model was the Mercedes-Benz E 250, with 1,316 new registrations. The BMW 520 followed with 913 units, and the Mercedes-Benz E220d 4MATIC came next with 543 units.

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