As the growth of imported passenger cars in Korea slows down, major brands are focusing on the luxury car market. Following the economic downturn last year and the introduction of green license plates for expensive corporate vehicles, the demand for high-priced models has contracted, but plans are in place to turn the atmosphere around with new vehicle launches and expanded showrooms.
According to the Korea Automobile Importers & Distributors Association (KAIDA) on the 1st, 28,373 models of imported cars sold for over 150 million won last year fell by 16.5% compared to 33,999 in 2023. The total sales volume of imported cars dropped from 280,000 units in 2022 to 270,000 units in 2023 and approximately 260,000 units last year. In the first quarter of this year, sales of imported cars over 150 million won reached 8,184 units, up 78.5% from the same period last year (4,586 units).
The demand for high-priced imported cars, which had been on the rise for a while, has decreased due to the domestic and international economic downturn and the introduction of green license plates, leading to a general contraction in consumer sentiment. The imported vehicle industry is accelerating demand recovery by promoting high-priced models referred to as luxury cars. Brands have been launching new cars and introducing various strategies such as customized services, limited edition production, and expanding showrooms and stores to strengthen their position.
Mercedes-Benz Korea plans to launch two top-tier luxury vehicles this year. Following the release of the high-performance model 'The New Mercedes-AMG GT' in May, 'The All-New Mercedes-Maybach SL' is scheduled to be introduced in the second half of the year. The price of the 'GT 55 4MATIC+' which is the first to be released in the AMG GT lineup is 205.6 million won, and the 'Maybach SL' has a price in the late 300 million won range based on European standards.
This year, Benz plans to open the world's first Maybach-exclusive showroom in Apgujeong-dong, Gangnam District, Seoul. Since April last year, they have been operating the Maybach-exclusive 'Exclusive Lounge Plus' in Cheongdam-dong, which includes spaces where customers can customize their vehicles.
Rolls-Royce has renovated its Cheongdam-dong showroom, marking its 20th anniversary, and launched a limited edition (Black Badge Ghost Cheongdam Edition) vehicle. Bentley opened the world's first flagship showroom in Korea last year that enables vehicle exhibitions, cafes, and movie screenings, and for the first time in its history, showcased a vehicle created in collaboration with an artist.
In the first quarter of this year, the distribution of high-priced imported cars over 150 million won by brand was as follows: BMW (3,164 units), Benz (2,468 units), Porsche (1,434 units), Land Rover (550 units), Lamborghini (113 units). Last year, the sales volumes were led by Benz (11,924 units), BMW (8,867 units), and Porsche (3,747 units).