South Korea’s Luxury Import Car Sales Break Record

South Korea’s Luxury Import Car Sales Break Record

October 26, 2020 0 By autotimesnews

Sales of expensive imported cars in South Korea rose unexpectedly between January and September 2020, Ryonghap reported, citing statistics. At the same time, the coronavirus pandemic did not significantly affect this segment of cars.

According to the report of the Korean Association of Automobile Importers and Distributors (KAIDA), as well as data from the Korean Association of Automobile Manufacturers (KAMA), the total sales of imported cars, the cost of which exceeds 100 million won, came close to the mark of 31 thousand units for the period from January to September 2020, which is already 64% more than in the whole of 2019, when sales of expensive foreign cars amounted to only 18 857 cars. This figure is the highest since the association began collecting data in 2003. Moreover, the threshold of 30 thousand sold vehicles was also exceeded for the first time.

Sales of vehicles valued at 150 million won and more totaled 8,150 units for the 2020 reporting period, an increase of 34.3% year-on-year. But the record was the growth in sales of budget cars, the cost of which varies from 40 to 50 million won – an increase of 52%, which in quantitative terms is 31,871 units. Imported cars account for about 17.5% of the South Korean auto market, according to the Commerce Department.