Sales of imported light passenger cars in South Korea rose 10% to 24,839 units in September 2024, compared with 22,565 units a year earlier, according to registration data released by the Korea Automobile Importers & Distributors Association (Kaida).
South Korean report: Domestic sales remained stable in September
Last month’s volumes were supported by good availability of new models, as well as the inclusion of Tesla sales this year, compared to none last year, according to the association. Year-to-date (YTD), volumes were still 1.5% lower at 194,731 units, compared to 197,742 units in the same period last year, mainly due to slow sales in the first half of the year.
Overall demand for new cars in South Korea has weakened this year as the country’s heavily indebted consumers reined in their spending on big-ticket items. Domestic manufacturers reported a 9% decline in total vehicle deliveries to 994,468 units in the first nine months of the year.
German-owned brands accounted for over 65% of total import sales YTD, with segment leader BMW reporting a 4% decline to 54,472 units, despite the launch of the new 5 Series sedan earlier this year, while the Mini brand saw a decline of 18% reported. 5,734 units.
Mercedes-Benz saw its nine-month sales fall 12% to 48,048 units, despite the launch of the new E-series sedan earlier this year. Volkswagen’s sales fell 15% to 5,916 units, while Porsche’s fell 33% to 6,043 units and Audi’s fell 54% to 6,529 units.
Tesla reported 23,627 sales YTD, while Volvo sales fell 11% to 11,123 units. Toyota saw sales rise 17% to 7,059 units, while Lexus saw sales rise 1.5% to 10,196 units, following a strong performance last year.
Following a major fire at an apartment complex in Incheon in August, which started in a Mercedes-Benz EQE and spread to more than 100 vehicles, domestic vehicle manufacturers and foreign brands have begun to release more information about BEV batteries, including names of suppliers , to increase transparency and help address growing concerns in the country about battery safety.
Importers are estimated to account for almost 20% of BEV sales in South Korea this year, led by Tesla and Germany’s Mercedes-Benz and BMW, while China’s BYD is expected to enter the market later this year.
“South Korea: Import Sales Rise 10% in September” was originally created and published by Just Cara brand owned by GlobalData.
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