'10,000 Club' Already 7 Places... Well-Performing Imported Cars

Seven Imported Car Brands Achieve 10,000 Units by November... More Than Double from Three Brands Last Year

[Asia Economy Reporter Kim Ji-hee] The popularity of imported cars is fierce. This year, seven imported car brands have already surpassed 10,000 units in sales, indicating not only an expansion of the market size but also a greater variety of choices.

According to the Korea Automobile Importers & Distributors Association (KAIDA) on the 5th, from January to November this year, seven imported car brands including Mercedes-Benz, BMW, Audi, Volkswagen, Volvo, Chevrolet, and Mini have exceeded 10,000 units in sales. Last year, only three brands?Benz, BMW, and Audi?joined the 10,000-unit club during the same period, but the number has more than doubled in just one year.

Until last year, Audi and Volkswagen were in a ‘business suspension’ state, selling only one or two models domestically, but they expanded their presence this year by strengthening their new car lineups. From the beginning of this year to last month, Audi recorded 22,404 units sold, a 132.7% increase compared to the same period last year, and Volkswagen sold 14,886 units, up 160.9%. In particular, Volkswagen’s Tiguan sold an impressive 8,369 units, making it the best-selling imported car model this year.

Volvo and Mini, which began entering the ‘10,000-unit club’?considered a success indicator in the imported car market?starting last year, are also maintaining an upward trend this year. From January to November, Volvo (11,446 units) and Mini (10,152 units) both recorded double-digit sales growth compared to the same period last year.

Although not included in KAIDA statistics, American Tesla has also already surpassed 10,000 units in sales. According to data from the Kaizyu Data Research Institute, Tesla recorded 11,601 units sold up to last month. Including Tesla, the number of imported car brands in the 10,000-unit club rises to eight.

The boom in imported cars is attributed to the government’s individual consumption tax (ICT) reduction policy and aggressive new car marketing by the imported car industry. Every year, more diverse imported new cars flood the domestic market, and especially this year, new car launches have focused on high-volume models. Additionally, the COVID-19 pandemic increased the desire for personal vehicle ownership, contributing to the overall rise in vehicle demand and playing a part in the growth of the imported car market.

An industry insider said, "As the domestic imported car market expands, the headquarters of each brand are paying close attention to the Korean market," adding, "Since imported car companies are engaging in active marketing, growth is expected to continue not only this year but also next year."