The Best-Selling Imported Car Brand is Mercedes... Number One for 7 Consecutive Years

Imported Car Association New Registration Data

[Asia Economy Reporter Choi Daeyeol] Last year, the most sold imported car brand in South Korea was Mercedes-Benz.

According to the new registration data released by the Korea Imported Automobile Association on the 4th, Mercedes-Benz sold 9,451 units last month alone. The annual new registration volume was 80,976 units, marking the first time an imported car brand sold over 80,000 units in a year.

BMW, which competed fiercely until the end, sold 6,832 units last month. On an annual basis, it sold 78,545 units, nearly a 20% increase from the previous year, but was outpaced by Mercedes-Benz's strong finish. The combined market share of the two brands in the overall imported car market increased from 51.4% in 2021 to 56.3% last year.

Mercedes-Benz has been the top-selling brand consecutively from 2016 through last year. The mid-large sedan E-Class led the overall performance with 28,318 units sold last year alone. The large sedan S-Class and the mid-size sport utility vehicle (SUV) GLE also sold well, with 13,206 and 7,136 units respectively.

Following them, Audi ranked third with 21,402 units registered annually, and Volkswagen was fourth with 15,791 units. Volvo ranked fifth with 14,431 units. Although not included in the association's data, Tesla sold 14,571 units domestically last year, showing a similar level. Mini followed with 11,213 units sold.

Based on the association's data, the total new registrations of imported cars last year reached 283,435 units, the highest ever recorded. This was a 2.6% increase compared to the previous year. Including new registrations from non-member companies such as Tesla, the total exceeds 290,000 units.

The growth trend of luxury brands continued steadily last year. Porsche sold 8,963 units, about a 6% increase from the previous year; Bentley registered 775 units (a 53% increase year-on-year); Rolls-Royce had 234 units (a 4% increase); and Lamborghini registered 403 units (a 14% increase). On the other hand, Japanese brands such as Toyota, Lexus, and Honda saw their sales shrink further. The market share of Japanese cars by brand nationality dropped by 1.4 percentage points from the previous year to 6%.

Typically, the end of the year is considered a month with high sales due to dealers clearing inventory. Last month's new registrations of imported cars were the highest monthly figure since December 2020 (31,419 units). Jung Yoon-young, Vice Chairman of the Korea Imported Automobile Association, explained, "Despite the semiconductor supply shortage, last year's imported passenger car market grew compared to the previous year due to stable supply from some brands, new brands, and various new models."