'Supercar Jeonseong Sidae'... More than 6,000 Cars Over 300 Million Won

Passenger Car Registration Status by Ministry of Land as of Late April
Increase in High-End Passenger Cars with Large Corporate Share
Over 500 Million KRW Cars Increased 10 Times Compared to 6 Years Ago

It has been reported that the number of supercars costing over 300 million KRW each has surpassed 6,000 units in South Korea. As a result, ultra-luxury foreign brands such as Rolls-Royce, Bentley, Ferrari, and Lamborghini are turning their attention to the Korean market.

It has been reported that the number of supercars costing over 300 million KRW each has exceeded 6,000 in South Korea.
[Photo by Bentley Motors Korea]

According to the passenger car registration status received by Yang Kyung-sook, a member of the National Assembly's Planning and Finance Committee from the Ministry of Land, Infrastructure and Transport, as of the end of April this year, the cumulative number of passenger cars with an acquisition price exceeding 300 million KRW was 6,299 units.

The proportion of these ultra-high-priced passenger cars owned by corporations was significant. In response to repeated criticisms that supercars are purchased under company names but used for personal purposes, the government is pushing for the introduction of exclusive license plates for corporate vehicles.

Among passenger cars priced between 300 million and 500 million KRW, there were 1,213 owned by individuals and 3,793 by corporations, totaling 5,006 units. For vehicles exceeding 500 million KRW, there were 361 owned by individuals, 920 by corporations, and 12 by organizations, totaling 1,293 units. These vehicles include supercar and luxury car models from famous foreign brands such as Rolls-Royce, Bentley, Ferrari, Lamborghini, and Mercedes-Maybach.

Looking at the annual new registration status, it is evident that the market for passenger cars priced over 300 million KRW is gradually expanding. In 2016, the number of newly registered passenger cars priced between 300 million and 500 million KRW was 199. However, last year, this number grew to 1,115, increasing 5.6 times over six years. For passenger cars exceeding 500 million KRW, the number rose from 25 to 267 during the same period, nearly a tenfold increase.

Even up to April this year, vehicles priced between 300 million and 500 million KRW increased from 237 to 323 units compared to the same period last year, and those exceeding 500 million KRW rose from 71 to 77 units.

Foreign luxury brands are also paying attention to this growth trend. In March, Adrian Hallmark, Chairman of the British luxury car brand Bentley, along with other top executives from the headquarters, visited South Korea to observe the increasing sales of Bentley vehicles in the country.

Last year, Bentley's sales in South Korea reached 775 units, making it the top-selling market in the Asia-Pacific region. South Korea accounted for about 38% of the total Asia-Pacific sales of 2,031 units.

Not only Bentley but also Rolls-Royce recorded its highest-ever sales in South Korea last year, selling 234 units according to the Korea Imported Car Association. In March, Torsten M?ller-?tv?s, CEO of Rolls-Royce, who visited Korea, emphasized, "South Korea quickly understands the spirit that Rolls-Royce pursues and is growing rapidly, making it very important to us."