Ferrari Sales Reach 104 Units in Q1, Up from Zero Last Year
Car Owners' Negative Perceptions Shift Over Time
After the introduction of the light green license plate system, which was implemented by the government to curb conspicuous consumption, there has been a sharp increase in the sales of ultra-high-end imported cars. In January, statistics showed that imported car sales in 2024 had decreased for the first time in eight years, suggesting the system was effective. However, over time, it appears that car owners' negative perceptions have shifted.
According to the Korea Automobile Importers & Distributors Association, a total of 8,184 imported vehicles priced at 150 million won or more were sold in the first quarter of this year (January to March). This represents a staggering 78.5% increase compared to the same period last year.
In particular, sales of Ferrari vehicles surged. While there were no sales in the first quarter of last year, 104 units were delivered in the first quarter of this year. Other high-end brands also saw significant increases, including Lamborghini (169%), Porsche (202%), and Lexus (314%). BMW (114%), Audi (140%), and Land Rover (63%) also posted double-digit growth rates.
The light green license plate system was introduced to prevent the private use of high-priced corporate vehicles. It was also a key campaign pledge of President Yoon Suk-yeol. At the end of 2023, the Ministry of Land, Infrastructure and Transport issued an administrative notice for the revised 'Regulations on Standards for Vehicle Registration Plates,' which took effect in January last year. The core of the law is to distinguish corporate vehicles with an acquisition value of 80 million won or more, including government vehicles, by attaching light green license plates.
Reference photo related to the Ministry of Land, Infrastructure and Transport's light green license plate. Ministry of Land, Infrastructure and Transport
In the early stages of the system's implementation, there was resistance to the light green license plates, which appeared to temporarily reduce the number of high-priced corporate vehicles. However, as sales rebounded, there are now calls to discuss the effectiveness of the system and possible improvements.
An industry insider said, "In the early days of the system, sales slowed simply because the light green license plates felt unfamiliar, but over time, many car owners have come to see them as a mark of individuality." The insider added, "A perception has emerged that the light green license plate is now seen as a symbol of wealth."
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