Sales of imported cars declined for the second consecutive year, recording the lowest levels in the past five years. By fuel type, hybrid electric vehicles (HEVs) had the highest sales, while BMW topped the brands.
According to the Korea Automobile Importers and Distributors Association (KAIDA), the number of new registrations for imported passenger cars last year was 263,288, a 2.9% decrease from 271,034 in 2023. The sales volume in 2023 also dropped by 4.4% compared to 283,435 in 2022, marking a decline in sales for two consecutive years. In 2021, 276,146 units were sold, and in 2020, 274,859 units.
By fuel type, hybrids accounted for the highest percentage at 51.1% (134,426 units). This figure reflects a 19.2% increase compared to the previous year (91,680 units). Gasoline follows at 23.8% (62,671 units), electric at 18.8% (49,496 units), plug-in hybrid electric vehicles (PHEVs) at 3.5% (9,174 units), and diesel at 2.9% (7,521 units).
By brand, BMW recorded 73,754 units, topping the list for the second consecutive year, with a market share of 28.01%. Mercedes-Benz came in second with 66,400 units (25.22%). BMW, which reclaimed the top spot two years ago after an eight-year hiatus, increased its lead over Mercedes-Benz from 698 units in 2023 to 7,345 units. Tesla (29,750 units), Volvo (15,051 units), and Lexus (13,969 units) followed.
The best-selling model was the Mercedes-Benz E-Class, with 25,937 units sold this year. Following it were the BMW 5 Series with 20,697 units, the Tesla Model Y with 18,717 units, and the Model 3 with 10,502 units.