BMW and Mercedes-Benz are competing for the top spot in the imported car market, while Volvo, Tesla, and Lexus are vying for third place. Audi, which was grouped with BMW and Mercedes as part of the German three, has shown lackluster performance.
According to the Korea Automobile Importers & Distributors Association (KAIDA) on the 11th, Lexus ranked third in imported car sales this year for January and February, following BMW (12,234 units) and Mercedes (8,453 units), with 2,463 units sold. The sales of Lexus increased by 28.5% compared to the same period last year (1,917 units), with the hybrid model, the mid-sized sedan ES300h (1,252 units), accounting for more than half.
Tesla (2,227 units) and Volvo (2,079 units) ranked fourth and fifth, respectively, trailing behind Lexus, but the sales gap is only around 100 to 200 units. In the case of Tesla, sales of the Model Y (2,038 units) accounted for about 92% of the total, making it the best-selling model among imported cars.
Recently, due to the impact of the electric vehicle chasm, demand for hybrid cars has been increasing, leading to a growing number of consumers seeking Lexus. While sales volumes for major imported car brands decreased across the board last year, Lexus' sales increased by 3% compared to the previous year, totaling 13,969 units. The improvement in Korea-Japan relations has also been interpreted as a factor that helped it recover from the impact of the 'No Japan' boycott.
Tesla effectively recorded third place in imported car sales last year with its two models, the Model Y and Model 3. While BMW (73,754 units) and Mercedes (66,400 units) maintained the first and second spots for two consecutive years, Tesla sold 29,750 units in the domestic market, an increase of about 81% compared to the previous year (16,461 units).
Until now, Volvo has targeted the market based on its SUV lineup, including the mid-sized Sport Utility Vehicle (SUV) XC60, but this year, it plans to focus on electric vehicles. Volvo aims to achieve double-digit sales growth for the year, led by the EX30 electric vehicle, which is priced in the 40 million won range and was launched in the first quarter of this year.
Volvo sold 15,051 units last year, ranking fourth in the imported car market after BMW, Mercedes, and Tesla. The XC lineup (XC90, XC60, and XC40) accounted for 68% (10,097 units) of total sales, with the mid-sized XC60 (5,988 units) being the best seller. The EX30 launched this year is planned to sell about 3,000 units.