The spring season has yet to arrive in the imported car market.
The Korea Import Car Association reported on the 3rd that the sales volume of imported cars in the first quarter of 2024 dropped to 54,583 units, a decrease of 11.5% compared to 61,684 units sold in the same period last year.
While most imported car brands saw a decline in sales, BMW maintained its lead in the imported car market with 16,968 units sold. Mercedes-Benz recorded 10,720 units, a 28% drop from the previous year’s 14,952 units, while Tesla sold 6,200 units.
In terms of registration numbers by engine displacement, customers purchasing vehicles under 2,000cc totaled 25,359 (46.5%), indicating a strong preference for compact models that are less expensive to maintain. Looking at sales by country, European vehicles accounted for 39,399 units (72.2%) sold, showing that a majority of imported car buyers prefer European brands.
When analyzing sales by fuel type, hybrid models accounted for 25,908 units (47.5%), meaning half of the customers purchasing imported cars opted for efficient hybrid options. Additionally, electric vehicle sales reached 10,237 units (18.8%), demonstrating that one in five buyers chose a fully electric vehicle to support carbon reduction efforts.
The most popular models sold in Q1 2024 were the Tesla Model Y (6,012 units), BMW 5 Series (5,545 units), and Mercedes-Benz E-Class (2,108 units).
Lee Sang-jin daedusj@autodiary.kr