South Korea has seen a sharp increase in the sales of imported luxury cars in the first nine months of the year despite the negative impact of the Covid-19 epidemic on the country’s economy.
According to the Korea Automobile Importers and Suppliers Association (KAIDA), sales of imported cars, priced at more than 100 million Won ($ 88,600), have surpassed 30,000 units in the period from January to September.
This is the highest level since KAIDA started to synthesize data in 2003, and at the same time marks a “huge” increase of 64% over the same period in 2019.
KAIDA said that in the aforementioned period, sales of cars priced at 150 million won or more reached 8,150 units, an increase of 34.3% year-on-year, while sales of imported cars priced at 40 -50 million won, up 52% to 31,871 units.
By brand, Mercedes-Benz tops the list with 52,571 units, of which the E300 4MATIC is the most popular model. According to the Korean Ministry of Commerce, imported cars account for about 17.5% of the market in this country.