Volvo chases closely behind Audi for No. 3 import car spot

[Courtesy of Volvo]

Carmakers Audi and Volvo are engaged in a fierce battle for No. 3 spot in the South Korean imported passenger car market while BMW and Mercedes-Benz have solidified their dominance.

According to the Korea Automobile Importers & Distributors Association on Wednesday, the total number of newly registered imported cars stood at 130,689 units in the first six months of this year, down 0.2 percent from a year ago.

By brand, BMW took the lead with 38,106 units, followed by Mercedes-Benz with 35,423 units, Audi with 9,636 units, Volvo with 8,463 units, and Lexus with 6,950 units.

Volvo has chased closely behind Audi, with its market share standing at 6.48 percent, only 0.89 percentage point behind Audi with 7.37 percent.

In the same period last year, Audi had a 1.12 percentage point advantage over Volvo. Consumer brand loyalty is cited as the driving force behind Volvo’s ability to closely chase Audi in the market.