BMW reclaims top spot in imported car sales in S. Korea last year

[Courtesy of BMW]

BMW has regained the top spot in imported car sales in South Korea for the first time in eight years last year, narrowly edging out its rival Mercedes-Benz with a margin of 698 units. Audi maintained the third position, surpassing Volvo by a margin of around 700 units.

According to the 2023 sales data from the Korea Automobile Importers & Distributors Association (KAIDA) on Thursday, BMW achieved a total sales figure of 77,395 units last year, slightly surpassing Mercedes-Benz, which sold 76,697 units. This marks the first time since 2015 that BMW has surpassed Mercedes-Benz’s sales figures.

The shift in BMW’s favor amid high consumer preference for the Mercedes-Benz brand in South Korea is attributed to the brand’s continuous investment in electric vehicles and tailored targeting strategies to suit local consumers.

Under the program name ‘Charging Next,’ BMW executed a two-year strategy to install 2,100 electric vehicle chargers in South Korea while rapidly introducing key electrified models like the compact sports utility vehicle (SUV) iX1 into the local market. Additionally, the debut of Spectre, the first electric car model from Rolls-Royce under BMW Group, aligned with its global release schedule.

“Despite the strong presence of Mercedes-Benz’s S-Class, BMW’s i7 surpassing the sales of the electric version of the S-Class, the EQS, indicates the success of BMW’s electrification strategy,” said an industry insider.

The highly anticipated New 5 Series received acclaim after its first launch globally in South Korea in October last year.

While BMW led in overall sales, the best-selling model remained Mercedes-Benz’s sedan E250, which recorded sales of 12,326 units last year, surpassing BMW’s 520, the second best-selling model, by about 2,000 units.