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Europe’s Luxury Brand Gain Ground in Korea
Foreign brands led by Audi, BMW and Mercedes-Benz have boosted their share of South Korea's stagnant car market from 0.4% in 2000 to 12% last year, Automotive News Europe reports.
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Foreign brands led by Audi, BMW and Mercedes-Benz have boosted their share of South Korea's stagnant car market from 0.4% in 2000 to 12% last year, Automotive News Europe reports.
The online newspaper says imports are likely to capture 13% of the Korean market this year and could hit 20% by 2016. Korea's overall new-car volume has been stalled at about 1.4 million units since 2010.
Audi, BMW and Mercedes currently account for 80% of import sales, according to the Korean Automobile Importers and Distributors Assn. Their combined volume in the first half of 2014 jumped one-third to 60,000 units.
ANE credits the sales surge to Korea's growing affluent class. It also points to the end of import duties last month on vehicles from the European Union with engines larger than 1.5 liters. Tariffs on cars from the U.S. will end in three years.
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