SEOUL, April 16 (Korea Bizwire) — Audi Volkswagen Korea, the local importer of the German company, outpaced GM Korea in domestic sales last year, signaling a change in the car market that has been long dominated by major local makers, industry data showed Thursday.
Audi Volkswagen Korea reported to financial authorities here that its domestic sales came to 2.7 trillion won (US$2.47 billion) in 2014, the third-largest following Hyundai Motor and Kia Motors, the two homegrown carmaking giants.
This is the first time that the company has emerged as the No. 3 player in South Korea by outpacing GM Korea, the local unit of General Motors, whose annual sales stood at 2.5 trillion won last year.
Last year, Hyundai Motor and Kia Motors logged 18.3 trillion won and 9.3 trillion won in sales, respectively, here.
The rise in Audi Volkswagen came as the popularity of foreign brands is growing in Korea where other importers of foreign cars are also strengthening market presence.
BMW Korea and Mercedes-Benz Korea registered 2.3 trillion won and 2.2 trillion won in domestic sales, respectively, outpacing the 2.1 trillion won posted by Renault Samsung Motor, the long-time fourth-largest carmaker in South Korea.
In 2014, foreign car sales in South Korea jumped 25.5 percent on-year to 196,359 units. The figure was more than twice as many as what was sold in 2010.