Mercedes-Benz Korea is continuing to introduce high-end models, recently announcing the launch of a performance variant of its mid-size sports utility vehicle (SUV), The New Mercedes-AMG GLC.
SEOUL, Apr. 5 (Korea Bizwire) –Mercedes-Benz Korea defied a drop in sales volumes last year to post record revenue nearing 800 billion won, buoyed by strong demand for its premium models costing over 100 million won apiece, the company’s financial filings showed.
In its 2023 audited financial statements released on April 3, the German automaker’s South Korean unit reported revenue of 794 billion won, up 5.3 percent from a year earlier and an all-time high since its entry into the country in 2003.
Operating profit fell 15 percent to 23.9 billion won, while net income rose 6.7 percent to 18.9 billion won.
The company’s vehicle sales dipped 5.3 percent last year from 2022. But its focus on pushing pricier, higher-margin offerings appeared to pay off.
Sales of the Maybach, the pinnacle of Mercedes’s product lineup, surged 32 percent to a record 2,596 vehicles. The G-Class, part of the German marque’s top segment, also posted an all-time high, with volumes jumping 35 percent to 2,169 units.
“Our strategy at Mercedes-Benz Korea is not about being No. 1,” Mathias Vaitll, the unit’s president, said earlier, adding that strengthening the brand’s luxury positioning was the goal.
Kevin Lee (kevinlee@koreabizwire.com)
