The introduction of these green plates is aimed at preventing the personal misuse of high-value corporate cars. (Image courtesy of Yonhap)
SEOUL, Jan. 15 (Korea Bizwire) — Last December, sales of imported cars valued at over 100 million won in South Korea saw a significant increase compared to the previous month.
This surge has been attributed to efforts to avoid the new green license plates, designated for corporate cars worth over 80 million won from January of this year. The introduction of these green plates is aimed at preventing the personal misuse of high-value corporate cars.
According to the Korea Automobile Importers & Distributors Association (KAIDA) on January 13, in December, sales of imported cars over 100 million won totaled 8,963 units, marking an approximate 16% increase from the 7,331 units sold in November.
During the same period, overall imported car sales rose by 10%, but the spike was more pronounced in the high-end segment.
Out of the luxury imported cars sold last month, 6,460, or 72.1%, were corporate sales. In contrast, corporate sales constituted 46.5% of all imported car sales during this period.
Sales of imported corporate cars in the over 100 million won category have been steadily increasing. From 21,130 units in 2019, the number more than doubled to 47,399 units in 2022.
Out of the luxury imported cars sold last month, 6,460, or 72.1%, were corporate sales. (Image courtesy of Yonhap)
Last year, despite high interest rates and a sluggish economic, sales grew by 2.7% to 48,697 units, contrasting with a 4.4% decrease in overall imported car sales compared to the previous year.
Mercedes-Benz was the leading brand in this segment last year, selling 21,335 cars over 100 million won. More than half (52.7%) of the 44,466 corporate cars sold by Mercedes-Benz last year were in this high-value category.
In December alone, Mercedes-Benz sold 3,267 of its corporate cars priced over 100 million won. On average, the brand sold about 1,642 units monthly until November, but this figure nearly doubled in December.
BMW ranked second with 11,709 units, followed by Porsche with 6,422 units. Land Rover and Audi sold 2,582 and 1,671 units, respectively.
Lamborghini recorded the highest proportion of corporate sales among luxury imported cars, with 90%. Rolls-Royce (87.3%) and Maserati (69.6%) followed close behind.
Kevin Lee (kevinlee@koreabizwire.com)
