Sales of expensive imported cars in South Korea unexpectedly increased in the period from January to September 2020, according to Yonhap news Agency, citing statistics. At the same time, the coronavirus pandemic did not have a significant impact on this segment of cars.
According to the report of the Korean Association of automobile importers and distributors (KAIDA), and Korean automobile manufacturers Association (KAMA), total sales of imported cars, the cost of which exceeds 100 million won, very close to the level of 31 thousand units for the period from January to September 2020, which are already 64% more than in the whole of 2019, when sales of expensive foreign cars was only 18 857 vehicles. This figure is the highest since the Association began collecting relevant data in 2003. Moreover, the threshold of 30 thousand vehicles sold was also exceeded for the first time.
Sales of vehicles worth 150 million won or more totaled 8,150 units in the reporting period of 2020, an increase of 34.3% year-on-year. But the record growth in sales of budget cars, the cost of which varies from 40 to 50 million won-an increase of 52%, which in quantitative terms is 31,871 units. According to the Ministry of Commerce, imported cars account for about 17.5% of the South Korean auto market.