BMW Korea is leading the imported vehicle market in South Korea this year, according to industry data. From January to August 2024, BMW Korea sold a total of 47,390 units, making it the top-selling foreign car brand in the country. Meanwhile, its main competitor, Mercedes-Benz Korea, came in second with 39,666 units sold. The data was released by the Korea Automobile Importers and Distributors Association (KAIDA).
BMW 5 Series Drives Sales
BMW’s 5 Series line is driving its success in the South Korean market, accounting for 27.2% of the company’s total sales. In the first half of 2024, the 5 Series was the best-selling imported model, selling 10,156 units. Tesla’s Model Y came in second with 10,041 units sold. BMW Korea’s strong performance is credited to its wide range of powertrains, offering internal combustion engines, electric vehicles (EVs), and plug-in hybrid options.
Mercedes-Benz Faces Challenges
While BMW is thriving, Mercedes-Benz Korea is facing challenges. A recent fire involving one of its electric vehicles damaged over 100 cars at a parking garage in Incheon, causing concerns over the company’s safety measures. This incident has hurt Mercedes-Benz’s reputation in South Korea, leading to criticism from both consumers and market experts.
BMW Confidence-Building Efforts
BMW Korea is making efforts to build trust with local consumers. In May 2024, it was the only foreign car brand to participate in the Busan International Mobility Show, showcasing its commitment to the South Korean market. Additionally, BMW became the first imported car brand to reveal the supplier of its EV battery cells, which are produced by Samsung SDI in South Korea. This move has been praised by industry watchers for its transparency.
EV Charging Infrastructure
BMW Korea is also expanding its electric vehicle charging network across the country. At the end of 2023, the company had around 1,000 charging stations in South Korea. By the end of 2024, BMW Korea aims to increase this number to 2,100 stations, making it easier for EV owners to charge their cars.
With Mercedes-Benz facing setbacks and BMW’s continued focus on innovation and customer satisfaction, many industry experts predict that BMW will maintain its lead in the South Korean imported car market for a second consecutive year.
