Super cars had a super six months as the rest of the market struggled
Super cars, defined as those costing over 300 million won, have had a super six months in Korea, with revenge consumption extending to car purchases.
Their sales exploded as the overall auto market struggled.
Sales of seven super brands of cars identified by the Association of Korean Automobile Manufacturers (KAMA) jumped 38.3% year-on-year in the first six months of this year, from 553 units to 765 units.
The seven brands are Bentley, Lamborghini, Ferrari, Aston Martin, McLaren, Rolls-Royce and Lotus.
Bentley was the most popular super car brand, with 236 delivered in the cited period, followed by Lamborghini, at 185 units.
Bentley’s best-selling model was the Flying Spur V8 sedan, which starts at 320 million won.
“Imported car brands that cost on average more than 400 million won have achieved record sales,” KAMA said in a report on Tuesday. “Distinctive consumption patterns such as revenge consumption in the aftermath of Covid-19 have been factored into the sales figures. ”
Imported automakers in general had a stellar first half, shipping 167,000 units, a 17.9% year-over-year jump. That’s a half-yearly record, according to KAMA.
Their market share in Korea increased by 3.1 percentage points during the cited period to reach 18.1%.
Sales of Korean automakers plunged 6.2% to 756,000 units, largely due to poor performance from GM Korea, Renault Samsung Motors and SsangYong Motor.
Sales of Hyundai Motor and Kia, Korea’s two largest automakers, fell 1% and 0.8% respectively. Sales of the other three Korean automakers in the first half fell 34.9% year-on-year.
Sales of German imports including Mercedes-Benz, BMW and Audi during the January-June period jumped 23.9% year-on-year. Sales of US auto brands jumped 12.3% year-on-year, led by Tesla.
Japanese car sales fell 2.4% year-on-year in the January-June period.
“The fact that only imported automakers are experiencing increased sales is something to ponder in a context of demand diversification,” said Jung Man-ki, president of KAMA.
Green vehicles continued to sell well.
Sales of hybrid, all-electric and fuel cell electric vehicles jumped 72.9% year-over-year in the first half, accounting for 17% of new cars sold. They accounted for 9.7% of new cars sold in the first half of last year.
Sales of gasoline and diesel vehicles fell 7.5% and 14.1% respectively during the cited period.
The Korean auto industry in the first half of the year sold 924,000 units, up from 948,000 units a year earlier.
BY JIN EUN-SOO [[email protected]]