In a notable achievement, BMW, already recognized as one of the top two best-selling imported car brands in South Korea, has outpaced Tesla Inc., the world’s leading electric vehicle (EV) seller, in the country’s competitive electric vehicle market. The German automaker’s success is attributed to its diverse lineup of new EV models and the Korean market’s affinity for premium foreign cars.
According to the Korea Automobile Importers and Distributors Association (KAIDA), BMW achieved a significant milestone by selling 532 units of its 11 electric vehicle models in Korea in February, marking a remarkable 54.7% increase from the same month last year. This surge positioned BMW’s EV sales as the largest contributor, accounting for 49.5% of the total imported EV sales in the country for the month.
Maintaining its lead for the second consecutive month, BMW’s closest competitor, Mercedes-Benz, sold 309 units of electric vehicles in February. The latest data suggests that BMW may well emerge as the leader in Korea’s imported EV market for the entirety of this year, surpassing its German counterpart Mercedes-Benz, which held the top spot in 2021 with 9,184 units, while BMW followed closely with 8,225 units.
BMW’s remarkable performance is attributed to its robust lineup of 11 EV models, outnumbering Tesla’s offering of four models in the Korean market. The brand’s commitment to improving the quality of its EVs has resonated positively with consumers, leading to increased adoption despite the premium price tags, averaging 130 million won ($99,000).
In February, the BMW iX3, priced at 82.6 million won, witnessed strong demand, selling 206 units, while the more affordable BMW iX1 xDrive30 sold one unit. In comparison, Tesla delivered a total of 174 units, including 77 Model Y units priced at 54.99 million won and 87 units of the Model X with a price tag of 110 million won.
Despite the absence of government EV subsidies for expensive imported electric vehicles exceeding 55 million won, Korean consumers’ preference for high-end foreign cars has remained unwavering.
To strengthen its position in Korea, BMW introduced its latest 5 Series premium sedan, including an all-electric i5 sedan, last year. The company continues to innovate, recently launching the New 530e plug-in hybrid (PHEV) sedan model.
In a remarkable representation of BMW’s dominance, four BMW models and three Mercedes-Benz models occupied the top spots on Korea’s 10 best-selling imported EV list last month. The German automaker’s strategic approach and commitment to quality seem poised to secure its leadership in South Korea’s dynamic electric vehicle market.
