Sales of luxury foreign cars costing 100 million won ($83,815.27) or above soared more than 50 percent last year in South Korea, reflecting pent-up demand by the rich constrained at home amid protracted Covid-19 situation.

According to the Korea Automobile Importers & Distributors Association (KAIDA) on Wednesday, newly registered import cars priced at more than 100 million won totaled 65,148 units last year, jumping 50.9 percent from a year earlier and far exceeding 0.5 percent gain in overall sales of import cars in Korea during the same period.

The ratio of luxury cars to total import cars sales last year also rose to 23.5 percent in 2021 from 15.7 percent in 2020.

Luxury cars costing more than 150 million won have sold 19,030 units, soaring 75.9 percent on year.

Mercedes-Benz sold the largest 28,815 cars priced above 100 million won, up 69.5 percent from a year ago thanks to full-change seventh-gen S-class series model launched in April last year. BMW sold the second-largest 18,622 units, followed by Porsche with 7,852 units, Audi with 5,229 units, and Land Rover with 1,111 units.

Industry experts found the import car market shifting to premium cars on growing popularity of eco-friendly cars and recreational vehicles.

Among the newly registered import cars priced at more than 100 million won, 36,243 units were eco-friendly cars, surging 218.9 percent on year. Recreational vehicle sales also climbed 59.6 percent to 34,907 units.

Luxury cars were mostly purchased by companies. The number of cars newly registered under corporate names rose 42.5 percent to 42,627 units, taking up 65.4 percent of all import vehicles sold last year in Korea.

Among 7,852 Porsche vehicles, 5,007 units were registered under corporate names, with 405 out of 506 Bentley cars, 300 out of 353 Lamborghini vehicles, and 205 out of 225 Rolls Royce vehicles.

By Pulse

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