The top five list of imported car brands in Korea underwent a major shake-up last year. BMW overtook Mercedes-Benz in sales for the first time in a decade, claiming the top spot. Tesla, despite facing an EV market slump known as the “chasm,” entered the top three for the first time.
According to the Financial Supervisory Service’s electronic disclosure system on May 1, BMW Korea recorded ₩5.9918 trillion ($4.44 billion) in revenue last year, surpassing Mercedes-Benz Korea’s ₩5.6882 trillion ($4.21 billion), making BMW the top foreign car brand in Korea by sales — the first time since 2014. However, Mercedes led in operating profit with ₩157.5 billion ($117 million), compared to BMW’s ₩136.3 billion ($101 million). While the two brands often compete closely in terms of unit sales, Mercedes has historically led in revenue due to higher vehicle prices. But after the EV fire incident in Incheon Cheongna last August, Mercedes implemented steep discounts and saw declining S-Class sales, dropping it to second place.
Tesla Rises to No. 3
Tesla Korea took third place, surpassing Volkswagen Group Korea. Tesla posted ₩1.6975 trillion ($1.26 billion) in revenue, up 48.4% from the previous year, and recorded ₩25.9 billion ($19 million) in operating profit, up 51.2%. Tesla has been a member of the “₩1 trillion sales club” for four consecutive years since surpassing that mark in 2021. Some industry watchers say the market may now be realigning into a “BMW–Mercedes–Tesla” top-three structure. Tesla’s Model Y was the best-selling imported model in Korea last year with 18,717 units sold.
Porsche, VW, Volvo See Diverging Fortunes
Porsche Korea ranked fourth, generating ₩1.3127 trillion ($972 million) in revenue, thanks to strong sales of the Cayenne. However, domestic sales weakened, leading to a 14.5% drop in revenue from the previous year. Although Porsche ranked only 7th in terms of unit sales (8,284 units), its high vehicle prices kept its revenue ranking higher.
Volkswagen Group Korea fell to fifth place, with revenue plunging 42.4% to ₩1.1193 trillion ($829 million) from ₩1.9439 trillion the previous year. Volvo also dropped out of the ₩1 trillion club, with ₩872.6 billion ($646 million) in revenue, down 12.8% from the prior year. Toyota Korea’s results are not yet available due to differing fiscal year timing.
In terms of donations, Mercedes-Benz Korea contributed the most at ₩6.81 billion, even excluding ₩4.5 billion in compensation paid to residents affected by the EV fire. It was followed by Porsche Korea (₩1.8 billion), BMW Group Korea (₩1.304 billion), and Volkswagen Group Korea (₩1.154 billion. Tesla Korea, meanwhile, has not made any donations since it began publishing audit reports in 2019.
By Shin Jung-eun
newyearis@hankyung.com
