Foreign Automakers Growing Rapidly in Korea

Foreign Automakers Growing Rapidly in Korea

The sales of foreign automakers in Korea skyrocketed last year to exceed the annual domestic sales of Kia Motors, not to mention GM Korea and Renault Samsung Motors, for the first time in history. The annual sales of the foreign car manufacturers are predicted to continue to grow during the course of this year as well.

According to industry sources, the 13 foreign automakers doing business in Korea with 25 brands recorded total sales of 9.7034 trillion won (US$8.9751 billion) combined last year while Kia Motors, ranking second in terms of market share in Korea, posted 9.3112 trillion won (US$8.6123 billion) during the same period. The amounts were 7.1949 trillion won (US$6.6568 billion) vs. 7.5680 trillion won (US$7.0033 billion) in 2013, respectively. Their rapid growth is posing a threat even to Hyundai Motor Company, the number one car maker in the Korean market.

By company, the Volkswagen Group including Audi recorded the highest sales, 2.6619 trillion won (US$2.4628 billion) to be specific, among the 13 non-Korean carmakers last year. It was followed by BMW Korea and Mercedes Benz Korea. They recorded annual sales of 2.2999 trillion won (US$2.1279 billion) and 2.2045 trillion won (US$2.0400 billion) each in 2014. Meanwhile, GM Korea and Renault Samsung Motors recorded 2.5026 trillion won (US$2.3158 billion) and 2.1250 trillion won (US$1.9669 billion) in sales, respectively.

– See more at: http://www.businesskorea.co.kr/article/10198/foreign-exceeding-domestic-foreign-automakers-growing-rapidly-korea#sthash.B60qYNt9.dpuf

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