economy
Entered 2024.04.17 10:32 Modified 2024.04.17 10:34
3 months after the implementation of light green license plates… Luxury car sales plunge
The share of corporate cars among imported cars plunged in March
On the morning of the 8th, a worker arranges light green license plates for high-value corporate vehicles at Suwon City Corporation’s license plate manufacturing center in Gwonseon-gu, Suwon-si, Gyeonggi-do. Photo = Yonhap News “Can I avoid the light green license plate when buying as a corporation?”
As the ‘Corporate Passenger Car License Plate’ system, which requires light green license plates to be compulsory for corporate vehicles with an acquisition price of 80 million won or more, was implemented in this January, many posts containing this content are posted. on online communities. As people avoid light green license plates, the number of imported registered corporate cars worth more than 80 million won has also dropped significantly compared to the previous year.
With the appearance of light green license plates, registration of luxury corporate cars in March ‘suddenly’
According to the Korea Automobile Importers and Distributors Association on the 17th, the number of registered corporate cars valued at over 80 million won last month was 3,868, a decrease of 31.4% from the previous year. As the light green license plate system was implemented, sales plummeted.
Accordingly, the share of corporate cars in total imported car sales also plunged. Last month, the share of registered corporate cars among the newly imported passenger cars was 28.4%. Last month was the first time the share of corporate car registrations fell below 30%. Last year, the share of corporate cars was 39.7%, and the share of corporate cars by luxury brand included Rolls-Royce at 87.3%, Bentley at 76.0%, and Porsche at 61.1%.
As the share of corporate cars declines, sales of luxury car brands worth more than 80 million won are also plunging this year. The number of Bentleys registered in the first quarter of this year was 38, a decrease of 77.4% compared to the same period last year. Rolls-Royce (35 units) and Porsche (2,286 units) also fell by 35.2% and 22.9%, respectively. This appears to reflect the rush to buy extremely expensive imported cars before the light green license plate was implemented at the end of last year. Last year, sales of imported cars worth 100 million reached a record high of 78,208 units. It accounts for 28.9% of all imported car sales last year.
It was a ‘big market’ in Korea… Intensified promotion due to a drop in sales
Luxury car brands that have suffered a hit to sales are ramping up promotions for the Korean market. First of all, the luxury brand Mercedes-Benz Maybach plans to open the world’s first Mercedes-Maybach Brand Center in Korea, the second largest market after China.
Bentley and Rolls-Royce, which recorded the highest sales volume in Korea last year, are also introducing customized programs. In March last year, Bentley opened the world’s first ‘Cube Bentley’ where new car exhibitions, custom car production consultations, and cultural exhibitions were held. For the first time in the car industry, the company is actively targeting the Korean market by opening a pop-up store in collaboration with luxury brands such as Acqua di Parma and Canali. Rolls-Royce is reportedly planning to open a space in Jamsil, Seoul in the first half of this year where custom vehicle consultations will take place. It is the third in the world. In addition, ‘Atelier’, a special space for (custom) production, will be introduced for the first time.
An industry official said, “Korea was a big market for the imported car industry, with CEOs of imported car brands visiting Korea one after another and sending love calls last year. However, it is expected the drop in sales this year will have a big impact. Accordingly, there will be a change in the marketing strategy of the imported car industry.” “It seems so,” he said.
Soojin Choi, Hankyung.com reporter naive@hankyung.com
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