BMW EV sales roar in Korea on strong lineup of new models

BMW, already one of the top two best-selling imported car sellers in South Korea, has beaten the world’s No. 1 EV seller Tesla Inc. in the country’s electric vehicle (EV) market, thanks to its diverse lineup of new EV models and Koreans’ affection for premium foreign cars.

According to the Korea Automobile Importers and Distributors Association (KAIDA) on Monday, BMW sold 532 units of its EV models in Korea in February. That figure is up 54.7% from the same month last year.  

Sales of its EV models accounted for a whopping 49.5% of the country’s total imported EV sales last month.

With runner-up Mercedes-Benz selling 309 EV units last month, BMW retained its top spot in Korea’s imported EV market for two months in a row this year.

The trend raises expectations that BMW would snatch the crown in the country’s imported EV market from its German rival this year. BMW was the second-largest foreign EV seller last year, having sold 8,225 units compared with No. 1 Mercedes-Benz's 9,184 units.

Last year's outperformance of BMW was attributed to Benz's strong lineup of new EVs and its premium brand image in Korea, the world’s seventh-largest luxury goods market by sales.

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BMW sells 11 EV models in Korea, far more than Tesla’s four.

Compared with the past, its cars' EV performance has improved significantly, leading Korean drivers to open their wallets to buy BMW EVs despite their high price tags averaging 130 million won ($99,000).

In February, BMW sold 206 units of its model iX3 priced at 82.6 million won but only sold one unit of the less-costly iX1 xDrive30.

Tesla sold 174 units in the country last month, including 77 of the Model Y priced at 54.99 million won and 87 of the Model X with a price tag of 110 million won.

As pricey imported EVs are not eligible for the Korean government’s EV subsidies available for electric vehicles selling for less than 55 million won, the latest foreign EV sales results underscore Korean drivers’ intense desire to possess high-end foreign cars regardless of their high price tags.

To cement its lead in the country, last October BMW premiered its latest 5 Series premium sedan in Korea — the model’s top market. 

Along with gas and diesel models, BMW added an all-electric i5 sedan to its 5 Series lineup.

Last week, it also rolled out the New 530e plug-in hybrid (PHEV) sedan model.

The list of Korea’s 10 best-selling imported EVs included four BMW and three Mercedes-Benz models last month.

Write to Jae-Fu Kim at hu@hankyung.com
Sookyung Seo edited this article.