BMWs Are Cheaper Than Hyundais in Korea
It may be hard to believe, but BMWs can be cheaper in Korea than cars from Hyundai.
Lower tariffs are making German imports cheaper than local Korean-made vehicles.
A BMW 528i for example, is around $64,000 in South Korea while the flagship Kia K9 is around $76,400. Even consumers in South Korea are abandoning their dedication to their domestic brands realizing that German vehicles offer a better luxury bargain.
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BMW isn’t the only German automaker to be benefiting. Mercedes-Benz and Audi have also seen sales increase at the expense of Kia and Hyundai over recent years now that duties on European imports have fallen to 3.2 percent from eight percent since a trade pact was put into effect in 2011.
All of Germany’s big three automakers have seen sales in South Korea rise 25 percent in the first growth – that’s even faster growth than what they’re seeing in China. Hyundai on the other hand, saw its luxury high-end model sales drop 4.7 percent in the same period.
Overall, foreign luxury automakers in South Korea have seen sales grow to 41 percent from 28 percent in the past two years.
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[Source: Bloomberg]
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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