BMW leads imported car market as Mercedes-Benz falters amid Electric Vehicles (EV) fire

Seoul: BMW Korea is maintaining a lead in South Korea’s imported vehicle market so far this year, industry data showed on Friday, as main rival Mercedes-Benz Korea is faced with a brand reputation setback after a massive fire that broke out from one of its electric vehicles.

According to the Korea Automobile Importers and Distributors Association (KAIDA), BMW Korea was the top selling imported car brand in the country from January to August, with cumulative sales totalling 47,390 units. Mercedes-Benz came in second, with 39,666 units, reports Yonhap news agency.

BMW Korea’s 5 Series line led the company’s sales, accounting for 27.2 percent. The German automaker unveiled the revamped eighth-generation 5 Series line in October of last year.

During the first half of the year, BMW’s 5 Series was also the top-selling imported model, selling 10,156 units, trailed by Tesla’s Model Y at 10,041 units.

BMW’s strong performance is attributed to its diverse lineup across different powertrains — internal combustion, EV and plug-in hybrid EV — to provide local consumers with a broader range of options.

Last year, BMW Korea overtook Mercedes-Benz Korea to become the leading foreign automobile company, accounting for 77,395 units out of the total 271,034 foreign vehicles sold in the country in 2023. Previously, Mercedes-Benz led the foreign automobile sales market from 2015-2022.

Many industry watchers predict BMW will extend its market lead for a second year in 2024, especially after criticism toward Mercedes-Benz from market observers and consumers over the company’s mishandling of the EV fire that ended up damaging over 100 vehicles at an apartment complex parking garage in Incheon last month.

BMW has also made notable confidence building efforts with the Korean market, having participated in the 2024 Busan International Mobility Show in May as the sole foreign car brand operating in the country.

Many industry watchers have also shown a positive reaction over BMW becoming the first imported car brand to voluntarily disclose the supplier of battery cells in its EVs last month. Most models were found to be equipped with South Korean-built battery cells produced by Samsung SDI. BMW Korea is currently ramping up the expansion of its EV charging infrastructure in the country. As of the end of last year, the company’s charging network consisted of around 1,000 stations, but the company plans to increase this to 2,100 stations by the end of this year. (IANS)

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