South Korean premium cars have regained a 30 percent market share at home, according to data provided by the Korea Automobile Manufacturers Association and the Korea Automobile Importers and Distributors Association.
Locally made cars accounted for 32.9 percent, or 47,119 units out of 143,123 premium vehicles ― those with a sticker price of over 40 million won ($ 37,850) ― sold in the first eight months of 2014.
The rise was thanks to strong demand for Hyundai Motor’s brand new Genesis sedan, which posted sales of 25,543 units.
The figure marks a sharp surge from an all-time low of 28.6 percent in 2013, when sales figures for imported luxury cars like models made by BMW, Audi and Mercedes-Benz were particularly strong.
Locally made cars that are classified as premium vehicles are Hyundai’s Genesis and Equus, and also Kia Motors’s K9. Large sport utility vehicles such as the Hyundai Veracruz and the Kia Mohave also are included in the premium category.