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      05-22-2013, 09:21 AM   #1
Jason
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Post BMW Enjoying Sales Boom in South Korea. Plans $6.2 Million Dollar Test Track

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BMW Enjoying Sales Boom in Korea. Plans $6.2 Million Dollar Test Track
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BMW along with Audi and Mercedes have experienced large sales increases in South Korea in the first quarter, each by at least 25% - faster growth than even in China.

Foreign brands have managed to secure 41% of South Korea's market for premium vehicles (up from 28% two years ago). A big part of the reason can be attributed to the lower duties on European imports - down to just 3.2% (from 8%) after a trade agreement was signed in 2011. Next year will see these taxes eliminated for most cars. These gains for the German luxury makes come at the expense of Hyundai and Kia, which count on sales of luxury vehicles in their home market for much of their earnings.

Lee Tack Young says Hyundai's vehicles are oversized, overpriced gas guzzlers. So he opted for a more modest alternative: a BMW 528i. "I was looking for a quality car that wasn't too big," said Lee, president of Cosmetic Engineering, a packaging-machinery maker near Seoul.

The 65-year-old's last seven cars were all Korean, starting with a Hyundai Excel in the 1980s. However, this time he chose his 71 million won ($64,000 dollar) BMW over an 85 million won ($76,000 dollar) K9 Kia.

BMW is planning to introduce a range of new models in Korea and the sales outlook is good enough for the company to have plans on constructing a 70 billion won ($6.27 million dollar) test track in the city of Incheon where customers can test drive BMWs at high speeds. This would be the first such facility for BMW in Asia.

BMW's upcoming South Korean track will undoubtedly draw comparisons to "NorthKoreaRing" - the Nurburgring replica to be built in North Korea.

P.S. the prior sentence is just a joke referencing a recent April Fools' joke.

Source: Bloomberg.

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      05-22-2013, 09:48 AM   #2
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I'd love to see them buy the Nürburgring instead. Ok, back to reality.
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      05-22-2013, 10:05 AM   #3
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Is it possible for BMW to over sale itself, grow too big and not be special? Time will only tell.
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      05-22-2013, 10:20 AM   #4
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Wow what a difference in markets... A BMW is the cheaper more modest alternative compared to Hyundais/Kias?
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      05-22-2013, 10:34 AM   #5
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Quote:
Originally Posted by dreamspeed View Post
Wow what a difference in markets... A BMW is the cheaper more modest alternative compared to Hyundais/Kias?
K9 is the around the size of the 7 series.

What a country, you buy cars with millions, and properties with billions.
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      05-22-2013, 10:40 AM   #6
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Quote:
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Is it possible for BMW to over sale itself, grow too big and not be special? Time will only tell.
I think we've already passed that point...
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      05-22-2013, 11:01 AM   #7
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yay!
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      05-22-2013, 05:00 PM   #8
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Quote:
Originally Posted by 宝马.e90 View Post
I think we've already passed that point...
seems like they have been whoring the M badge and making M vehicles feel less special.
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      05-22-2013, 07:39 PM   #9
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My old neighbour told me that if they can afford the price, no Korean wants to buy Hyundai or Kia. By the way he is 68 and he is a Korean.
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      05-22-2013, 08:35 PM   #10
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BMW > Kia

even the Koreans know that one
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      05-22-2013, 10:21 PM   #11
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Quote:
Originally Posted by Echoz View Post
K9 is the around the size of the 7 series.

What a country, you buy cars with millions, and properties with billions.
That's just high inflation rate. Surprising though how even with the high inflation people still have enough money to buy luxury cars.
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      05-22-2013, 10:30 PM   #12
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      05-22-2013, 11:40 PM   #13
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Quote:
Originally Posted by KFJ512a View Post
That's just high inflation rate. Surprising though how even with the high inflation people still have enough money to buy luxury cars.
pfft, nothing to do with inflation
korea uses a different currency, 1 USD = roughly 1000 won
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      05-23-2013, 12:33 AM   #14
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Korea seems to be the perfect country for who wants to be millionair
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      05-23-2013, 02:26 AM   #15
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pfft, nothing to do with inflation
korea uses a different currency, 1 USD = roughly 1000 won
Thank you! My exact point!!
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      05-23-2013, 07:09 AM   #16
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Not a bad idea, I reckon you'd pull in a lot of customers from all the neighbouring countries.
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      05-23-2013, 08:39 PM   #17
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I wonder if this will put a damper on the recent South Korean automotive breakthroughs. I really wouldn't mind an equus or genesis 5.0....
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      05-24-2013, 12:37 AM   #18
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wow

Ok, I got to bring my 335i into my home country.

Excited.
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      05-24-2013, 01:07 AM   #19
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Quote:
Originally Posted by krnnerdboy View Post
I wonder if this will put a damper on the recent South Korean automotive breakthroughs. I really wouldn't mind an equus or genesis 5.0....
imo, south korean automotive industry growth, similar to their tech/electronics, relies/depends on international markets.

hopefully this is more incentive for them to sell the genesis platform beyond korea/usa
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      05-24-2013, 03:25 PM   #20
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This is a great market strategy
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