Taiwan Central Bank Likely to Keep Interest Rates Unchanged Through 2027 
Microsoft Taps AWS to Support GitHub Amid AI Coding Boom 
North Korea Reports Industrial Output at 105% of Target Following Party Congress 
G7 Explores AI Access Deal With U.S. Amid Anthropic Restrictions 
Dollar Slips as U.S.-Iran Peace Deal Boosts Risk Appetite and Pressures Safe-Haven Demand 
Elon Musk Becomes World's First Trillionaire After SpaceX IPO Surge 
Jio IPO Filing Nears as Reliance Targets $4 Billion Market Debut 
AI Memory Boom Sparks Global Chip Supply Crunch 
Chinese Social Media Giant Xiaohongshu Eyes Hong Kong IPO at Over $70 Billion Valuation 
German Auto Suppliers Turn Bearish as Investment and Jobs Shift Overseas 
Oil Prices Recover Slightly as U.S. Crude Inventories Fall, But Iran Deal Caps Gains 
Global EV Sales Rise for Third Consecutive Month in May Despite Regional Market Challenges 
SpaceX IPO Sparks Market Optimism as Shares Surge 19% on Trading Debut 
UK Banks Report Surge in APP Fraud Losses as Pressure Mounts on Meta and Tech Platforms 
Oil Prices Ease as Markets Weigh U.S.-Iran Peace Deal and Strait of Hormuz Reopening 
BOJ Rate Hike Expected to Boost Yen, Impact USD/JPY and Nikkei 
Asian Currencies Steady as Dollar Holds Firm Ahead of Fed Decision and US-Iran Deal Details 
Bayerische Motoren Werke AG, or BMW, is focusing on some markets for its business, and one of its targets is South Korea. The German luxury carmaker is also expanding its sales further in the country after Mercedes-Benz snatched its crown as the bestselling foreign vehicle brand in the region.
BMW wants to reclaim the top spot from Mercedes Benz and become the bestselling imported automaker in the Korean market once again. The brand had the title for almost a decade before the Stuttgart, Germany-headquartered rival took over.
In the latest update, Korea Joongang Daily reported that through its efforts to boost sales more, BMW is now catching up quickly and may reclaim the top position soon. To achieve this, the company has been rapidly expanding its sales in South Korea through aggressive investment and stepping up its after-sale service to repair its reputation grazed by the string of fire incidents in 2018.
The company was able to sell about 12,470 vehicle units in the region within just the first two months of this year. Based on the data from the Korea Automobile Importers & Distributors Association (Kaida), this number shows an 11.3% increase compared to the same period in 2022.
The total sales also illustrate a notable difference from Mercedes Benz, that only sold 8,419 units in the same period. The company failed to beat the latter last year by a slight margin as Mercedes secured a 27.7% share of the imported auto market in Korea. This was a 10% increase for the automaker compared to its 2019 record.
In any case, BMW is closing in and has started growing at a fast rate again the country. This is said to be due to the brand’s top-selling Series 5 sedans. Since November 2022, the BMW 520 sedan has been continuously selling well and recognized as the most beloved imported car, overtaking Mercedes-Benz’s best-seller unit - the E250.
Meanwhile, Pulse News reported that more than five out of 10 foreign cars sold in Korea were either BMW or Mercedes-Benz. They topped the market, leaving out other brands that were previously the best-sellers in the country, such as Audi.
Photo by: Philippe Oursel/Unsplash
