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| BMW Korea CEO Kim Hyo-joon speaks at a press meeting marking its 20th anniversary at the BMW Driving Center in Incheon, Thursday. / Courtesy of BMW |
By Park Jin-hai
BMW Korea, which posted over 40,000 in sales last year, expects another double-digit growth year in 2015.
"BMW Korea had record sales last year, with Korea becoming the company's 8th largest market worldwide. Korea still has more potential for growth and we expect to see another double digit growth year," said BMW Korea CEO Kim Hyo-joon, during a press meeting marking the branch's 20th anniversary in Incheon, Thursday.
"Compared with France, BMW's fifth largest market, the sales gap with us is less than 10,000. Japan has double the population size but similar annual sales," Kim said.
Although he didn't mention the exact sales target for this year, if sales rise over 10 percent, it is forecast to reach 44,000.
Kim said that the popularity of imported cars will last for the time being. "The customers get younger and sales have moved from corporate to individuals. The demand for cars smaller than 2-liter engines is increasing, while SUV and diesels gain more popularity, coupled with customers calling for more diversity," he said.
BMW remained Korea's top-selling luxury brand for the sixth year in a row in 2014. It sold a total of 40,174 cars, while its rival Mercedes-Benz sold 35,213 cars. Its 2014 sales represent a 21.5 percent increase from the previous year.
Its sister brand MINI sold 6,572 cars, while 1,671 BMW motorcycles were sold in 2014. Its sales posted 2.3 trillion won.
When the company was established in 1995, its sales were near 700. It hit the 10,000 mark in 2010, while topping 20,000 in 2011 and 23,000 in 2012.
Reflecting the elevated position of Korea within the BMW Group, he said that the day is not far when Korean executives could be recruited to head BMW's overseas markets outside Korea.
The German carmaker will launch 12 cars this year, including its first plug-in electric vehicle model i8. "We target to sell 185 i8s and already 100 people have preordered the car. Together with the i3, we aim to sell 450 electric vehicles," he added.
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