LAMBORGHINI forecast another year of strong sales in South Korea – where it posted record deliveries last year – as it introduced its new plug-in hybrid supercar to the country.
South Korea “is a growing market that’s very important for us”, chief executive officer Stephan Winkelmann said in Seoul to promote Urus, the hybrid version of its bestselling Urus SUV. South Korea was the carmaker’s seventh-largest market in 2023 with record deliveries of 434 vehicles, the company said.
Global luxury brands are seeking to increase their presence in South Korea where spending on personal luxury goods was the world’s highest per-capita in 2022. In December, Bentley launched a US$260,000 luxury SUV in Korea, while Ferrari last year held its first public event in Asia in Seoul.
Lamborghini, a unit of Volkswagen, sold 195 cars in South Korea in the first half of 2024, according to new registration data from the Korean trade ministry. That’s up 7.1 per cent from a year earlier, signalling the carmaker may have another strong year.
Most foreign luxury carmakers suffered lower sales in Korea in the first half. Maserati fell 31 per cent, Rolls-Royce dropped 38 per cent and Bentley plunged 64 per cent.
Winkelmann said he believes Korean consumers will embrace the Urus, despite concerns over a lack of charging stations for battery-powered vehicles. Just 3,410 plug-in hybrids were sold in Korea in the first half, down 41 per cent from a year ago, according to the trade ministry.
“The charging infrastructure is always a challenge for everybody going hybrid,” he said. “Despite this, we are very successful around the globe. We made a step in terms of pricing and also this was accepted globally and we don’t see that this isn’t going to be accepted in the Korean market.” BLOOMBERG
