"Korean Market Attracts Luxury Brands: Global Auto CEOs Show Interest"

South Korea's automotive market, known for being among the top seven in the world, is particularly famous for its high sales of luxury imported cars. Consequently, CEOs of premium car brands like Mercedes-Benz, Lexus, and Volvo are showing a growing interest in South Korea. These CEOs have recognized the importance of the Korean market and are personally visiting the country to explore opportunities.

 

South Korea's automotive market, known for its high sales of luxury imported cars, has become a major area of interest for global CEOs of luxury car brands. CEOs from Mercedes-Benz Group, Volvo, Lexus, and other brands have visited South Korea to acknowledge the importance of the Korean market and explore opportunities.

 

Visit of Mercedes-Benz Group CEO and Electric Vehicle Unveiling

Ola Källenius, the CEO of Germany's Mercedes-Benz Group, is scheduled to visit South Korea and hold his first-ever meeting with local media on the 24th. Ola Källenius has been serving as the Chairman of the Board of Directors of the Mercedes-Benz Group since 2019 and is actively engaged as the CEO within the group. During this visit, he is expected to announce the business strategy of the Mercedes-Benz Group, focusing on topics like electrification, luxury, and carbon neutrality, under the theme of 'ALL-ELECTRIC' for a sustainable future.

 

Furthermore, on the same day, Mercedes-Benz Korea plans to unveil the first-ever pure electric vehicle from its premium brand, Mercedes-Maybach, in South Korea. Mercedes-Benz has recently been heavily investing in electrification, and this event is expected to showcase their electric vehicle lineup and outline the brand's electrification strategy. Additionally, discussions regarding potential collaboration with domestic battery companies are also in progress.

 

Visits by CEOs of Volvo and Lexus

Recently, CEOs of global automotive companies have been strengthening their presence in the Korean market. In March, Jim Rowan, the CEO of Volvo, visited South Korea, emphasizing the country's importance as Volvo pursues electrification and achieved 9th place in sales among global Volvo businesses. Jim Rowan showed his affection for Korea during his visit and even created a Korean-style heart during his meeting with the media.

 

Moreover, after an 11-year gap, Watanabe Takashi, the International President of Lexus, visited South Korea. He emphasized the importance of the Korean market, stating that "Korea is a market leading the global electrification trend." Lexus also announced plans to make efforts to become a brand suitable for the Korean market.

 

Importance of the Korean Market and Ongoing Visits by Global CEOs

The fact that the Korean market has become a major area of interest for global automotive company CEOs is evident. Some CEOs are visiting Korea before expanding to other markets in the Asia-Pacific region, boosting the prominence of the Korean market. According to statistics from the Korea Automobile Importers & Distributors Association (KAIDA) and the Japan Automobile Importers Association (JAIA), South Korea's imported car sales in the first half of this year reached 136,890 units, surpassing Japan's 122,667 units. This indicates that the efforts of global automotive companies to establish themselves in the Korean market continue.

 

CEO Visits and Investment Declarations

Throughout this year, visits by CEOs of global automotive companies to South Korea have continued. In May, Linda Jackson, CEO of Peugeot, and in June, Benedetto Vigna, CEO of Ferrari, visited South Korea, clearly expressing their interest in the Korean market and their willingness to invest.

 

South Korea's automotive market, known for its high sales of luxury imported cars, has become a major area of interest for global CEOs of luxury car brands. CEOs from Mercedes-Benz Group, Volvo, Lexus, and other brands have visited South Korea to acknowledge the importance of the Korean market and explore opportunities. South Korea's strategic position as a gateway to the Asia-Pacific market is increasingly recognized by global automotive companies.