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The Korea Herald
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THE INVESTOR
April 16, 2024

Market Now

Maserati to set up Korean unit to bolster presence

  • PUBLISHED :February 27, 2024 - 18:08
  • UPDATED :February 27, 2024 - 18:08
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The Maserati Grecale (Maserati)

Italian luxury auto brand Maserati will set up a Korean office on July 1 to strengthen its presence in the local market.

Forza Motors Korea, the country’s official importer of Ferrari and Maserati, announced Monday that Maserati’s Korean business will be transferred to the Italian brand’s Korean office, adding that FMK will continue to closely work with Maserati to help smooth business transition and customer support.

FMK, a luxury import car affiliate under South Korean conglomerate Hyosung Group, has taken charge of importing and dealing in Maserati since 2007.

“Leveraging the synergies of being part of the Stellantis Group, Maserati Korea will operate as a part of the Stellantis family,” said a Maserati official.

“However, we will continue to function as a distinct, independent entity directly managed by Maserati.”

Maserati said the establishment of the Korean office, which is aimed at meeting the high expectations of Korean customers, highlights its commitment to the local market. The luxury automaker plans to bolster the brand’s image here and offer world-class after-sales services and tailored customer experiences to enhance its position in the import vehicle market.

According to the Korea Automobile Importers and Distributors Association’s data, Maserati has seen a steady fall in the number of vehicles sold in the country in recent years. The Italian luxury brand sold 1,660 units in 2018, 1,260 units in 2019, 932 units in 2020, 842 units in 2021, 554 units in 2022 and 434 units last year.

An official working in the Korean auto sector pointed out that Maserati is looking to hop on the country’s booming auto import market.

“If you think about how many vehicles Porsche, Lamborghini and Bentley have been selling here, Maserati seems to believe that there is a certain portion of the market it can claim in Korea,” said the official.

According to the KAIDA’s statistics, Porsche sold 11,355 cars, Lamborghini sold 431 units and Bentley sold 810 units last year while the total number of imported vehicles sold here reached 271,034 units. Although the overall sales figure dipped by 4.4 percent on year, the number of imported vehicles sold at a price of 100 million won ($75,000) or higher stood at 78,208, the highest of all time.

The price of Maserati’s cheapest model, the Grecale, begins at around 100 million won in Korea.

Maserati plans to have all of its models available in full-electric vehicles by 2025 and turn its entire lineup into EVs by 2028.

By Kan Hyeong-woo (hwkan@heraldcorp.com)

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