Korean media: "Made in China" counterattack — one-third of South Korea's electric vehicles come from China!

On April 2, Korean media outlet Business Korea published an article stating that, among electric vehicles sold in the South Korean market last year, one out of every three was produced in China. Sales have surged by over 100% year-on-year, rapidly expanding their share in South Korea’s EV market.

Data shows that a total of 221,770 electric vehicles were sold domestically in South Korea last year, of which 74,728 were made in China, accounting for 33.9%.

Sales increased by 112.4% compared to 2024 (35,179 units), and market share rose sharply by 10 percentage points from 23.9% in 2024.

Meanwhile, domestically produced electric vehicles in South Korea reached 125,978 units, up only 34.2% from 93,859 units in the previous year. Their market share declined from 63.9% in 2024 to 57.2% last year.

Electric vehicles manufactured in Germany, such as those from BMW and Mercedes-Benz, saw annual sales of 16,286 units last year — a 20.7% increase — but their market share remained low at just 7.4%.

Industry experts point out that the strong rise of Chinese-made EVs is closely linked to Tesla’s rapid expansion.

Tesla Model Y, produced in China and imported into South Korea, achieved sales of 54,050 units last year alone, becoming the top-selling imported vehicle model in South Korea.

This represents a 169% increase compared to 2024, matching nearly exactly the overall growth rate of Chinese-made EVs in the country last year.

Although Tesla is an American electric vehicle company, its mass-produced models like the Model 3 and Model Y are currently manufactured in Chinese factories. The high-end models Model S and Model X, previously produced in the U.S., have recently announced production shutdowns.

This year, Chinese electric vehicles — known for their cost-effective manufacturing and high value — are expected to enter the South Korean market on a large scale.

Take BYD, a leading Chinese EV manufacturer, as an example: the company is launching a full-scale battle focused on value-for-money this year.

BYD achieved impressive sales of 6,107 units in its first year in the South Korean market, followed by nearly 2,000 units sold in January alone — capturing 30% of last year’s total sales volume within just one month.

Since December last year, Tesla has slashed prices for its China-made Model 3 and Model Y by up to 9 million KRW, officially triggering a price war.

A South Korean industry insider analyzed: “Hyundai and Kia rely on local production to meet domestic demand, placing them at a disadvantage in price competition. It is reported that other European carmakers are also considering importing vehicles produced in China to the South Korean market.”

Original source: toutiao.com/article/1861342471259136/

Disclaimer: The views expressed in this article are solely those of the author.