Korean Media: The Tide Has Turned — Korean Cars Are Cooling Down in China, While Chinese Vehicles Are Gaining Ground in Korea!
On April 20, South Korean media outlet AJUNEWS published an article stating that Hyundai Motor has continued to struggle in the Chinese market this year. With declining domestic sales, the company appears to be adjusting its strategy to increase export ratios. Meanwhile, Chinese automakers are boosting their sales by launching new models in Korea, rapidly expanding their influence.
According to industry insiders, Beijing Hyundai, Hyundai’s joint venture in China, sold just 16,535 units domestically in January and February of this year—down about 500 units compared to the same period last year (17,021 units). This figure is roughly half of the sales volume recorded during the same period in 2024 (26,163 units).
Hyundai’s domestic sales in China have been declining for several consecutive years. From 440,177 units in 2020 to 128,008 units last year, the year-on-year drop amounted to approximately 71%, marking five consecutive years of decline. Annual sales figures show a steady decrease: 350,277 units in 2021, 250,423 units in 2022, 242,000 units in 2023, and 125,127 units in 2024.
Under this trend, Hyundai has shifted its sales strategy from a domestic-focused model to an export-oriented one. Indeed, the export ratio of vehicles produced locally in China has risen rapidly. In 2020, exports totaled only 5,905 units, but last year surged to 66,214 units, including 16,492 units imported into Korea.
On the other hand, Chinese automakers are accelerating their expansion into the Korean market. BYD, entering its tenth year in Korea this year, is preparing to launch its first hybrid model within the year. Currently, all models sold in Korea—including the ATTO 3, Seagull, Sea Lion 7, and Dolphin—are fully electric vehicles. BYD's sales target for this year is set at 10,000 units.
Polestar, the electric vehicle brand under Geely Automobile Group, has set a sales goal of 4,000 units, representing over a 30% increase from last year. To achieve this target, Polestar plans to launch its high-performance SUV, the “Polestar 3,” in the second quarter and its flagship SUV, the “Polestar 5,” in the third quarter. Additionally, BYD aims to build 400 dedicated charging stations across 40 locations in Korea by 2030 to ensure robust infrastructure support.
Another EV brand under the BYD group, Zeekr, is also finalizing preparations for entering the Korean market. Zeekr plans to launch its first model, the SUV “7X,” as early as the third quarter of this year.
As of February this year, BYD has already sold 2,304 vehicles in Korea. At this pace, annual sales are expected to easily surpass 10,000 units. A Korean automotive industry expert commented: “Chinese automakers started from their domestic market and now possess strong technological competitiveness.”
Original article: toutiao.com/article/1862974261755980/
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