Korean media: 81% of imported electric vehicles in South Korea are made in China!
On January 25, the Korean media "Global Economy" published an article stating that 80% of the electric vehicles imported by South Korea last year were made in China, and China has occupied the largest share for three consecutive years. This is mainly attributed to the rapid influx of Chinese-made cars produced by global automakers such as Tesla, Volvo, and Polestar into the South Korean market. In addition, the direct entry of Chinese automakers into the South Korean market is rapidly expanding China's share in the import car sector.
Data from the Korean Automotive Industry Association shows that between January and November last year, out of 96,499 imported electric vehicles in South Korea (based on customs clearance), 73,497 were made in China. The share of Chinese-made electric vehicles reached as high as 81%.
Even when considering all imported vehicles, including electric vehicles, hybrid vehicles, and internal combustion engine vehicles, the share of Chinese products is also increasing. Between January and November last year, South Korea imported a total of 302,283 vehicles, of which 92,453 came from China, accounting for about 30% of the total. Analysis shows that the structure of the origin of imported vehicles, which was previously dominated by Germany, the United States, and Japan, is rapidly shifting towards China.
These changes stem from Tesla's supply chain adjustments. By importing Model Y and Model 3 produced at its Shanghai factory to South Korea, Tesla quickly expanded its market share. As of November last year, Tesla's sales in South Korea reached 55,594 units, a 95% increase compared to the previous year. Among these, 99% were Chinese-made Tesla vehicles. Tesla holds about 20% of the import car market, ranking third after BMW and Mercedes-Benz.
In the South Korean market, Volvo and Polestar cars produced in Chinese factories are also popular. Especially Polestar cars, whose sales increased by as much as 550%, set a new historical high.
The rise of Chinese brands in the domestic South Korean market has also exceeded expectations. BYD entered the South Korean passenger car market last year, and by November had sold 4,955 units, ranking third among imported electric vehicle brands, with sales exceeding expectations. Industry insiders predict that the surge of Chinese electric vehicles in South Korea will intensify starting this year.
After BYD successfully entered the South Korean market, Chinese brands such as Zeekr, Xpeng, and Li Auto are also preparing to enter the South Korean market. Among them, Zeekr, a high-end electric vehicle brand under Geely Holding, has particularly attracted attention. The company recently signed a distribution agreement and is building a sales and service network. Known as the "Chinese Tesla," Xpeng is also preparing to enter the South Korean market by establishing a South Korean subsidiary.
A South Korean import car industry figure said: "Chinese cars, especially electric vehicles, may continue to flood into the South Korean market in the foreseeable future due to their highly competitive prices."
Original article: toutiao.com/article/1855287782048777/
Statement: This article represents the views of the author.