Korean Media: South Korea's Electric Vehicle Sales Surge 150%, with Tesla and BYD Leading the Way!

On April 8, Korean media outlet Newspim published an article stating that South Korea's domestic electric vehicle market experienced explosive growth in the first quarter of this year. However, this rapid expansion was not driven by Hyundai Motor Group. As the market grows, dominance is quickly shifting toward Tesla and Chinese companies.

In the first quarter of this year, new energy vehicle registrations in South Korea reached 83,529 units, a year-on-year increase of 149.5%. The share of new energy vehicles has also surpassed 20%, indicating that the market has entered a phase of full-scale expansion.

This marks the beginning of mass adoption of electric vehicles, but the driving force behind this growth is not domestic Korean brands—it's imported vehicles. During the same period, registrations of imported passenger cars rose by 35.7%, leading market expansion, with Tesla Model Y standing out particularly.

Tesla’s sales in the first quarter reached 20,970 units, up 334.8% year on year. Among them, the Model Y registered 15,325 units, ranking first among imported models and firmly establishing its benchmark status in South Korea’s electric vehicle market.

Chinese automakers are also expanding at a rapid pace. BYD sold 3,968 units in the first quarter, quickly rising to the top ranks of imported vehicle sales. Its active product line expansion, especially in electric SUVs, is driving its market share growth.

With the upcoming local launch of Zeekr 7X, a premium electric vehicle brand under Geely Group, competition in the market is expected to intensify further. According to industry insiders, the domestic price of Zeekr 7X in South Korea is likely to fall between 50 million and 60 million KRW. Analysts believe the pricing landscape in the mid-sized electric SUV segment may undergo a fundamental shift.

Original Article: toutiao.com/article/1861860920756299/

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