Korean Media: South Korea's Import Car Sales Hit All-Time High, BYD Enters Top Five!

On April 23, Korean media outlet *Herald Economic* published an article stating that new registrations of imported passenger cars in South Korea exceeded 30,000 units within just two months, setting a record for the fastest growth in history.

According to statistics from the Korea Automobile Importers Association, a total of 30,517 imported passenger cars were newly registered in January and February this year—12,200 in January and 18,317 in February. This marks the first time that import passenger car registrations have surpassed 30,000 units in the first two months of the year.

In February, the best-selling brand for personal use vehicles was American electric vehicle manufacturer Tesla, with cumulative sales reaching 7,065 units—more than triple the same period last year.

Following closely behind were BMW, Mercedes-Benz, and Lexus, with sales of 6,786, 5,905, and 2,019 units respectively. Chinese automaker BYD, which entered the South Korean market last year, ranked fifth with 1,967 units sold.

The surge in Tesla’s sales has been attributed to multiple factors, including younger generations’ preference for electric vehicles, government subsidies for EVs, and declining prices. In fact, Tesla is the most popular brand among millennials. Among the 8,857 imported cars purchased by this age group this year, 3,133 were Teslas—accounting for 35.4% of total imported car sales and 44.4% of Tesla’s total sales.

The growing adoption of eco-friendly vehicles is also becoming increasingly evident. Although demand for electric and hybrid vehicles continues to rise, internal combustion engine (ICE) vehicles now make up only 11.8% of the total market share.

This year, new registrations of personal electric vehicles totaled 10,934 units—a jump of over 7,000 compared to the same period last year. Hybrid vehicle sales also increased by approximately 2,000 units year-on-year, reaching 16,276 units. By contrast, sales of internal combustion engine vehicles—including gasoline and diesel models—were just 3,307 units, marking a record low for this period.

Original source: toutiao.com/article/1863223699189760/

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