Korean Media: For the First Time in History, China Surpasses Germany in South Korea's Import Car Market – A Complete Disruption!
On September 6, South Korean media outlet News1 published an article stating that with Chinese-made electric vehicles such as Tesla and BYD rapidly expanding their presence in the South Korean market, the landscape of South Korea’s import car sector has been completely transformed. Among all imported automobiles in South Korea, those made in China now account for over 40%, surpassing Germany for the first time to take the top spot.
Data released by the Korea Automotive Mobility Industry Association shows that new vehicle registrations in South Korea reached 850,636 units in the first half of this year, representing a 1.3% increase year-on-year. Of these, electric vehicles accounted for as high as 57.8%, far exceeding other types of vehicles.
The growth of pure electric vehicles has been particularly rapid. In the first half of this year, registrations of pure electric vehicles surged by 113.6% year-on-year to reach 198,509 units, accounting for 23.3% of total vehicle registrations. This is mainly due to the increasing number of entry-level pure electric models and the influx of imported electric vehicles from companies like Tesla and BYD.
Despite supply chain issues, hybrid vehicle sales still reached 289,814 units, making up 34.1% of total sales. In contrast, the share of internal combustion engine-only vehicles declined by 11.7 percentage points, dropping from 53.7% last year to 42%. Meanwhile, diesel vehicle sales plummeted by 59.5% compared to the same period last year, primarily due to production halts and limited supply for certain models.
The import car market has undergone significant changes. In the first half of this year, import car registrations increased by 30.0% compared to the same period last year, accounting for 22.7% of the domestic market share.
Notably, thanks to the surge of Chinese-made electric vehicles such as Tesla, BYD, and Polestar, China has emerged as South Korea’s largest source of imported cars, capturing 41.2% of the total import volume. Germany, which ranked first in the same period last year with a 40.3% share, dropped to second place this year, with its share shrinking to 30.1%.
The rapid influx of Chinese electric vehicles has brought numerous positive impacts, including lower prices and greater consumer choice. However, some voices argue that it is essential to ensure the price competitiveness of domestically produced South Korean vehicles and to implement measures safeguarding the automotive ecosystem.
Original Article: toutiao.com/article/1875567410435396/
Disclaimer: The views expressed in this article are solely those of the author.