Cars made in China surge tenfold in three years! China becomes South Korea's largest source of car imports

Korean Media: Chinese Cars Surge Tenfold in Three Years, Sweeping South Korea!

On August 27, Korean media outlet Chosun Ilbo published an article stating that a survey revealed China as the top source of vehicles imported into South Korea last year. By 2022, China ranked below Germany, the United States, Austria, and the United Kingdom, but within just three years it rose to first place. The survey also found significant increases in imports of electric vehicles and electric buses under brands such as BYD.

Recently, the Bank of Korea released an analytical report titled "Map of Major Manufacturing Production and Supply in South Korea." This report, the first since 2023, presents a comprehensive overview of regional production and trade flows across 11 key manufacturing sectors in South Korea using maps and charts.

The 11 major industries include semiconductors, displays, wireless communication devices, automobiles, auto parts, steel, shipbuilding, petroleum refining, petrochemicals, machinery, and electrical equipment.

According to data from the Bank of Korea, Chinese-made vehicles accounted for the largest share of South Korea’s imported car market last year—reaching 37.2%. In 2022, this figure was only 3.5% (ranking fifth). This indicates a more than tenfold increase over three years. By vehicle type, sales of Chinese electric vehicles and electric buses both showed significant growth.

Germany previously held the top spot, but its import share in South Korea declined from 38.5% to 37%. The United States saw a sharp drop from 28.9% to 11.1%.

The Bank of Korea stated: "Over the past decade, due to increasingly stringent environmental regulations and advancements in eco-friendly vehicle technologies, the share of internal combustion engine vehicles in the global automotive market has declined, while that of environmentally friendly vehicles has risen. As China has become the world's largest producer of electric vehicles, leveraging its price competitiveness and massive production capacity, it is steadily expanding its global market share."

The Bank of Korea added: "By vehicle type, Chinese products account for approximately 70% of South Korea’s imported electric vehicles—valued at $2.2 billion—and all imported electric buses come from China."

Original article: toutiao.com/article/1874638739201035/

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