South Korean Media: BYD's Sales in South Korea Tripled in April

According to a report by South Korea's JoongAng Ilbo (Japanese edition) on May 21, rising international crude oil prices driven by the Middle East situation have triggered explosive growth in electric vehicle sales in South Korea. Imported electric vehicles such as Tesla and BYD are particularly noteworthy.

According to the "Trends in the Automotive Industry in April" released by South Korea's Ministry of Trade, Industry, and Energy on the 20th, total car sales in South Korea reached 151,693 units last month, representing a 0.7% increase compared to the same period last year. The surge in electric vehicle sales has significantly driven market changes.

Last month, pure electric vehicle sales reached 38,927 units, a remarkable 139.7% increase compared to April of last year. In contrast, hybrid vehicle sales—which have previously led the new energy vehicle market—declined by 1.9% to 50,872 units.

The Ministry of Industry, Trade, and Resource said: "The instability in the Middle East has led to high crude oil prices, while energy-saving measures restricting vehicle usage have clearly boosted demand for electric vehicles."

During the electric vehicle boom, imported brands are gaining greater visibility. Tesla rose to third place in South Korea’s car sales rankings, behind Hyundai and Kia, while Chinese electric vehicle manufacturer BYD climbed to eighth place. BYD sold 543 units in April of last year, but this year's sales soared to 1,664 units—a more than threefold increase within one year.

In terms of individual models, Kia’s “Sorento” ranked first with 12,078 units sold, followed by Tesla’s “Model Y” with 9,328 units.

However, due to U.S. tariffs and risks associated with the Middle East, South Korea’s auto exports have slowed down. Car exports in April amounted to $617 million, a 5.5% decrease from last year, while export volumes also declined by 0.8% to 244,990 units. By region, exports to the United States dropped by 5.3%, and those to the European Union (EU) fell by 13.1%. The Middle East saw the sharpest decline at 38.7%, followed by Asia at 31.7%.

By contrast, car sales in Latin America grew by 23.7%, and sales in Oceania increased by 20.1%. Even amid an overall reduction in total exports, new energy vehicles stood out. Last month, South Korea’s new energy vehicle exports totaled 90,508 units, up 22.8% year-on-year. Among them, hybrid vehicle exports increased by 24.5% to 58,046 units, while pure electric vehicle exports surged by 42.6% to 30,198 units. In contrast, plug-in hybrid vehicle exports plummeted by 61.7%.

Original source: toutiao.com/article/1865765838862348/

Disclaimer: This article represents the personal views of the author.