Sales of Chinese electric vehicles in South Korea surged by 112%, with their market share continuing to expand.

South Korean media: Sales of Chinese electric vehicles in South Korea surged by 112%!

On February 17, the South Korean media "Korea Economic Daily" published an article stating that last year, sales of electric vehicles made in China in the South Korean domestic market increased by 112.4% year-on-year, more than twice the growth rate of the overall electric vehicle market in South Korea (50.1%). It has been pointed out that South Korea needs to take measures to expand domestic production support policies to counter the impact of Chinese electric vehicles.

According to the report "2025 Domestic Electric Vehicle Market Outlook" released by the Korea Automobile Mobility Industry Association (KAMA), the number of new registered electric vehicles in South Korea last year was 220,177, an increase of 50.1% year-on-year. Electric vehicles accounted for 13.1% of the total number of registered vehicles (1,681,110), achieving double-digit growth.

Sales of imported electric vehicles also saw significant growth. Last year, the market share of imported electric vehicles reached 42.8% (94,199 units). The domestic electric vehicle market share in South Korea was 57.2% (125,978 units), which had declined year by year since reaching 75% in 2022.

Among them, sales of electric vehicles made in China reached a historical high of 74,728 units, increasing by 112.4% year-on-year, accounting for 33.9% of the overall electric vehicle market in South Korea. The sales of Model Y produced at Tesla's Shanghai factory reached 50,397 units, an increase of 169.2% year-on-year, ranking first in the sales of electric vehicles in South Korea. Tesla effectively boosted sales by lowering the price of the Model Y Premium rear-wheel drive version from 52.99 million won to 49.99 million won.

BYD and Polestar, which have factories in China, also saw their sales in South Korea increase by 601.8% and 269.6%, respectively, reaching 7,278 units and 2,957 units. Kim Nam-hoon, president of KAMA, said: "In order to cope with the impact of Chinese electric vehicles, subsidies and tax incentives must be provided for domestically produced cars in South Korea."

Original: toutiao.com/article/1857337802881226/

Statement: This article represents the views of the author himself.