Korean media: 16 times increase in three years, "Made in China" electric vehicles sweep the South Korean market!

On September 9, the Korean media "Korea Economic Daily" published an article stating that according to statistics, the share of Chinese-made electric vehicles in South Korean imports has increased eightfold in just three years, from 8.2% to 65.4%. This is because starting this year, Tesla, which previously imported cars produced in both the United States and China, has shifted to completely importing Chinese-made cars. Volvo and Polestar have also begun to introduce "Made in China" products into the South Korean market. With Chinese companies facing tariff barriers from the United States and the European Union, they are using South Korea and other new markets as breakthroughs, and it is expected that the offensive of Chinese electric vehicles will further intensify.

According to the Korea Trade Association, the import value of Chinese electric vehicles reached 860.03 million U.S. dollars in the first half of this year, an increase of 31.6% compared to the same period last year (653.54 million U.S. dollars). Compared to the first half of 2022 (5.281 million U.S. dollars), it has grown 16 times in just three years. Therefore, the share of Chinese products in the total import value of electric vehicles (131.482 billion U.S. dollars) in the first half of this year has risen to 65.4%. This means that two out of every three imported electric vehicles come from China.

Due to the quality of "Made in China" products being comparable to those of Europe and the United States, and lower logistics costs, global automakers are exporting Chinese-made electric vehicles to South Korea.

Additionally, Chinese domestic companies such as BYD, which face obstacles in exporting to the United States and Europe due to tariff issues, are entering the South Korean market, contributing to the expansion of Chinese product shares. It is reported that multiple Chinese brands, including Zeekr, are preparing to enter the South Korean market.

Original text: www.toutiao.com/article/1842752918457344/

Statement: This article represents the views of the author.