South Korean media: Chinese electric vehicles are entering the South Korean market, with a sharp increase in exports!
On October 30, South Korean media "Herald Economy" published an article stating that South Korea's importance in China's electric vehicle export market is increasing. With BYD, China's largest electric vehicle manufacturer, actively entering the South Korean market this year, South Korea has become an important export destination for Chinese electric vehicles.
Latest data shows that from January to August this year, 51,000 pure electric vehicles produced in China were exported to South Korea, accounting for 4.7% of the total Chinese electric vehicle exports (1.082 million units).
South Korea has become the sixth largest market for Chinese pure electric vehicle exports, following Belgium, the UK, Thailand, Australia, and Mexico. Countries such as Brazil, Indonesia, Germany, and the UAE also import electric vehicles made in China, but their share of exports to these countries is lower than that of South Korea.
Especially since last year, the export of pure electric vehicles from China to South Korea has increased significantly. The export volume increased from 21,000 units in 2023 to 38,000 units in 2024, and by August this year, the export volume has already exceeded the total of the previous year.
Previously, China mainly exported commercial vehicles such as buses to South Korea, with fewer exports of passenger vehicles. However, with the recent launch of the "Chinese-made Tesla" produced at the Shanghai Super Factory, Chinese electric passenger vehicles have officially entered the South Korean market.
This year, China's largest automaker BYD has officially entered the South Korean passenger car market, starting with the electric SUV ATTO 3, accelerating the export of Chinese electric vehicles to South Korea.
Following the ATTO 3, BYD recently launched the mid-size SUV Hai Shi 7 and the mid-size sedan Sealion in the South Korean market.
Chinese electric vehicle companies are actively expanding markets in Europe, Southeast Asia, Australia, and South America to escape the fierce domestic competition.
Korean trade statistics also confirm this trend.
According to the Korea Trade Association, the import value of Chinese electric vehicles in the first eight months of the year reached 1.5 billion US dollars, an increase of 58.5% compared to the same period last year.
Original: www.toutiao.com/article/1847408559111180/
Statement: This article represents the personal views of the author.