South Korean Media: Chinese EVs Surge from 1.1% to 33.9%, Sweeping South Korea!
On June 24, South Korean media outlet Seoul Economic Daily published an article stating that Chinese electric vehicles are rapidly expanding their market share in South Korea, with one out of every three electric vehicles sold in the country last year coming from China.
Data released by the Korea Automotive Mobility and Transportation Industry Association shows that among newly registered electric vehicles in South Korea, the share of Chinese-made EVs increased from 1.1% (1,101 units) in 2021 to 33.9% (74,728 units) last year. During the same period, domestically produced South Korean EVs declined from 74.1% to 57.2%. In the first quarter of this year, Chinese-made EVs accounted for 30.9% (25,718 units) of all newly registered electric vehicles in South Korea.
This growth is largely driven by a surge in Tesla sales, which has a production base in Shanghai, China. Additionally, Chinese domestic brands such as BYD have quickly risen due to their competitive pricing and deserve attention. According to data from South Korea’s Ministry of Trade, Industry and Energy, BYD sold 5,991 electric vehicles in South Korea from January to April this year—an increase of tenfold compared to the same period last year. A South Korean EV industry expert stated: “Demand centered around second cars is growing rapidly.”
Original Article: toutiao.com/article/1868840420462599/
Disclaimer: The views expressed in this article are solely those of the author.