Banking News – Sales of imported passenger cars increased last month in South Korea due to strong demand for electric vehicles (EVs) and German-made luxury cars. According to industry data, sales of imported cars in South Korea increased by 6.3 percent in September compared to the same month last year.

According to the Korea Automobile Importers and Distributors Association, 34,904 new imported passenger cars were registered in South Korea in September. Compared to the number registered in September last year, sales increased significantly this time.

24.1 Percent Growth in Nine Months

From January to September of the current year, 2 lakh 79 thousand 729 imported vehicles were sold in South Korea. This number is 24.1 percent higher than the same period last year. The data shows that demand for imported vehicles in the South Korean market is continuously expanding. Electric and hybrid technology-based vehicles have played an important role in market expansion.

Tesla Leads in Sales

Among foreign car manufacturers, American electric car manufacturer Tesla sold the most cars in September. According to the data, the company sold 12,372 cars in South Korea.

Germany’s BMW ranked second with 6,066 cars sold. Similarly, another German luxury car manufacturer Mercedes-Benz sold 5,477 cars.

Chinese car manufacturer BYD also expanded its presence in the South Korean market, selling 2,614 cars. Similarly, Volvo sold 1,414, Lexus sold 1,064, and Toyota sold 971 cars.

European Brands’ Market Share Over Half

Among imported cars sold in South Korea in September, the share of European brands was the largest. 17,578 cars of European brands were sold, which is 50.4 percent of total imported car sales.

The market share of American brands was 36.1 percent. Chinese brands occupied 7.6 percent and Japanese brands 5.9 percent.

This shows that the influence of European and American brands remains strong in the South Korean imported car market, while Chinese brands are also indicating a growing market share.

EV Share at 52.1 Percent

Looking at fuel and technology basis, the share of battery-powered electric vehicles (BEVs) was the highest in September. The share of electric cars in total imported car sales reached 52.1 percent.

After that, the share of hybrid vehicles was 39 percent. The share of petrol-powered cars was 8.2 percent, and the share of diesel cars was only 0.7 percent.

This data shows that demand for electric and hybrid vehicles is increasing rapidly in South Korea’s imported car market. Compared to traditional diesel and petrol vehicles, consumer interest appears to be shifting toward electric and hybrid technology.

Chinese Brands’ Presence Also Growing

The sales of Chinese car manufacturer BYD in the South Korean market appear remarkable. Selling 2,614 cars in September, BYD secured fourth position among foreign brands.

This indicates that the presence of Chinese electric vehicle manufacturers is expanding in a developed automobile market like South Korea. Especially in the electric vehicle sector, Chinese companies are increasing their influence in the international market.

September’s data has shown the growing demand for electric and hybrid vehicles, the strong presence of German luxury brands, and the expansion of Chinese car manufacturers as major trends in South Korea’s imported car market.