China-Made EVs Capture 44.2% of Korea’s EV Market, Challenging Hyundai and Kia
Chinese-made vehicles now account for more than 44% of South Korea’s electric vehicle market, underscoring their rapid growth. Although the government has tightened subsidy eligibility requirements, Tesla vehicles produced at its Shanghai factory and BYD’s aggressive marketing have continued to driv
Chinese-made electric vehicles (EVs) now hold a 44.2% share of South Korea's EV market, posing a significant challenge to local automakers Hyundai and Kia. Despite government subsidies tightening, Chinese brands Tesla and BYD continue to gain traction, driven by aggressive marketing. According to Korea Automobile & Mobility Association data, 43,455 of the 98,292 EVs registered between January and September were made in China, up 6.8 percentage points from the same period last year.
BYD alone sold an estimated 18,000 units in the first eight months of the year, a nine-fold increase from the previous year. Hyundai's sales, by contrast, dropped 6% to around 139,000 units. Despite losing subsidy eligibility in July, BYD maintained a 30% increase in registrations compared to the first half of the year. The subsidy policy proved effective in the passenger segment, but Chinese EVs struggle in the commercial segment, with electric truck registrations dropping to zero.
Concerns within Hyundai Motor Group include design quality and competitive pricing of Chinese vehicles, potentially leading to market share loss. Analysts suggest shifting subsidies toward domestic production incentives to bolster local manufacturers. While Chinese EVs face challenges like limited service networks and high repair costs, their long-term competitiveness remains uncertain.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
