EVs and Hybrids Take 92% of Korea’s Imported Car Market as Tesla Leads for Ninth Month
The combined share of electric and hybrid vehicles in South Korea’s imported passenger car market has surpassed 90%, signaling a fundamental shift toward eco-friendly vehicles. As gasoline and diesel cars have dwindled to single-digit shares, vehicles led by Tesla have firmly established themselves
In South Korea, electric and hybrid vehicles now make up over 90% of the imported passenger car market, marking a significant shift towards more environmentally friendly vehicles. According to the Korea Automobile Importers & Distributors Association (KAIDA), 31,117 newly registered imported passenger cars were recorded in October, a 29.3% increase from October 2022, but a 10.8% decrease from the previous month.
The total number of imported cars registered through October reached 310,846 units, up 24.6% from 249,412 units in the same period last year. Despite this growth, the domestic automakers have struggled, with their combined sales in October amounting to just 105,588 vehicles, a 3.1% increase from the previous year. Overall, the imported car market continues to expand year-on-year, but monthly performance is influenced by factors such as supply shortages and brand-specific conditions.
Tesla dominated the imported car market, securing first place with 9,165 registrations, a figure that has remained consistent for nine consecutive months since February. The Tesla Model Y Premium was the top-selling model, with 5,501 registrations. Other notable brands included Mercedes-Benz with 6,744 units, BMW with 5,633, Chinese electric vehicle maker BYD with 1,594 registrations, and Volvo with 1,682 units.
The composition of the imported car market has also changed, with electric vehicles accounting for 14,424 registrations, or 46.4% of the total, and hybrids accounting for 14,272 units, or 45.9%. Together, these two categories represent approximately 92.2% of all registrations. Gasoline vehicles, which previously dominated the market, now make up only 6.8% (2,130 units), while diesel vehicles account for just 0.9% (291 units).
European automakers led the market with 17,573 registrations, comprising 56.5% of the total, followed by U.S. brands with 9,336 units (30.0%), including Tesla. Japanese and Chinese brands made up 8.0% and 5.5% of the market, respectively. Individual buyers accounted for 65.5% of the purchases, twice the 34.5% share held by corporate buyers.
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