Imported vehicle sales jump 29.3% in Oct. on strong EV demand

Vehicle sales from overseas in South Korea surged by a substantial 29.3 percent in October compared to the previous year, according to data released by the Korea Automobile Importers & Distributors Association (KAIDA) on Wednesday. This robust growth was primarily fueled by a strong demand for electric vehicles (EVs). The total number of new registrations reached 31,117 units last month, up from 24,064 in the same period a year ago.

The three most popular imported cars during this period were the Tesla Model Y Premium, Mercedes-Benz E200, and Tesla Model 3. Both Tesla models, being manufactured in China specifically for the Korean market, allowed for competitive pricing to be offered. Tesla's sales more than doubled during this timeframe, reaching 9,165 units in October, up from 4,350 units a year earlier. However, there was a notable decline of 25.9 percent in sales compared to the previous month, attributed to supply shortages, as reported by KAIDA.

Tesla maintained its position as the leading imported passenger car brand in South Korea for the ninth consecutive month, a streak that began in February and shows no signs of stopping. BYD Korea, the local subsidiary of China's BYD, experienced a significant surge in sales, jumping by 93.4 percent to 1,594 units from 824 units a year earlier. BYD commenced local operations in January of the previous year, and sales began to be reported in that same period.