KATHMANDU: Sales of imported passenger cars rose last month due to strong demand for electric vehicles (EVs) and luxury cars made in Germany in South Korea.
South Korea’s car sales rose 6.3 percent in September compared with the same month last year, according to industry data.
According to the Korea Automobile Importers and Distributors Association, 34,904 new imported passenger cars were registered in South Korea in September. This time there has been a significant increase in sales compared to the number registered in September last year.
24.1 percent increase in nine months
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From January to September of the current year, 279,729 imported vehicles were sold in South Korea. This number is 24.1 percent more than the same period last year.
Statistics show that the demand for imported vehicles in the South Korean market is continuously expanding. Vehicles based on electric and hybrid technology, in particular, have played an important role in the market expansion.
Tesla pre-sales
Among foreign car makers, American electric car maker Tesla sold the most cars in September. The company sold 12,372 cars in South Korea, according to the data.
Germany’s BMW is in second place with 6,066 cars. At the same time, German luxury car maker Mercedes-Benz has sold 5,477 cars.
Chinese carmaker BYD has also expanded its presence in the South Korean market to 2,614 cars. Similarly, Volvo sold 1,414 cars, Lexus 1,064 and Toyota 971 cars.
More than half of the market share of European brands
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European brands accounted for the largest share of imported cars sold in South Korea in September. 17,578 cars of European brands were sold, which is 50 percent of the total imported car sales. This is 4 percent.
American brands have a market share of 36.1 percent. Chinese brands have a market share of 7.6 percent and Japanese brands have a market share of 5.9 percent.
This shows that European and American brands continue to dominate the South Korean imported car market, while Chinese brands are also increasing their market share.
Electric car share 52.1 percent
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In terms of fuel and technology, battery-powered electric vehicles (BEVs) accounted for the largest share in September. Electric cars accounted for 52.1 per cent of total imported car sales. It was followed by hybrid vehicles at 39 per cent. The share of petrol cars was 8.2 per cent and diesel cars were only 0.7 per cent.
These figures show that the demand for electric and electrified vehicles is increasing rapidly in the imported car market in South Korea. Consumer interest in electric and hybrid technologies is increasing compared to traditional diesel and petrol vehicles.
The presence of Chinese brands is also increasing
In the South Korean market, Chinese carmaker BYD has seen remarkable sales. With 2,614 cars sold in September, BYD ranked fourth among foreign brands.
This indicates that the presence of Chinese electric vehicle manufacturers is expanding in the developed automobile market like South Korea. Chinese companies are increasing their influence in the international market, especially in the field of electric vehicles.
Data for September showed rising demand for electric and hybrid vehicles in South Korea’s imported car market, a strong German luxury brand presence and expansion of Chinese carmakers as key trends.
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