Monday, September 25, 2023

Increased sales of imported electric vehicles in South Korea

According to recent statistics from the Korea Imported Auto Association (KAIDA), sales of imported electric vehicles (EVs) in the domestic market have seen a significant increase. From January to August this year, 15,084 imported EVs were sold in South Korea, representing an increase of 54.8% compared to the same period last year. The August figures show a remarkable increase, with a total of 2,926 units sold, a 72.2% increase over last year.

These figures come at a time when the domestic EV market is experiencing a decline. According to CarlsYou Data Research Institute, 13,480 new EVs were registered in South Korea last month, representing a decrease of 31.9% compared to the same month last year.

It is important to note that national brands are affected by this decrease in sales. While Hyundai’s overall sales in the domestic market increased by 12.9% last month, EV sales saw a significant drop of 30% compared to the same period last year. The IONIQ 5 model, for example, saw sales decline by 46.9%, with 1,061 units sold. Genesis, Hyundai’s luxury brand, also saw a sharp decline in EV sales, with 68 units of the G80 Electrified model sold last month, representing a 74% decrease compared to last year.

The increase in sales of imported EVs is due to aggressive market competition and discounts offered by these brands. Tesla, which introduced the “Model Y RWD” in July at a lower price, has become a major player in this segment. Other imported brands, such as Mercedes-Benz, BMW and Audi, also offer substantial discounts on their EV models. Discounts of close to 20% were seen, with BMW reducing the price of its iX3 M Sport model by 20.2% and Audi lowering the price of its e-tron Sportback 55 quattro model by 22.16 million won.

Overall, the increase in sales of imported EVs and the decline in sales of domestic brands highlight the competitive landscape of South Korea’s EV market. The availability of cheaper options and attractive discounts from imported brands has contributed to this shift in consumer preferences.

– Electric Vehicle (EV): A vehicle that runs on electricity stored in batteries or fuel cells instead of relying solely on an internal combustion engine.
– Imported Car: A car that is manufactured in another country and then imported into another country for sale.
– Market share: The share or percentage of total sales within a specific market occupied by a company or product.
– Discount: A reduction in the regular price of a product or service, usually offered as an incentive to attract customers.
– National Market: The market within a country or region where goods and services are produced, sold and consumed.

Nation World News Desk
Nation World News Desk
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