35% Market Share! One in Every Three EVs Sold in South Korea is Made in China, with Tesla from Shanghai Super Factory Leading the Charge

Latest data shows that in the first half of 2024, Chinese-made electric vehicles accounted for over one-third of all EVs sold in South Korea for the first time.

According to Yonhap News Agency, the Korea Automotive Mobility Industry Association released an analysis report on Tuesday (4th) indicating that nearly 70,000 Chinese-made EVs were newly registered in the country from January to June 2024, a year-on-year increase of 178.7%. This raised their share of total new EV registrations to 35%.

The association noted that the influx of Chinese-made EVs helps promote EV adoption and expands consumer choice in South Korea, but could also increase operational pressure on domestic automakers and intensify competition across the supply chain.

The surge in Chinese-made EV sales in the South Korean market is largely driven by Tesla's Model Y and Model 3, produced at its Shanghai Super Factory.

According to statistics from the Korea Automobile Importers & Distributors Association (KAIDA), 184,000 imported passenger vehicles were newly registered in South Korea in the first half of 2024. Tesla led with 56,100 units, capturing 30.5% of the total imported passenger vehicle market. Related data indicates that approximately 97% of Tesla vehicles imported into South Korea are manufactured in China.

Tesla's Shanghai factory is a crucial hub in the global EV supply chain. With over 95% local parts sourcing, the plant has an annual production capacity exceeding 950,000 units and serves export markets in Europe and the Asia-Pacific region.

In July 2024, the factory's wholesale sales reached 93,579 units, up 37.8% year-on-year and 5% quarter-on-quarter, marking the highest monthly sales volume of the year.

Additionally, certain models from international brands such as Polestar are also manufactured in China and exported to South Korea.

Meanwhile, Chinese自主品牌 (independent brands) are beginning to establish a presence in the South Korean market. BYD officially entered the market last year, and from January to May 2024, its registration volume reached 7,023 units, ranking fourth among imported passenger car brands in South Korea, behind Tesla, BMW, and Mercedes-Benz.