Imported passenger car registrations fall 12% from April; Tesla holds top brand spot with 10,866 units; EV share drops from 53.9% to 48.6%; Model Y takes top two sales spots

The Tesla Model Y. The Model Y lineup claimed the top two best-selling imported car spots in South Korea last month. [Provided by Tesla]
The Tesla Model Y. The Model Y lineup claimed the top two best-selling imported car spots in South Korea last month. [Provided by Tesla]

Enthusiasm for electric vehicles in South Korea's imported car market cooled last month. Tesla held onto its position as the top imported car brand, but registrations fell from April, and Chinese EV brand BYD saw sales drop by nearly half.

The Korea Automobile Importers and Distributors Association (KAIDA) said Thursday that newly registered imported passenger cars totaled 29,860 units in May, down 12.2% from 33,993 units in April. The figure was still up 5.9% from 28,189 units in May last year.

Cumulative registrations from January through May reached 145,973 units, a 32.3% increase from 110,341 units in the same period last year. While monthly sales slowed in May, the year-to-date total remains well ahead of last year's pace.

By brand, Tesla led with 10,866 units registered, down 17.6%, or 2,324 units, from 13,190 units in April.

BMW ranked second with 6,555 units, roughly in line with its 6,658 units in April. Mercedes-Benz came in third with 3,553 units, a sharp decline from 4,796 units the previous month.

Audi followed with 1,509 units, then Lexus at 1,291, Volvo at 1,058, BYD at 1,032, Porsche at 820, Toyota at 804 and Mini at 604. BYD had climbed as high as fourth among imported brands in April with 2,023 units, but volume fell sharply to 1,032 units in May.

The EV share of imported car registrations also declined. Imported electric vehicles accounted for 14,520 units last month, or 48.6% of the total. In April, EVs had reached 18,319 units and a 53.9% share, but the figure slipped back below 50% within a month.

Even so, EVs still held the largest share of the imported car market. Hybrids accounted for 12,071 units (40.4%), gasoline vehicles for 3,092 units (10.4%) and diesel for 177 units (0.6%). Combined, electrified models — EVs and hybrids — made up 89.0% of all imported car registrations.

By engine displacement, the "other" category — which includes electric vehicles — was the largest segment at 14,520 units (48.6%). Vehicles under 2,000cc accounted for 8,913 units (29.8%), those between 2,000cc and under 3,000cc for 5,537 units (18.5%), those between 3,000cc and under 4,000cc for 471 units (1.6%), and those at 4,000cc and above for 419 units (1.4%).

By country of origin, European brands led with 15,511 units, capturing 51.9% of the market. Their share had been 48.2% in April, but climbed back above 50% in May as sales of American and Chinese brands declined. American brands registered 11,147 units (37.3%), down from 13,611 units (40.0%) in April, while Chinese brands fell to 1,032 units (3.5%) from 2,023 units (6.0%). Japanese brands accounted for 2,170 units (7.3%).

By purchase type, individual buyers accounted for 19,962 units, or 66.9% of the total, up slightly from 65.0% in April. Corporate purchases totaled 9,898 units, representing 33.1%.

Among individual buyers, Gyeonggi Province led regional registrations with 6,603 units (33.1%), followed by Seoul with 4,039 units (20.2%) and Daegu with 1,259 units (6.3%). For corporate purchases, Busan topped the list with 3,012 units (30.4%), followed by Incheon with 2,686 units (27.1%) and South Gyeongsang Province with 1,318 units (13.3%).

The best-selling model in May was the Tesla Model Y Premium, with 7,195 units registered. While that was down from 9,328 units in April, the model held the top spot for the second consecutive month. The Tesla Model Y L ranked second with 1,513 units, and the BMW 520 came in third with 1,390 units. In April, the top three had been the Tesla Model Y Premium, the Tesla Model 3 Premium Long Range and the BMW 520 — but in May, the Model Y lineup claimed both first and second place.

KAIDA Vice Chairman Jeong Yun-young said May's decline in imported passenger car registrations was due to inventory shortages at some brands and fewer business days resulting from public holidays.


kwater@heraldcorp.com