What Contributed to the 13.2% Rise in Imported Car Sales in South Korea in October?
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Synopsis
In October, South Korea experienced a remarkable 13.2% increase in imported vehicle sales, largely attributed to the popularity of Tesla and German models. With 24,064 units registered, this surge underscores the growing trend towards electric and hybrid vehicles in the country. Discover the factors driving this growth and the key players in the market.
Key Takeaways
- Imported vehicle sales in South Korea rose 13.2% in October 2023.
- The top three models included Tesla, BMW, and Mercedes-Benz.
- Hybrid vehicles dominated with 59.8% of sales.
- Overall sales from January to October 2023 increased 15.5%.
- German brands accounted for 60% of imported sales.
Seoul, Nov 5 (NationPress) The sales of imported vehicles in South Korea surged by 13.2 percent in October compared to the same month last year, driven by strong interest in Tesla and various German vehicle models, according to industry data released on Wednesday.
Last month, the total count of newly registered imported cars reached 24,064 units, an increase from 21,249 units the previous year, as reported by the Korea Automobile Importers & Distributors Association (KAIDA), according to Yonhap news agency.
The top three models sold were the Tesla Model Y, BMW 520 sedan, and Mercedes-Benz E200 sedan.
Notably, sales of Tesla vehicles skyrocketed more than threefold, reaching 4,350 units last month compared to 1,263 units in the same month last year.
Looking at fuel types, hybrid vehicles made up 59.8 percent of monthly sales, totaling 14,389 units, followed by electric vehicles (EVs) at 28.8 percent, gasoline models at 10.9 percent, and diesel cars at 0.6 percent.
From January to October, sales of imported vehicles increased by 15.5 percent, totaling 249,412 units compared to 215,980 units during the same period last year.
Three major German automakers—Volkswagen Group Korea, BMW Group Korea, and Mercedes-Benz Korea—collectively sold 140,670 vehicles in the first ten months, reflecting a 3.5 percent rise from 135,933 units over the same timeframe last year.
German brands comprised 60 percent of all imported vehicles sold in South Korea during this ten-month period.
In August, the sales of imported vehicles also saw a remarkable growth of 22.6 percent compared to the previous year, fueled by high demand for newly launched models.
The total number of newly registered imported cars reached 27,304 units in August, up from 22,263 the same month last year, as noted by KAIDA.
KAIDA attributed the monthly results to robust sales of new models such as the Tesla Model Y and Model 3.
The three top-selling models in August included Tesla's Model Y, Model Y Long Range, and Model 3.
Point of View
The continuous rise in imported vehicle sales highlights a shift in consumer preferences towards electric and hybrid options. This trend reflects a broader commitment to sustainability and innovation within the automotive industry, showcasing the power of brands like Tesla and established German manufacturers in shaping the market landscape.
NationPress
09/11/2025
Frequently Asked Questions
What was the percentage increase in imported car sales in October 2023?
Imported car sales in South Korea rose by 13.2 percent in October 2023 compared to the previous year.
Which brands contributed most to the sales increase?
Tesla and various German vehicle models, including BMW and Mercedes-Benz, significantly contributed to the sales increase.
What were the top three bestselling imported car models?
The top three bestselling models were the Tesla Model Y, BMW 520 sedan, and Mercedes-Benz E200 sedan.
What proportion of sales were hybrid vehicles?
Hybrid vehicles accounted for 59.8 percent of the total monthly sales of imported vehicles.
How many imported cars were sold from January to October 2023?
From January to October 2023, a total of 249,412 imported vehicles were sold in South Korea.
