Imported electric vehicle (EV) sales in South Korea are on track to surpass a 30% market share for the first time this year, marking a sharp contrast with slowing EV demand in the broader domestic auto sector. Industry data indicates that foreign-brand electric models are experiencing renewed momentum, particularly among premium manufacturers.
According to figures released by the Korea Imported Automobile Association (KAIDA) on November 24, imported EV sales reached 73,288 units between January and October, more than doubling the 18,772 units recorded during the same period last year.
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Electric vehicles accounted for 29.38% of imported car sales, up from 18.8% a year earlier. Market analysts expect the share to cross the 30% threshold as year-end model releases contribute additional volume.
The shift in the composition of the imported car market has become increasingly pronounced. When combined with 130,245 hybrid vehicles sold in the same ten-month period—representing 52.22% of imports—electrified models now make up 81.6% of the foreign-brand market. Meanwhile, sales of gasoline and diesel-powered vehicles have fallen to 12.71% and 1.08%, respectively, reducing internal combustion engine offerings to just over 13%.
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Tesla led the segment with 47,962 vehicles sold, accounting for more than half of all imported EVs. German luxury brands including BMW, Audi, and Porsche also saw gains with 4,814, 4,222, and 2,857 units sold, respectively, supported by expanded EV lineups. Mercedes-Benz and Volkswagen contributed additional volume, while Japanese brands such as Lexus and Honda posted minimal EV sales.
An imported car industry official said domestic EV purchases have been dampened by subsidy exhaustion, tariff pressures, and production adjustments, while the imported market is less exposed to such variables. “The imported car market has a structure that is less affected by policy changes or economic variables due to a high proportion of consumers with low price sensitivity,” the official said.
Source: Business Korea