Chinese Cars Outsell Japanese in South Korea for First Time in April; BYD Alone Beats Combined Sales of Top Three Japanese Brands

According to data from the Korea Automobile Importers & Distributors Association (KAIDA), Chinese-made vehicles accounted for 2,023 of newly registered imported cars in South Korea in April 2024, surpassing Japanese-made vehicles (1,974 units) for the first time and ranking third. Total imported car registrations in South Korea that month amounted to approximately 34,000 units, with European-made vehicles leading at 16,800 units, followed by American-made vehicles at 13,600 units. Chinese vehicles represented 6% of total imported car registrations, slightly higher than Japan’s 5.8%. Notably, BYD alone registered 2,023 units in April, exceeding the combined sales of three major Japanese brands—Lexus, Toyota, and Honda—in the Korean market that month. As of April 2024, BYD’s cumulative sales in South Korea reached 6,107 units. The company has set an annual sales target of 10,000 units for 2024 and is on track to potentially exceed 20,000 units given its current growth momentum. Rising fuel prices have boosted demand for electric vehicles in South Korea, and BYD has gained consumer favor thanks to its competitive pricing and advanced smart connectivity features. Additionally, other Chinese brands such as Zeekr and Leapmotor are also accelerating their overseas market expansion.