BYD Sales in Korea Surpass 1,000 in May; Tesla Tops Import Car Rankings

According to data from the Korea Automobile Importers & Distributors Association (KAIDA), new registrations of imported passenger vehicles in South Korea reached 29,860 units in May 2024, up 5.9% year-over-year. Cumulative registrations for the first five months of 2024 totaled 145,973 units, a 32.3% increase compared to the same period last year. In May’s brand sales rankings for imported vehicles, Tesla led with 10,866 units registered, accounting for 36.4% of total imported vehicle registrations. BMW ranked second with 6,555 units, followed by Mercedes-Benz in third place with 3,553 units. BYD recorded 1,032 registrations in May, surpassing 1,000 units for the first time in a single month and ranking seventh among imported brands. By region of origin, European brands accounted for 15,511 registrations in May (51.9% of the total), U.S. brands registered 11,147 units (37.3%), Japanese brands totaled 2,170 units (7.3%), and Chinese brands registered 1,032 units (3.5%). By model, the Tesla Model Y Premium was the best-selling imported vehicle with 7,195 units registered. The Model Y L ranked second with 1,513 units, followed by the BMW 520 with 1,390 units, and the Tesla Model 3 in fourth place with 1,301 units. In terms of powertrain type, battery electric vehicles (BEVs) accounted for 14,520 registrations in May, or 48.6% of the total. Hybrid electric vehicles (HEVs) totaled 12,071 units (40.4%). Gasoline-powered vehicles made up 10.4%, while diesel vehicles represented only 0.6%. Combined, eco-friendly vehicles (BEVs + HEVs) accounted for 89.0% of all imported vehicle registrations. In the domestic market during the same period, Hyundai Motor sold 45,364 vehicles domestically, ranking first among local brands, while Kia sold 44,713 units, placing second.