Half of imported cars in June were electric vehicles... Tesla and BYD lead the market

In June, electric vehicles strengthened their presence in the domestic imported passenger car market by making up more than half of all registrations. According to the Korea Automobile Importers & Distributors Association, registrations of imported electric vehicles totaled 19,453, accounting for 51.1% of the overall 38,059 units. Tesla and BYD were at the center of the market shift. Tesla sold 11,119 units, maintaining its No. 1 position among imported car brands, while BYD recorded 4,652 units, overtaking Audi and others to rise to No. 4 among brands. The combined market share of the two brands reached 41.4%. The article analyzed that the imported car market is shifting from a consumption pattern centered on existing premium internal combustion engine vehicles to an EVcentered structure that compares technology and price. The share of private purchases also rose to 71.2%, confirming that, unlike in the past when corporate purchases dominated, the influx of general consumers is increasing. However, there is a variable in the second half of the year. BYD failed to pass the evaluation for EV subsidy operators, making it unable to receive government and local government subsidies starting in July, which could lead to higher actual purchase prices. The industry is paying close attention to how the suspension of subsidies will affect the landscape of the imported EV market.