In brief
South Korea’s import of passenger cars surged 29.3 percent to 31,117 units in October, according to the Korea Automobile Importers & Distributors Association and reported by Xinhua. Battery‑electric vehicles made up 46.4 percent of the sales, nearly matching hybrids at 45.9 percent. Tesla topped foreign‑maker sales with 9,165 units, followed by German brands Mercedes‑Benz, BMW and Volvo.
South Korea’s imported passenger‑car registrations rose 29.3 percent from a year earlier to 31,117 in October, the Korea Automobile Importers & Distributors Association reported on behalf of Xinhua, which highlighted the strong demand for electric vehicles and German luxury models.
The new registrations represented a ten‑month total of 310,846 imported vehicles, up 24.6 percent compared with the same period in the previous year, the Association said.
U.S. electric‑vehicle manufacturer Tesla led the foreign‑maker sales with 9,165 units, the highest share among all imported brands in the month.
German automaker Mercedes‑Benz followed, selling 6,744 units, while BMW took third place with 5,633 units.
Swedish brand Volvo recorded 1,682 sales, and Chinese manufacturer BYD sold 1,594 units, according to the Association data presented by Xinhua.
European models accounted for 17,573 registrations last month, which is 56.5 percent of the total imported vehicle sales in Korea.
The market shares of U.S., Japanese and Chinese brands were reported as 30.0 percent, 8.0 percent and 5.5 percent, respectively.
By fuel type, battery‑powered electric vehicles accounted for 46.4 percent of the total sales, closely followed by hybrid vehicles at 45.9 percent.
Gasoline vehicles represented 6.8 percent, and diesel models accounted for 0.9 percent of the imported car registrations in October, the Association data showed.
Industry analysts attribute the surge in October’s import sales largely to the continuing trend toward electric powertrains, as Korean consumers seek lower operating costs and cleaner alternatives.
German luxury models, particularly from Mercedes‑Benz and BMW, found significant buyers, reflecting Korea’s growing appetite for high‑end EVs, according to the Association’s statements to Xinhua.
At the same time, content from an offline press briefing revealed that Tesla’s sales spike was part of a broader global expansion of the company’s delivery network.
The Korea Automobile Importers & Distributors Association said that the monthly growth rate further signals strong confidence in the domestic automotive market’s ability to absorb imported vehicles.
Meanwhile, the Ministry of Trade, Industry and Energy announced that the country’s foreign reserves rose to 443.16 billion dollars in October, a separate but complementary indicator of economic health, as reported by a subsidiary outlet of Xinhua.
Analysts observe that the nearly even split between battery‑electric and hybrid registrations highlights the transitional phase in Korea’s vehicle fleet, where consumers remain open to both technologies.
Implicit in the data is the notion that demand for gasoline and diesel models remains marginal, restricted to a 6.8 percent share, as oil‑fueled vehicles face heightened environmental scrutiny.
No further details were provided on specific model models or sales promotions; however, the figures suggest that dealerships are prioritizing EV inventories to meet the rising appetite among Korean buyers.
In response, Korean automotive importers plan to adjust their procurement strategies, focusing on diversifying their electric‑vehicle offerings, according to a spokesperson from the Association quoted to Xinhua.
South Korea’s growth in imported vehicle sales underscores the country’s progress toward electrification, as well as a sustained interest in premium brands from Europe and the United States.
Future reports from the Association will continue to detail the monthly changes in import trends, as the Korean market further solidifies its transition to cleaner, higher‑performance vehicles.
