50% Spike Reported
Despite the slowing growth of the domestic electric vehicle market, sales of imported brands have increased.
According to the new registration statistics from the Korea Imported Car Association (KAIDA) on Sept. 10, the number of imported electric vehicles sold in the domestic market from January to August this year was 15,084, an increase of 54.8% compared to 9,744 units during the same period last year. Especially in August, there was a notable spike in imported electric vehicle sales, totaling 2,926 units, up 72.2% from the same period last year
Considering the decrease in electric vehicle sales in the domestic market last month, the rise in imported electric vehicle sales is significant. According to the CarlsYou Data Research Institute, the number of newly registered electric vehicles in the domestic market last month was 13,480, a decrease of 31.9% from 15,193 in the same month last year.
The sales decline is evident in domestic brands. Although Hyundai’s overall domestic sales increased by 12.9% last month, electric vehicle sales were 3,476, a 30% decrease from the same month last year. Sales of the IONIQ 5 last month were down 46.9% compared to the same month last year, with only 1,061 units sold. The IONIQ 6 sold 400 units, down 18% from July.
Genesis electric car sales saw an even sharper decline. Sales of the G80 Electrified plummeted by 74% from a year ago, selling only 68 units last month. Electric models of the GV60 and GV70 SUVs sold 127 and 94 units, respectively, showing a decrease of 51.2% and 71.6%. Kia’s EV9 sold just 408 units last month, a significant drop from 1,334 units in June and 1,251 in July.
This is interpreted as a result of imported cars aggressively competing for market share with electric vehicle discounts. Following Tesla’s introduction of the “Model Y RWD” in July, which is equipped with Chinese-made LFP batteries and priced around 20 million won cheaper than the previous model, the German big three (Mercedes-Benz, BMW, Audi) are also offering substantial discounts.
According to the car purchase information platform Getcha, major imported car brands, including Benz, BMW, and Audi, are offering discounts of up to nearly 20% on their electric vehicles. Benz increased the discount range for the EQS to 17% (26 million won) for corporate customers. BMW reduced the price of the mid-sized electric SUV iX3 M Sport from 82.6 million won to 65.89 million won, a 20.2% decrease. Audi also reduced the price of its e-tron Sportback 55 quattro by 22.16 million won. Swedish electric vehicle brand Polestar offers up to a 15% discount on the Polestar 2, making it available for purchase in the 30 million won range.