Tesla and BYD, bolstered by Chinese production, are rapidly closing the gap with Germany's three major automakers—BMW, Mercedes-Benz, and Audi—in the import car market. Over the past year, the sales difference has shrunk to fewer than 5,000 vehicles. As the shift toward electrification accelerates, the focus of the import car market is quickly moving toward Chinese brands. Attention is now on whether the two sides will reverse their annual sales figures this year.
According to the Korea Automobile Importers and Distributors Association (KAIDA), from January to August this year, a total of 94,299 Tesla and BYD vehicles were newly registered in South Korea, just 4,418 units behind the German trio, which registered 98,717 vehicles.
Compared to the same period last year, the gap has significantly narrowed. In the first eight months of last year, the combined registrations of the German three amounted to 100,039, outpacing Tesla and BYD's 36,490 by 63,549 units. The gap has now reduced to less than one-tenth of what it was a year ago.
Market share changes are even more pronounced. Last year, the German three held about 52.0% of the total import car market from January to August, but this year, that figure has dropped to 40.3%. In contrast, the combined market share of Tesla and BYD surged from 19.0% to 38.5%, more than doubling. Consequently, the share gap between the two sides has narrowed from 33 percentage points to just 1.8 percentage points.
This shift is attributed to the overall growth of the import car market, coupled with stagnating sales for the German automakers. The total import car market has expanded by over 20% this year compared to the same period last year, while sales for the German three have decreased by approximately 1.3%.
In contrast to their stagnation, Tesla and BYD are experiencing rapid growth. Tesla's sales jumped from 34,543 units last year to 76,776 units this year, marking a 122.3% increase. BYD's sales soared from 1,947 units to 17,523 units, an increase of nearly eight times. Together, the two brands have seen their sales grow by over 158% in just one year.
The shift toward electrification is fueling the momentum of these Chinese electric vehicles. Last month, electric vehicles accounted for 50.9% of all new import car registrations, surpassing half for the first time. The Tesla Model Y, produced at the Shanghai factory, topped sales with 9,638 units, while BYD's Dolphin and Sea Lion 7 also ranked among the top sellers.
While German automakers are accelerating the expansion of their electric vehicle lineups, the price competitiveness of Chinese models is making significant inroads into the market. If this trend continues, it is increasingly likely that Tesla and BYD will surpass the German three in annual sales this year. An industry insider noted, "New model launches from German automakers are scheduled for the second half of this year, so we will have to wait and see."
* This article has been translated by AI.
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