Tesla Model Y became the best-selling imported car in South Korea in September 2023. The compact SUV also became the fifth best-selling in the country among both imported and domestic cars.
According to preliminary data released individually by manufacturers, sales of domestic vehicles in South Korea have declined while sales of imported vehicles continue to rise. In the first nine months of the year, car sales in the domestic market increased by 8% to 1,090,614 units. The market has risen mainly due to Hyundai and Kia. At the same time, many imported brands reported increased interest from local consumers, who bought 22,565 units in September alone.
Tesla Model Y attracted the most attention in September, although many local publications for some reason avoided pointing out this fact. The car, produced at Tesla's Chinese factory, became the country's best-selling imported car in September. Last month, 4,206 Model Ys were sold, which is a strong result. It was followed by Mercedes-Benz E-Class with 3,510 units, Volvo XC60 with 899 units, and BMW 3 Series with 842 units.
Strong sales made Model Y not only the best-selling imported car but also the fifth best-selling car in the country. In first place was Kia Sorento with 10,190 units. In second place was Kia Sportage with 5,402 sales. Hyundai Santa Fe with 5,319 units and Kia Seltos with 4,399 units were in third and fourth place, respectively.
Model Y became especially popular after Tesla offered a cheaper version. The rear-wheel drive Model Y is equipped with Chinese lithium iron phosphate (LFP) batteries. Local experts analyzed the market and came to the conclusion that it was the reduction in price that led to an increase in sales of the car. The current price of Model Y has also made it eligible for full government subsidy for green cars.
© 2023, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.