Chinese-made Model Y Storm... Tesla Eyes Top Spot in Domestic Imported Car Market

by Woo Sooyoun

Published 03 Apr.2024 11:00(KST)

Tesla ranked second in the imported car market last month, thanks to the popularity of its flagship model, the Model Y. Tesla surpassed Mercedes-Benz and rose to second place behind BMW in terms of monthly sales last month.

According to statistics from the Korea Automobile Importers & Distributors Association (KAIDA) on the 3rd, Tesla sold 6,025 units last month, securing second place following BMW (6,549 units). Mercedes-Benz ranked third (4,197 units), Lexus fourth (1,218 units), and Volvo fifth (1,081 units).

In the best-selling car rankings by individual model, the Tesla Model Y (5,934 units) took first place. This is the first time in four months since November last year that the Model Y has topped the best-selling imported car list. The gap is significant compared to the second-place BMW 520, which sold 1,553 units.

Tesla Model Y

This rise in Tesla’s ranking is due to the schedule of importing vehicles into Korea once every three months. However, even when dividing last month’s sales by three months, it calculates to over 2,000 units sold per month.

Last year, Tesla introduced the China-made Model Y equipped with lithium iron phosphate (LFP) batteries to the domestic market. This model was launched at a price more than 20 million KRW cheaper than the existing US-made version, gaining popularity in Korea. Despite the reduction in electric vehicle subsidies this year due to policy changes, it continues to sell steadily.

Industry insiders believe that if Tesla launches the new Model 3 Highland in Korea this year, it could even aim for the top spot in the brand’s monthly sales rankings. This vehicle is the new version of the affordable Tesla Model 3, which led the popularization of electric vehicles in Korea.