SEOUL, Feb. 4 (Korea Bizwire) — Sales of imported vehicles in South Korea surged in January, driven by a sharp rebound in electric vehicle demand led by Tesla and the Chinese automaker BYD, industry data showed on Wednesday. New registrations of imported cars rose 37.6 percent from a year earlier to 20,960 units, according to the [...]
SEOUL, Dec. 1 (Korea Bizwire) — Tesla is accelerating its push into South Korea, leveraging lower-cost China-made vehicles and a new supervised version of its Full Self-Driving system to rapidly expand its presence in one of the world’s most competitive electric-vehicle markets. Tesla Korea sold 47,941 vehicles from January through October, up 61.1 percent from a [...]
SEOUL, Oct. 27 (Korea Bizwire) — South Korea’s three mid-sized automakers are losing ground so rapidly in their home market that they now lag behind Tesla, a relative newcomer that entered the country less than a decade ago. According to data from Kaizuyu Data Research Institute released Sunday, Renault Korea sold 40,431 vehicles in the domestic [...]
LOS ANGELES & SEOUL, Oct. 23 (Korea Bizwire) — Tesla CEO Elon Musk said the company will partner with both Samsung Electronics and Taiwan’s TSMC to produce its next-generation artificial intelligence chip, signaling a deepening collaboration between the U.S. automaker and the South Korean tech giant. Speaking during Tesla’s third-quarter earnings call on Wednesday, Musk confirmed [...]
SEOUL, Oct. 10 (Korea Bizwire) – Sales of imported vehicles in South Korea rose more than 30 percent in September from a year ago, driven by strong demand for Tesla and steady sales of hybrid and electric vehicles (EVs), industry data showed Friday. According to the Korea Automobile Importers & Distributors Association (KAIDA), the number [...]
SEOUL, Aug. 7 (Korea Bizwire) — U.S.-made vehicles are gaining unprecedented traction in South Korea’s import car market, fueled largely by the surging popularity of Tesla and the easing of non-tariff trade barriers under recent Korea-U.S. trade negotiations. According to auto data firm CarIsYou Data Research Institute, 7,362 U.S.-made passenger vehicles were sold in South [...]
SEOUL, July 3 (Korea Bizwire) — Sales of imported vehicles in South Korea rose 9.9 percent in the first half from a year earlier, driven by strong demand for newly launched models, industry data showed Thursday. The number of newly registered imported cars reached 138,120 units in the January-June period, up from 125,652 a year [...]
SEOUL, Feb. 26 (Korea Bizwire) — Global automakers are rolling out lower-priced electric vehicles this year despite facing a temporary plateau in demand, known in the industry as a “chasm.” The strategy aims to attract cost-conscious consumers while securing market share ahead of widespread EV adoption. According to industry sources on February 24, Kia plans to unveil [...]
SEOUL, Dec. 23 (Korea Bizwire) — In 2024, South Korea’s import car market has shifted from its traditional “Big Four” structure to a “Big Three,” driven by Tesla’s remarkable sales growth. BMW and Mercedes-Benz continued their rivalry for the top spot, while Tesla secured third place for the first time with sales nearly doubling from 2023. [...]
SEOUL, Dec. 16 (Korea Bizwire) –Tesla is poised to claim the second spot in South Korea’s electric passenger car market, overtaking Hyundai Motor (excluding Genesis) for the first time since entering the market in 2017. Despite challenges such as slowing demand for EVs and a sluggish domestic economy, Tesla has achieved a record milestone of [...]