The Tesla Model 3 surpassed the Mercedes-Benz E300 4Matic and BMW 520 to become the best-selling imported vehicle in South Korea in April 2024. (Image courtesy of Tesla)
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.
According to data from the Korea Automobile Importers & Distributors Association (KAIDA) and Kaizuyu Data Research, BMW led with 67,250 vehicles sold through November 2024, followed by Mercedes-Benz with 59,561 units.
Tesla sold 28,498 units during the same period, far surpassing its 2023 total of 16,461 units and solidifying its position as the third-largest importer. Volvo and Lexus trailed at fourth and fifth places, respectively.
U.S. electric carmaker Tesla Inc. has emerged as a major player in South Korea’s imported passenger vehicle market this year. (Image courtesy of Tesla Inc.)
Tesla’s Model Y was the driving force behind its success, selling 17,671 units through November 2024, ranking as the third best-selling import model after the Mercedes-Benz E-Class (22,021 units) and the BMW 5 Series (18,947 units).
Another Tesla offering, the Model 3, ranked fourth with 10,319 units sold. Despite reduced government subsidies for electric vehicles, the affordability of the China-manufactured Model Y with lithium iron phosphate (LFP) batteries bolstered its appeal.
Tesla also opened its eighth domestic showroom in Seoul’s Gangnam district, reinforcing its commitment to the South Korean market.
However, 2025 is expected to bring fierce competition as China’s BYD, the world’s largest electric vehicle manufacturer, enters the South Korean market.
Industry experts predict intense rivalry in 2025 as Tesla strives to maintain its stronghold while BYD leverages its position as a global EV leader.
“Tesla’s remarkable performance in 2024 highlights the growing appetite for electric vehicles in South Korea,” an industry official noted. “But 2025 will test its dominance with BYD’s arrival.”
Kevin Lee (kevinlee@koreabizwire.com)
