BYD is now one of Korea’s fastest-growing imported EV brands while rivals like Chery look to break into a market long dominated by local giants
Sales of China-made EVs in South Korea soared to 25,000 units in the first quarter of 2026, marking a 286.1 per cent increase from a year earlier, according to data from the Korea Automobile and Mobility Association (Kaida). Over the same period, Korean carmakers sold about 51,000 units, but grew at a much slower pace of 126.1 per cent.
The market share of EVs manufactured in China surged from 4.7 per cent in 2022 to 33.9 per cent last year, while that of Korean EVs fell from 75 per cent to 57.2 per cent, according to the data released on Wednesday.
“Most [Chinese] firms have identified overseas expansion as a growth pillar of 2026, in light of slowing EV demand at home,” said Xu Tianchen, senior economist at the Economist Intelligence Unit. “South Korea is certainly one of the target markets.”
That began to change in 2024, as competitively priced, technologically advanced models expanded their presence. Yet the biggest driver of growth for China-made EVs in South Korea is not a Chinese brand but Tesla, whose Shanghai-built models have become increasingly popular, said Troy Stangarone, a non-resident fellow at the Carnegie Mellon Institute for Strategy and Technology.
Tesla sells its models in South Korea with slightly lower specifications – including a shorter driving range and smaller battery capacity than versions made in the United States – while cutting prices by as much as 10 million won (US$6,740).
The company’s sales jumped 311 per cent from 2022 to 2025 to 59,916 units, Stangarone said, citing Kaida data. It was also South Korea’s bestselling imported brand in the first quarter.
Source: News - South China Morning Post
