Last month, BMW outpaced Mercedes-Benz, claiming the top spot in the imported car market in South Korea. With electric vehicle (EV) subsidies kicking into high gear, the Tesla Model Y emerged as the best-selling model.
On Thursday, the Korea Automobile Importers & Distributors Association (KAIDA) reported that new registrations of imported passenger cars in February totaled 20,199 units, a 24.4% increase from 16,237 units in February 2024.
The breakdown of registrations by brand for the past month was as follows: BMW led with 6,274 units, followed by Mercedes-Benz at 4,663, Tesla at 2,222, Lexus at 1,337, Volvo at 1,046, Porsche at 703, Toyota at 623, Audi at 609, Mini at 538, and Volkswagen at 499 units.
Analyzing the fuel types, hybrid vehicles dominated 64.4% with 13,013 units, electric vehicles followed by 18.6% with 3,757 units, gasoline vehicles accounted for 16.0% with 3,226 units, and diesel vehicles trailed 1.0% with 203 units.
Regarding engine displacement, vehicles under 2,000cc made up 48.7% with 9,839 units, those between 2,000cc and 3,000cc totaled 27.9% with 5,632 units, and vehicles between 3,000cc and 4,000cc accounted for 3.0% with 613 units.
The Tesla Model Y claimed the title of best-selling model last month with 2,038 units sold. The Mercedes-Benz E200 closely followed it with 927 units and the BMW 520 with 922 units.
Jung Yoon Young, Vice President of KAIDA, attributed the uptick in new registrations to the confirmation of electric vehicle subsidies and latest models by certain brands.
