On February 28, South Korea's "Asian Economy" published an article saying that among the imported cars sold in South Korea last year, only Chinese-made and Japanese-made cars increased. It is worth mentioning that Chinese cars have surpassed Japanese cars to become the third largest importer after Germany and the United States.
According to an analysis of last year's new registration status released by the Korea Automotive & Mobility Industry Association, a total of 29 percent were sold in Korea last year6.45 million imported vehicles, compared with the previous year (31.12.21 million units) decreased by 47%。In terms of origin, Germany and the United States were 118523 and 58,422 respectively, down 95% and 263%。
China's car imports more than doubled to 26,389 units during the same period. Japan's automobile imports were 20,383 units, a year-on-year increase of 576%, but for the first time behind Chinese cars. Previously, in 2022, there were 12,727 Chinese-made cars, slightly less than Japanese-made cars. The data on Chinese-made vehicles includes the production of local brands, mainly local commercial vehicles, and some passenger brands, including Tesla, at their factories in China.
A notable feature of South Korea's new car sales market last year was an increase in sales of domestically produced vehicles and a decline in sales of imported vehicles. Sales of domestically produced cars in Korea were 14530,000 units, an increase of 59%；Imported car sales 2960,000 units, down 48%。In terms of market share, Korea's domestic cars accounted for 831%, and imported cars accounted for 169%。
Although the volume of sales has decreased, the amount has increased. The total amount of cars sold last year was 784,530 trillion won (about 423.6 billion yuan), an increase of 66%。It is worth mentioning that the price of each imported car has exceeded 84 million won (about 450,000 yuan). A year ago, that figure was just over 78 million won (about 420,000 yuan).
According to the Korea Automotive & Mobility Industry Association, "The preference for luxury vehicles such as hybrid vehicles and SUVs is concentrated, and the upward trend continues. The number of monthly new registrations has declined since the second half of last year, but the average acquisition** was significant at the end of the year, due to the purchase of premium cars that mainly buy luxury cars.
It also emphasized: "Electric vehicles, which have been driving high growth in demand for new cars, cannot maintain high growth for the time being, and need support from domestic demand, so we should support the replacement of old vehicles, and continue to provide tax breaks for electric vehicles that are expected to expire this year, with a focus on environmentally friendly vehicles." Support measures to stimulate demand must be maintained. ”
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