$42 Million Imports Until April This Year
645% Increase in One Year... 3rd Largest Importing Country
Inflow of Tesla and Others from Chinese Factories
Increase in Commercial Vehicle Volumes Such as Buses and Trucks
[Asia Economy Reporter Choi Daeyeol] It has been revealed that electric vehicles imported from China have surged this year. While the volume of American and European brands produced in Chinese factories has increased, the industry explains that a significant number of local Chinese brand models such as trucks and buses are also being imported into the domestic market. Analysts suggest that China is actively penetrating the Korean market through electric vehicles that have secured considerable global competitiveness.
According to statistics from the Korea International Trade Association on the 20th, the import value of electric vehicles from January to April was recorded at $337 million. The countries from which imports were made were the United States and Germany, each with $132 million, taking first and second place by a narrow margin. China followed with $42 million. What stands out is China's growth rate. Since electric vehicle imports began in earnest in 2017, the United States, which had consistently been the largest importer, saw a 19% decrease compared to the same period last year, whereas China surged by 645%. Germany's increase was slightly more than double during the same period.
The increase in Chinese electric vehicles is attributed to the inflow of vehicles produced at Tesla and Polestar's factories in China, where domestic demand is high. Tesla produces high-demand models such as the Model 3 and Model Y not only at its headquarters in the United States but also in Shanghai, exporting them to neighboring countries. The Shanghai Gigafactory's production was initially exported to Europe, Australia, and New Zealand, and later expanded to include Korea.
Volvo's electric vehicle brand Polestar also sells the Polestar 2 produced at its Chinese factory domestically. According to Kaizyu Data, which compiles vehicle registration status, from January to April, 2,703 Teslas and 729 Polestars were newly registered in Korea.
In particular, in the commercial vehicle market such as buses and trucks, imports of local Chinese brands have significantly increased. Dongfeng Sokon's electric truck Masada recorded 346 new registrations in just the past month, making it the most registered imported commercial vehicle brand. The Chinese brand CHTC's electric bus Epic City also sold 48 units, ranking fifth among commercial vehicle models.
A representative from the finished vehicle industry said, "In the past, most internal combustion engine vehicles produced in China were sold locally, but electric vehicles are different," adding, "Since the technological barriers are relatively low, new companies have actively engaged in development and production, and with massive subsidies and other policy support, export volumes to neighboring countries are increasing."
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