Has the BYD Boom Ended? July Sales Stall at 292 Units

27,090 Imported Cars Sold in July
Best-Selling Model: "Tesla Model Y"

BYD, which is making waves in the global electric vehicle market, is struggling to gain traction in South Korea. Its sales have remained at around 200 units for two consecutive months. In contrast, Tesla continues to hold the top spot in the domestic market.

On August 5, the Korea Automobile Importers & Distributors Association (KAIDA) announced that the number of newly registered imported passenger cars in July was 27,090 units, a 2.5% decrease compared to June (27,779 units). Year-on-year, this represents a 23.3% increase. The cumulative sales for this year reached 165,210 units, up 11.9% compared to the previous year.

By brand, Tesla led with 7,357 units, outpacing BMW (6,490 units) and Mercedes-Benz (4,472 units). They were followed by Lexus with 1,369 units, Audi with 1,259 units, Volvo with 1,015 units, Porsche with 1,014 units, Toyota with 779 units, and Mini with 724 units. Volkswagen sold 601 units, Land Rover 393 units, and Ford 296 units, among others.

BYD sold only 292 units. Its first model launched in Korea, the compact SUV Atto 3, sold over 1,000 units in April and May, but sales have slowed since June.

Other brands recorded the following sales: Polestar 223 units, Jeep 219 units, Honda 143 units, Lincoln 122 units, Peugeot 78 units, Cadillac 62 units, Lamborghini 55 units, Maserati 28 units, Bentley 26 units, Ferrari 25 units, GMC 24 units, Rolls-Royce 15 units, and Chevrolet 9 units.

By engine displacement, registrations were as follows: under 2,000cc, 9,821 units (36.3%); 2,000?3,000cc, 6,013 units (22.2%); 3,000?4,000cc, 658 units (2.4%); over 4,000cc, 405 units (1.5%); and others (electric vehicles), 10,193 units (37.6%).

By country of origin, European vehicles accounted for 16,418 units (60.6%), American vehicles 8,089 units (29.9%), Japanese vehicles 2,291 units (8.5%), and Chinese vehicles 292 units (1.1%). By fuel type, hybrid vehicles accounted for 13,469 units (49.7%), electric vehicles 10,193 units (37.6%), gasoline vehicles 3,103 units (11.5%), and diesel vehicles 325 units (1.2%).

Of all sales, individual purchases accounted for 17,245 units (63.7%), while corporate purchases accounted for 9,845 units (36.3%).

The best-selling models in July were the Tesla Model Y (6,559 units), BMW 520 (1,292 units), and Tesla Model 3 (798 units).

Jung Yoonyoung, Vice Chairman of the Korea Automobile Importers & Distributors Association, explained, "The number of newly registered imported passenger cars in July decreased compared to the previous month, as the increase from some brands securing inventory was offset by a base effect after the first half of the year and the impact of the vacation season."