Chinese cars outsell Japanese brands in South Korea for the first time

Chinese automotive brands have outsold Japanese rivals in South Korea for the first time, with BYD alone surpassing the combined sales of all Japanese brands. Chinese automakers are rapidly expanding their foothold in the South Korean market, leading with electric vehicles.

According to the Korea Automobile Importers and Distributors Association, new vehicle registrations in the domestic import market in April ranked by country of origin were: Europe at 16,385 units, the United States at 13,611 units, China at 2,023 units and Japan at 1,974 units. It was the first time on a monthly basis that Chinese-made vehicles had outsold Japanese-made vehicles.

China's lead came on the strength of a single brand: BYD outsold the entire Japanese lineup on its own. Brand-by-brand registrations for the same period were BYD at 2,023 units, Lexus at 1,079 units, Toyota at 829 units and Honda at 66 units. BYD's tally alone exceeded the combined sales of Lexus, Toyota and Honda.

Further shifts in the import market's country-by-country sales landscape could follow as other Chinese electric vehicle brands prepare to enter South Korea this year, including Zeekr, the premium EV brand under Geely Automobile Group. Should multiple Chinese brands enter the Korean market in quick succession, the competitive dynamics among import brands could shift further.

The shrinking presence of Japanese brands is also seen as an opportunity for Chinese automakers. All Japanese brands except Toyota and Lexus have withdrawn from the domestic market.

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https://biz.heraldcorp.com/article/10760856