Tesla leads South Korea imports as EV demand surges

Imported passenger car registrations by individual buyers in South Korea hit 30,517 in January and February, the first time new registrations have topped 30,000 by February at the fastest pace since tracking began, data from the Korea Automobile Importers & Distributors Association showed.

Tesla led imported brands with 7,065 registrations through February, up from 1,919 year-on-year, followed by BMW with 6,786 and Mercedes-Benz with 5,905, while Lexus logged 2,019, and BYD 1,967.

Tesla’s rise has been cited to new models and recent price cuts, and because early-year EV subsidies are set at the start of the year, demand was concentrated on Tesla.

EV registrations rose to 10,934 from 3,133 year-on-year, hybrids increased to 16,276, and buyers in their 40s accounted for the largest share, with 10,210 purchases.

🔗 Source: Chosunbiz

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Tesla takes a big slice of South Korea’s import market

January to February figures focus on individual buyers, while Korea Automobile Importers & Distributors Association (KAIDA) data put Tesla at 7,868 sales in February, or about 29% of imported passenger cars that month 1.
Most of that volume came from one vehicle, with the Tesla Model Y Premium ranked first among imported models in February 1.
The Model Y Premium Long Range took second place, keeping the top two slots inside the same lineup 1.
Tesla also made up about 73% of imported electric vehicle (EV) registrations in February 1.
A KAIDA official tied the rush in January to sharp pricing rather than subsidy timing, saying buyers moved ahead regardless of incentives 2.

Tesla and BYD’s spike lines up with subsidy tweaks that favor local brands

Foreign EV momentum has pushed a government response, raising the maximum purchase incentive to 6.8 million won under the finalized 2026 EV subsidy plan 3.
The updated plan adds tougher charging rules plus energy density thresholds, which 3 described as favoring Hyundai and Kia because many Chinese brands use lithium iron phosphate (LFP) batteries while Hyundai and Kia use nickel cobalt manganese (NCM) batteries 3.
That approach has precedent, since from 2023 the government said EV subsidy eligibility would depend on after-sales service infrastructure 4.
More foreign share gains may bring further rule changes meant to bolster South Korea’s domestic auto industry.