Tesla Model Y reclaims spot as Koreans' favorite foreign car in September

The rear-wheel drive SUV appeals to consumers with its price, lowered by Chinese LFP batteries and government subsidies

Tesla Model Y (Courtesy of Tesla)
Tesla Model Y (Courtesy of Tesla)
Sungsu Bae 1
2023-10-06 13:24:15 baebae@hankyung.com
Automobiles

The Tesla Model Y reclaimed the top spot on the best-selling imported car list in South Korea last month for the first time since September 2022.

The all-electric rear-wheel drive (RWD) sport utility vehicle (SUV) logged 4,206 shipped units in September, nearly 9.8 times the shipments in August, according to Seoul-based auto market data provider Carisyou.

The Mercedes-Benz E-Class Sedan ranked second with 3,510 shipped units, followed by Volvo’s mild hybrid mid-sized SUV XC60 scoring 899 units. The BMW 3 Series Sedan came in fourth with 842 units, while the Mercedes-Benz GLE, a mid-sized luxury SUV, ranked fifth scoring 693 units.

It is the first time that the Tesla Model Y has reclaimed the top spot among imported cars in Korea since September of last year when it recorded 1,910 shipped units.

Tesla Inc. released its Model Y using Chinese lithium iron phosphate (LFP) batteries in Korea in July. The EV is eligible for the Korean government's full subsidy support as it was priced at 57 million won ($42,272) minus 10,000 won, meeting the country's revised criteria announced in February. 

The car has appealed to local consumers with its affordability as the government subsidies lower the price per unit to around 50 million won in Seoul.

Koreans’ top pick among imported cars has been a battle between the BMW 5 Series and the Mercedes-Benz E-Class Sedan over the last year.

The Mercedes-Benz E-Class topped the best-selling list between October and December last year, while the BMW 5 Series took the same spot in January and February of this year. The Mercedes-Benz E-Class reclaimed the top position in March, with the BMW 5 Series grabbing it back from April to August.

Write to Sungsu Bae at baebae@hankyung.com

Jihyun Kim edited this article.
#Tesla Model Y in Korea #Tesla launches Model Y #Korean EV market #electric cars in Korea #best-selling imported cars in Korea #Tesla Model Y subsidy #Tesla Model Y LFP batteries #Tesla Model Y price in Korea

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