Shulou(Shulou.com)11/24 Report--

CTOnews.com Sept. 11, the latest data show that the growth of South Korea's electric car market has gradually slowed down, but the sales of imported brands are growing rapidly.

According to the latest registration statistics of the Korea imported cars Association (KAIDA) on September 10, the South Korean market sold 15084 electric vehicles from January to August this year, an increase of 54.8 percent from 9744 in the same period last year. In August, in particular, imported electric vehicles sold 2926 units, an increase of 72.2 per cent over the same period last year.

At the same time, there is a clear decline in domestic brands in South Korea. Hyundai, for example, sold only 3476 electric vehicles, down 30 per cent from the same period last year, although its overall sales rose 12.9 per cent.

In addition, sales of the IONIQ 5 fell 46.9% last month from the same period last year, selling only 1061 vehicles, while IONIQ 6 sold 400, down 18% from July.

The decline in sales of Genesis electric vehicles is even more pronounced, with sales of its G80 electric models down 74% from a year earlier and selling only 68 last month, while GV60 and GV70 SUV electric models sold 127 and 94 respectively, down 51.2% and 71.6%, respectively. Kia EV9 sold only 408 last month, down sharply from 1334 in June and 1251 in July.

This is explained by the South Korean industry as the result of imported vehicles actively competing for market share through electric vehicle discounts. After Tesla launched a low-cost "Model Y RWD" equipped with Chinese LFP batteries to the South Korean market in July, the big three German automakers also began to offer big discounts.

According to the car purchase information platform Getcha, major imported brands, including Mercedes-Benz, BMW and Audi, offer nearly 20 per cent discounts in South Korea, with Mercedes-Benz EQS offering a discount of 2600 million won (CTOnews.com Note: currently about 143000 yuan, or about 17%), while BMW medium-sized electric SUV iX3 M Sport fell 20.2% from 82.6 million won to 6589 million won.

In addition, the price of Audi e-tron Sportback 55 Quattro has been reduced by 22.16 million won. Polestar 2, a Swedish electric car brand, also offers discounts of up to 15 per cent and currently sells for about 3000 million won.

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