Chinese-made electric vehicles, led by Tesla and BYD, now account for one-third of the South Korean EV market. This represents a significant jump from 4.7% in 2022, putting pressure on domestic manufacturers like Hyundai.
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The scale of Gigafactory Shanghai is the real story here. It is not just about the cars, but the proximity to the battery supply chain that drives these costs down. I wonder if Korea's charging infrastructure can keep up with this specific surge in imports.
It will come down to subsidies. If Korea adjusts its EV incentives to favor domestic battery tech or local assembly, these numbers could shift quickly. Market share is often just a reflection of whoever has the best tax credit alignment.
Quick summary: Chinese-made EVs went from under 5% to nearly 34% of the Korean market in three years. Tesla is the big winner here because they are shipping so many cars out of Shanghai.
