Sales of imported light passenger vehicles in South Korea rose by 16% to 15,229 units in January 2025 compared with 13,083 units in the same month of last year, according to registration data released by the Korea Automobile Importers & Distributors Association (Kaida).
The market last month was up against weak year-earlier volumes, when vehicle deliveries were affected by shipping delays caused by geo-political tensions in the Red Sea. Sales were also held back by fewer working days due to the Lunar New Year holidays.
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Overall demand for new vehicles in South Korea remains weak, however, amid sluggish domestic economic growth and high consumer debt. Competition has also increased significantly, with domestic automakers having stepped up new model launches in recent months – particularly electric and hybrid vehicles.
Hybrids accounted for 76% of total import sales last month, or 11,551 units, followed by petrol vehicles with 2,834 units, battery electric vehicles (BEVs) with 635 units and diesel models with 209 units.
BMW reported a 38% sales rise to 5,960 units in January, while sales by its Mini subsidiary plunged by 57% to 234 units. The German automaker recently completed the installation of a network of 2,125 EV chargers across the country to help drive up local demand for its EVs.
Mercedes-Benz saw its sales rise by 29% to 3,790 units last month, while Volvo’s sales increased by 7% to 1,033 units. Toyota-Lexus, which was not affected by shipping delays last year, saw its sales fall by 13% to 1,556 units. The data do not include sales by BYD, which launched sales of its Atto 3 BEV last month.
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By GlobalData
