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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] SEOUL, June 2, 2026 — Chinese automakers have surpassed Japanese brands in South Korea’s import car market for the first time, climbing to third place in April on the back of rapid sales growth by BYD.
According to the Korea Automobile Importers & Distributors Association, new vehicle registrations by country of origin in April totaled 16,385 units for Europe, 13,611 units for the United States, 2,023 units for China, and 1,974 units for Japan.
Currently, BYD is the only Chinese brand officially selling vehicles in South Korea. The company’s rapid expansion since entering the market in April last year has been a key driver behind China’s rise in rankings.
BYD’s monthly sales surpassed 1,000 units in September 2025 and exceeded 2,000 units in April 2026, reflecting strong momentum in the market.
In contrast, Japanese automakers—including Toyota, Lexus, and Honda—recorded combined sales below Chinese brands, with Lexus selling 1,079 units, Toyota 829 units, and Honda 66 units in April.
While Japanese brands have maintained steady sales for over two decades in Korea, largely driven by hybrid vehicles, analysts point to their limited electric vehicle lineup as a key weakness amid rising fuel prices and growing demand for cost-effective EVs.
BYD’s competitive pricing strategy has also played a significant role. Its Dolphin model, launched in February, starts at around KRW 24.5 million, significantly lower than comparable models such as Lexus’ UX300h and Toyota’s RAV4, which start at approximately KRW 52.1 million and KRW 49.3 million, respectively.
Industry participants note that direct comparisons remain challenging due to differences in target customer segments. However, the shift highlights the growing impact of affordable EVs in reshaping Korea’s import car market landscape.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
