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July 16, 2024

Tesla's Model Y tops import car sales in H1

PUBLISHED : July 07, 2024 - 16:45

UPDATED : July 07, 2024 - 16:45

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Tesla's mid-size SUV Model Y (Tesla Korea)

US electric vehicle maker Tesla’s mid-size SUV Model Y topped imported car sales in Korea in the first half of this year, according to market tracker Carisyou on Sunday.

With Germany’s BMW and Mercedes-Benz remaining the best-selling imported car brands, Tesla became the third-largest foreign carmaker during the same period.

Tesla’s Model Y sold 10,041 units in the January-June period, almost quadrupling from a year ago. Other top sellers included BMW’s 5 Series (10,024 units), Mercedes-Benz’s E-Class (8,916 units) and Tesla's Model 3 (7,026 units).

Carisyou noted that the robust growth is largely attributed to the carmaker’s two price cuts in February and April.

In February, Tesla lowered the car’s price by 2 million won ($1,450) as the Korean government cut subsidies for EVs equipped with China-made batteries, including the Model Y, from 5.14 million won to 1.95 million won. In April, another 2 million price cut was made as part of the company’s global pricing strategy. Currently, the base Model Y is sold at around 53 million won here.

In the first half, BMW was the best-selling imported car brand with 34,933 units sold, followed by Mercedes-Benz with 30,015 units, Tesla with 17,380 units, Volvo with 7,185 units and Lexus with 6,421 units.

It was the first time that Tesla ranked third in sales in the nation’s crowded imported car market that used to be dominated by the so-called German Big 4 – BMW, Mercedes-Benz, Audi and Volkswagen.

By Shim Woo-hyun (ws@heraldcorp.com)

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