Seoul, Aug 5 US electric vehicle major Tesla reclaimed the top spot in South Korea's imported car market in July, driven by strong sales of its Model Y, industry data showed on Tuesday.
According to the Korea Automobile Importers & Distributors Association (KAIDA), 27,090 imported passenger cars were newly registered last month, up 23.3 percent from 21,977 units the previous year, reports Yonhap news agency.
KAIDA attributed the sales growth to improved supply conditions for certain brands compared with last year.
Tesla topped the list with 7,357 units sold in July, reclaiming the No. 1 spot after losing it in June. The U.S. EV maker first topped the list in May. BMW followed with 6,490 units sold in July, while Mercedes-Benz ranked third with 4,472 units.
Tesla's Model Y was the best selling model with 6,559 units sold, followed by the BMW 520 with 1,292 units and Tesla's Model 3 at 798.
Meanwhile, imported vehicle registrations in South Korea have surged 38-fold over the past three decades, driven by diversifying consumer tastes, an industry association said.
Annual imported car registrations rose from just 6,921 units in 1995 to 263,288 last year, the Korea Automobile Importers and Distributors Association (KAIDA) said in a press release.
"Imported brands will continue to offer diverse and differentiated options for Korean customers, as they have over the past 30 years," KAIDA Vice Chairman Jung Yoon-young said.
In the first half of this year, imported car sales climbed 9.9 percent from a year earlier to 138,120 units, fueled by strong demand for German models and U.S. electric vehicle (EV) maker Tesla Inc.
Three German automakers -- Volkswagen Group Korea, BMW Group Korea and Mercedes-Benz Korea -- sold a combined 84,211 vehicles in the January-June period, up 12 percent on-year.
KAIDA's membership grew from eight companies in 1995 to 23 as of June this year, with vehicles now sold under 30 different brands.
In March, Chinese EV maker BYD Co. joined the association as it seeks to expand its presence in Asia's fourth-largest economy.
Imported brands made up 18.3 percent of South Korea's passenger vehicle market last year, up sharply from just 0.6 percent in 1995, the association said.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor