In the first quarter of this year, the domestic electric vehicle market showed contrasting results. Domestic electric vehicles recorded a double-digit increase in sales compared to the same period last year, while imported electric vehicles saw a slight decline. However, with Tesla recently unveiling new vehicles and Chinese electric vehicle manufacturer BYD preparing to launch new models, there are expectations that the landscape may change starting in the second quarter.
According to Kaizyu Data Research Institute, an automotive market research firm, a total of 33,482 new electric vehicles were registered in the first quarter of this year (January to March). This marks a 31% increase compared to 25,550 units during the same period last year. Monthly figures show that January had 2,378 units, February had 13,247 units, and March had 17,857 units, reflecting a monthly upward trend.
This is the first time in the past five years that electric vehicle sales exceeded 30,000 units in the first quarter. Unlike previous years, when the subsidies for electric vehicles were finalized in February, the government decided to provide subsidies a month earlier this year. Additionally, the introduction of discount sales and value-for-money models from Hyundai Motor Company and Kia also contributed to the increase in sales.
The best-selling electric vehicle in the domestic market was the Kia EV3. In just last month, 3,032 units were sold, totaling 5,718 units sold in the first quarter. The second place went to the Hyundai Ionic 5, which recorded 2,667 units. The Hyundai Casper Electric followed with 2,432 units, and the Kia EV6 with 2,335 units.
In the first quarter, Kia's total electric vehicle sales reached 11,800 units, an increase of 87.9% compared to the same period last year, while Hyundai's sales totaled 11,359 units, up 64.5%.
In contrast, the number of imported electric vehicles sold in the first quarter of this year was 10,050, a decrease of 1.8% compared to last year's 10,237 units. The top seller was the Tesla Model 3, with 2,453 units sold. The Tesla Model Y ranked second with 2,229 units, followed by Volkswagen's ID.4 with 782 units, Audi's Q4 e-tron with 580 units, and Volvo's EX30 with 540 units.
In the finished car industry, there are observations that while Hyundai Motor Company and Kia boosted their market share to over 70% in the first quarter, the situation may change starting in the second quarter. This is because the BYD Atto 3, which has recently been confirmed to have subsidies of 1.45 million won, is set to be delivered soon. The Atto 3 is BYD's first model launched in the domestic market and has seen over 2,500 pre-orders. The next model, the Seal, has also begun pre-sales.
Recently, Tesla also launched the Juniper, a facelifted version of the Model Y, in the domestic market. A noteworthy point is that its price has been set lower than that of the existing Model Y. Tesla has priced the rear-wheel-drive model at 52.99 million won and the all-wheel-drive long range at 63.14 million won. This is about 7 million won cheaper compared to the rear-wheel-drive Model Y, which was launched domestically in February 2021 at a price of 59.99 million won, and considering national and local government subsidies, it can be purchased in the late 40 million won range. The national subsidies for the new Model Y are 1.88 million won for the rear-wheel drive and 2.07 million won for the long range.
In addition, BMW officially launched its best-selling i4 electric vehicle in the domestic market on the same day.
Domestic companies are also planning to continue increasing their market share by launching new models. Kia will unveil the EV4, while Hyundai Motor Company will introduce the Ionic 9. A facelift model of the Ionic 6 and Kia's first purpose-built vehicle (PBV) model, the PV5, will also be launched within the year.