RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
Apple Appoints Amar Subramanya as New Vice President of AI Amid Push to Accelerate Innovation 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
Stuck in a creativity slump at work? Here are some surprising ways to get your spark back 
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
Visa to Move European Headquarters to London’s Canary Wharf 
AI is driving down the price of knowledge – universities have to rethink what they offer 
Debate over H-1B visas shines spotlight on US tech worker shortages 
Office design isn’t keeping up with post-COVID work styles - here’s what workers really want 
Netflix Nearing Major Deal to Acquire Warner Bros Discovery Assets 
IKEA Expands U.S. Manufacturing Amid Rising Tariffs and Supply Chain Strategy Shift 
Wikipedia Pushes for AI Licensing Deals as Jimmy Wales Calls for Fair Compensation 
Dollar Slides to Five-Week Low as Asian Stocks Struggle and Markets Bet on Fed Rate Cut 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
What’s the difference between baking powder and baking soda? It’s subtle, but significant 
Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows 
German automakers lead South Korea's import EV market, selling 15,084 units—a stark rise from 9,744 in 2020. Data from KAIDA unveils impressive growth despite a decline in imported gasoline and diesel vehicle sales. Brands like Mercedes-Benz, BMW, and Porsche reported notable sales spikes, challenging Tesla's dominance.
Import vehicle registration data from the Korea Association of Imported Automobile Manufacturers (KAIDA) reveal a remarkable 54.8 percent increase compared to last year. In contrast, sales of imported internal combustion engines experienced a noticeable decline during this timeframe.
Gasoline-powered vehicle sales dropped 5.6 percent, from 89,773 to 85,810 units. Meanwhile, diesel vehicle sales dipped by 30.3 percent, falling from 22,787 to 15,873 units.
Mercedes-Benz, BMW, Porsche, Volkswagen, and Chevrolet all witnessed an increase in EV sales in South Korea when comparing this year's January to August period to the same timeframe in the previous year. Mercedes-Benz, BMW, and Porsche notably exhibited the most significant EV sales growth.
The success of Mercedes-Benz in the Korean EV market can be attributed to its aggressive promotion of the EQ series of electric vehicles. The brand recorded cumulative EV sales of 5,545 units from January to August of this year, representing a remarkable 185.7 percent increase from the same period in 2020.
Impressively, Mercedes-Benz outpaced Tesla, the renowned electric vehicle manufacturer, by nearly 1,000 units. Tesla reported sales of 4,546 vehicles.
In parallel, BMW performed exceptionally well, selling 4,337 electric vehicles in South Korea during the same timeframe. This marked an impressive 92 percent increase compared to last year's figures. It's important to note that this figure excludes sales of BMW's subsidiary, MINI.
More than half of the imported cars sold in South Korea are either Mercedes-Benz or BMW vehicles. These two major domestic import car industry players fiercely compete in the Korean EV market, greatly contributing to the overall sales of imported EVs.
Photo: Jonas Morgner/Unsplash
