According to the Korea Automobile Importers & Distributors Association (KAIDA), German luxury automaker BMW led the market this year with 67,250 units sold up to November, followed by Stuttgart-based Mercedes-Benz with 59,561 units.
Tesla recorded sales of 28,498 units during the same period, marking about a 73 percent increase from last year's 16,461 units, positioning itself ahead of Swedish automaker Volvo's 13,603 units and Toyota-owned Lexus's 12,849 units.
The mid-sized electric vehicle (EV) Model Y emerged as Tesla's bestselling vehicle, securing the third position in individual model sales with 17,671 units, trailing behind Mercedes-Benz's E-Class, 22,021 units, and BMW's 5 Series with 18,947 units.
Tesla's success came despite a 62 percent reduction in government subsidies for electric vehicles, from 5.14 million won (US$3,543) to 1.95 million won, particularly driven by the cheaper Chinese-made Model Y equipped with lithium iron phosphate (LFP) batteries.
The company has strengthened its presence in the Korean market by opening its eighth showroom in Seoul's affluent Gangnam district this month.
"Despite the global electric vehicle market experiencing a 'chasm' in demand, Tesla has shown remarkable performance in Korea this year," said an imported car industry insider.
Tesla is expected to face fierce competition early next year with China's BYD, one of the world's largest electric vehicle manufacturer, entering the Korean EV market.
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