Model Y Tops Sorento and Grandeur: "Korea is Awesome"—Musk Gives Rare 'Shout-Out' as Sales Hit No. 1

Tesla Model Y Tops Monthly Sales, Surpassing Domestic Brands

Outpaces Sorento and Grandeur

Spotlight on Musk’s Wealth Amid Record Performance

Elon Musk, CEO of Tesla and SpaceX, has publicly expressed his satisfaction with the sales boom of the Tesla Model Y in the Korean market. On June 9, Musk shared the news on his X (formerly Twitter) account that the Tesla Model Y had ranked first in monthly sales in the Korean automotive market, writing "Korea is Awesome." He also added a Taegukgi emoji, demonstrating his positive response to the Korean market. Musk's post is seen as a reaction to the Model Y topping overall car sales in Korea, surpassing not only other imported vehicles but also popular domestic models.

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According to the Korea Automobile Importers & Distributors Association (KAIDA) and industry sources, the number of newly registered Tesla Model Y vehicles in Korea in May reached 8,762 units. This figure exceeded that of the Kia Sorento, which recorded 7,836 units, and the Hyundai Grandeur, with 5,183 units during the same period. It is an exceptional record for a single imported model to become the best-selling car in the Korean market on a monthly basis.

Elon Musk, CEO of Tesla and SpaceX, publicly expressed his satisfaction with the sales surge of the Tesla Model Y in the Korean market. Musk X

The Model Y's strong performance was also dominant within the imported car segment. In the May ranking of best-selling imported cars, the Model Y Premium sold 7,195 units and the Model Y L sold 1,513 units, sweeping the top spots. The BMW 520 followed with 1,390 units. The sales gap between the Model Y and the second-best-selling imported model further solidified Tesla's market presence in Korea.

Musk Gives a Shoutout Over Top Sales; Korean Market in the Spotlight Again

Tesla's dominance was also evident by brand. Tesla sold 10,866 vehicles in Korea in May alone, becoming the number one imported car brand. This figure is higher than the combined sales of BMW (6,555 units) and Mercedes-Benz (3,553 units). The total number of newly registered imported passenger cars in May was 29,860 units, meaning Tesla accounted for over one-third of the imported car market.

Even compared to mid-sized domestic automakers, the sales volume of the Model Y stands out. Last month, the sales of the Model Y alone exceeded the combined domestic sales of KG Mobility, Renault Korea, and GM Korea. Analysts point out that a combination of government EV subsidies, price reductions, and the launch of the Model Y L has enabled Tesla to capture demand even among family car buyers.

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Industry experts believe that the price cut for the Model Y Premium rear-wheel-drive (RWD) trim and the launch of the six-seater Model Y L were key drivers behind the sales surge. In addition, the high receptivity of Korean consumers to electric and software-based vehicles, loyalty to the Tesla brand, and the expansion of charging infrastructure all contributed. This created a symbolic moment when imported EVs surpassed the popularity of domestic internal combustion engine vehicles.

Korean Market Performance Has Significant Impact on Musk's Personal Wealth

This success in the Korean market is also closely tied to Musk's personal wealth. The majority of Musk's fortune is linked to the value of his shares in Tesla and SpaceX. Major wealth rankings consistently list Musk as the world's richest person, though recent estimates vary by media outlet and calculation method, with values differing by tens of billions of dollars. Investopedia, for example, estimated Musk's net worth at approximately $721 billion as of June 1, while Forbes and related sources suggest even higher valuations.

Notably, the corporate value of SpaceX has emerged as a key variable affecting Musk's net worth. Foreign media report that if SpaceX pursues a large-scale initial public offering (IPO), its valuation could exceed $1.7 trillion. In such a scenario, Musk could come close to becoming the world's first "trillionaire." However, much of Musk's assets consist of unlisted company shares and stock valuations, which differ substantially from actual cash assets and can fluctuate widely depending on Tesla's stock price and SpaceX's valuation.

The Tesla sales boom in Korea is also expected to have a significant impact on the competitive landscape of the Korean automotive market. With imported EVs surpassing flagship domestic models on a single-model basis, competition over electric vehicle pricing and product appeal among domestic automakers, including Hyundai and Kia, is expected to intensify further.

This content was produced with the assistance of AI translation services.