If you travel to various cities in Korea, you can see that the number of traditional gasoline vehicles is gradually decreasing, but on the contrary, you can also observe the increase in the number of electric vehicles. Several companies, including South Korean automakers Kia and Hyundai, are reported to be actively developing and manufacturing electric vehicles.
However, the majority of people are only aware of the increase in electric vehicles, and many are expected to be unaware of the current status or future direction of Korea's electric vehicle market. Therefore, this time, we will learn about Korea’s electric vehicle market with you!
Current status of electric vehicles in Korea
In Korea, 71,600 electric vehicles were sold from January to September this year. This corresponds to a 96% increase in sales over the same period last year. The country where the most electric vehicles were sold in the world was China, with 1.75 million units sold. Korea ranked 7th in the world in terms of electric vehicle sales.
The cumulative number of electric vehicles supplied was 298,633 as of the end of June, and is currently estimated to exceed 300,000. More than 1% of all registered vehicles were made up of electric vehicles. The regions with the most electric vehicles are Seoul, Jeju, Daegu, and Busan.
The Korean government has set a goal of producing 3.3 million electric vehicles by 2030 and raising its global market share to 12%. To this end, we plan to support local production and technology development of vehicle software, semiconductors, and electric vehicle materials, and to train future vehicle experts. We will also strive to improve the charging speed and driving range of electric vehicles, the durability and fuel efficiency of hydrogen vehicles, and create new industries for autonomous driving and mobility.
Detailed information on the current status of electric vehicles in Korea can be found at the integrated zero-emission vehicle website ( https://ev.or.kr/nportal/main.do# ).
Popular Korean electric vehicle brands
The most popular electric car brand in Korea is Tesla. Tesla sold about 130,000 electric vehicles in Korea in 2022, recording a market share of 16.4%. Tesla offers a diverse lineup of electric vehicles, including Model 3, Model Y, Model S, and Model X. Tesla's electric vehicles are attracting the attention of many consumers due to their wireless update function, autonomous driving technology, and high-performance batteries.
The second most popular electric vehicle brand in Korea is Hyundai Motor Group. Hyundai Motor Group sold about 37,000 electric vehicles in Korea in 2022, recording a market share of 4.7%. Hyundai Motor Group offers a diverse lineup of electric vehicles, including IONIQ 5, Sonata, Kona, Niro, and Tucson. Hyundai Motor Group's electric vehicles are increasing the satisfaction of many consumers with their dedicated electric vehicle platform (E-GMP), fast charging function, and smart air conditioning system.
The third most popular electric vehicle brand in Korea is Volkswagen. Volkswagen sold about 27,000 electric vehicles in Korea in 2022, recording a market share of 3.4%. Volkswagen offers a diverse lineup of electric vehicles, including ID.3, ID.4, ID.6, and e-Golf. Volkswagen's electric vehicles are increasing the convenience of many consumers with features such as an electric vehicle platform (MEB), digital cockpit, and head-up display.
The Korean electric vehicle industry is currently growing rapidly in line with the global decarbonization trend. Governments and companies are working to develop various support policies and technologies to expand the distribution of electric vehicles. In particular, Hyundai Motor Group, which developed a dedicated electric vehicle platform (E-GMP), is receiving favorable reviews at home and abroad with the launch of the IONIQ 5 and EV6, which significantly improved the charging time, driving range, and performance of electric vehicles.
We have set a goal of producing 3.3 million electric vehicles by 2030 and increasing our global market share to 12%.
We plan to support local production and technology development of vehicle software, semiconductors, and electric vehicle materials, and to train future vehicle experts.
We plan to improve the charging speed and driving range of electric vehicles, the durability and fuel efficiency of hydrogen vehicles, and create new autonomous driving and mobility industries.
We plan to expand local government subsidies that support the price of electric vehicle purchases and increase electric vehicle charging stations and infrastructure.