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The proportion of electric vehicles in the number of new cars registered in Korea reached an all-time high last month, a report showed.
Some analysts say that the electric carcass (temporary slowdown in demand) is showing signs of overcoming in Korea as a series of new models by domestic automakers, including Hyundai Motor and Kia, and imported car makers are raising demand for electric vehicles.
According to the Kazu Data Research Institute on the 21st, a total of 126,787 new cars were registered in Korea in August this year, of which 23,269 electric vehicles were registered.
Electric vehicles account for 18.4% of the total number of new car registrations. It is the highest monthly average since 2020 when electric vehicles were sold in earnest in Korea. This means that one out of five new cars sold in Korea last month are electric cars.
The cumulative registration of electric vehicles between January and August this year is also 12.7%, which is likely to hit 10% for the first time this year on an annual basis.
The proportion of electric vehicle registrations, which was only 2.4% in 2020, rose significantly to 9.8% in 2022, but remained at the 9% range (9.3% in 2023 and 9.0% in 2024) recently due to the aftermath of Casm. This year, it has been on a high rise, recording a 10% registration rate every month.
The popularity of new electric vehicles is more prominent in the imported car market.
According to the Korea Automobile Importers and Distributors Association (KAIDA), a total of 10,855 imported electric vehicles were registered last month. It accounted for 39.9% of new cars. This is four times the number of gasoline sales (2,744 units) and the share (10.0%). In other words, 4 out of 10 people who buy imported cars on a monthly basis buy electric cars.
The proportion of electric vehicle registrations in the imported car market remained in the 10-20% range earlier this year, but has risen sharply since May (33.8 percent). It also recorded 32.8% and 37.6% of registration in June and July, respectively.
On an annual basis, it is rising rapidly, including ▲ 1.2% in 2020 ▲ 2.3% in 2021 ▲ 8.2% in 2022 ▲ 9.8% in 2023 ▲ 18.8% in 2024. The cumulative share so far this year is 27.8%.
Related industries analyze that casm is showing signs of overcoming in the domestic market. Some predict that electric vehicle sales are likely to surpass 200,000 units for the first time this year in the domestic market on the back of a recovery in demand.
From January to August this year, the cumulative number of electric vehicles registered was 141,986.
Hyundai Motor, Kia, and three so-called German import companies (Mercedes-Benz, BMW, and Volkswagen Group) are launching new electric vehicles in global markets, including Korea, in accordance with the European market’s eco-friendly policies, which is believed to be the biggest driving force behind the recovery of demand.
New imported brands such as China’s BYD are also entering the domestic market one after another, growing the electric vehicle market pie.
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