June 26, 2022

South Korea logged to have sold over 71,000 units of electric vehicles in the country so far this year. The amount is double the previous year’s record.

According to Korea Automotive Technology Institute, the country’s accumulated domestic sale of EVs by the end of September was recorded at 71,006 units, from the 36,268 units sold during the same period last year.

The institute also reported domestic sales volume to have placed the country as No. 7 globally.

Up to the third quarter this year, the world’s No. 1 market was China with 1.76 million EV units sold, followed by the United States and Germany at 270,000 units and 240,000 units.

The data showed –

• By market share, in the home country, EVs took 5.5 percent of the total number of new cars sold.
• This is aside from the European countries which are leading in EV distribution.
• The South Korean sale of EV’s this time around is the highest after China’s 9.4 percent, and is higher than the United States’ 2.3 percent.
• By company, the country’s top automaker Hyundai Motor Group stands as the world’s No. 5 seller of EVs, behind No. 1 Tesla and No. 3 Volkswagen.
• The second and fourth place was taken by Chinese automotive companies, SAIC Motor and BYD.

Earlier this year, Hyundai Group’s two affiliates, Hyundai Motor and Kia had launched a number of new electric cars. This includes the Hyundai Ioniq 5 and Kia EV6, and the Genesis G80e and GV60.

The research institute, citing data from SNE Research also reported the country’s battery providers to rank highly in terms of supply volume in the global markets.

As of the end of third quarter this year, LG Energy Solutions maintained its position as No. 2 after CATL to supply 42,152 megawatt hours of batteries. while SK Innovation held on to its No. 5 ranking with 7,887 MWh.

Lastly, the institute citing data from Strategy Analytics reported the global electric car parts market to be valued at $303.3 billion in 2020, and it is anticipated to grow to over $400 billion by 2024.