S. Korea EV Market is Entering a Stage of Popularization

The electric vehicle (EV) sales volume in South Korea exceeded 10,000 cars for the first time in the first half of this year. This year’s total EV sales volume in the market is estimated at more than 20,000 units with new EVs scheduled to debut in the second half.

According to industry sources on July 17, the sales volume for the first quarter totaled 11,866 units whereas it was 4,412 in the first half of 2017.

The two most popular models are Hyundai Ioniq Electric and Chevrolet Bolt EV. In the first half, they were chosen by 4,488 and 3,133 customers to record a market share of 38% and 26%, respectively. GM is planning to supply 5,000 Bolt EVs in the South Korean market this year and they are already completely booked. GM Korea is asking the headquarters to supply more.

The Hyundai Kona EV, which debuted in May, is very popular as well. A total of 1,380 units were sold in just two months and approximately 15,000 customers are currently waiting for it. The top three were followed by Kia Soul EV (1,139 units sold) and Renault Samsung Twizy (984).

“The South Korean EV market is entering a stage of popularization,” said an industry source, adding, “The annual sales volume can top 20,000 with new models such as the Kia Niro EV slated to debut in the second half.”