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Korea’s Electric Vehicle Exports Expected to Surpass US$3 Bil. This Year
EV Exports More than Double from 2018
Korea’s Electric Vehicle Exports Expected to Surpass US$3 Bil. This Year
  • By Michael Herh
  • November 12, 2019, 17:07
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Korea’s electric vehicle (EV) exports are expected to surpass US$3 billion this year.

Korea’s electric vehicle (EV) exports for this year have more than doubled from those of 2018 as EV sales by Hyundai Motor Co. and Kia Motors Corp. are expanding in major markets such as the United States and the European Union.

Korea’s EV exports amounted to US$2,566 million in the January-October period of this year, a year-on-year increase of 103.3 percent.

During the same period, Korea’s vehicle exports totaled US$35,779 million, up a mere 6.7 percent from a year ago.

This year, EV exports shot up more than 100 percent on year, except for February, March, May, and October.

As a result, EVs accounted for a large proportion of total automobile exports. Last year, the proportion of EVs was 4.4 percent, but by the end of October of this year, it rose to 7.3 percent. Korea’s EV exports are expected to exceed US$3 billion for the first time this year, setting a new record.

The increase in EV exports has been accompanied by an increase in exports of secondary batteries. From January to October of this year, secondary battery exports added up to US$6,187 million, up 4.6 percent from the same period of last year. In terms of volume, secondary battery exports grew 6.8 percent, the highest among Korea's top 20 export items.