Focus of Auto Market Shifts to EVs
With the focus of the automotive industry shifting towards electric vehicles, the sustainability of South Korean automakers other than Hyundai and Kia is being questioned in that their current EV production is zero.
GM Korea is not a part of GM’s mid- to long-term EV production plan. GM Korea’s EV production volume has been zero since the discontinuation of Chevrolet Spark EV production in February 2017. The Chevrolet Bolt EV replaced the model, the Chevrolet Bolt EUV will debut this year in South Korea, and both will be imported from the United States.
Likewise, Renault Samsung Motors’ zero EV production has continued since the discontinuation of the SM3 Z.E. late last year. Its main EV model is the Renault Zoe imported from the Renault HQ.
SsangYong Motor developed its first EV E100, but its actual release is still up in the air. The automaker’s rehabilitation procedure was initiated last month and it has to find a new investor to overcome its liquidity crisis and put the vehicle on the market.
Their current situations are directly related to their survival. In South Korea, the National Council on Climate and Air Quality recently proposed an internal combustion engine vehicle marketing ban to start in 2035. The same ban is anticipated in 2025 in Norway and the Netherlands, 2030 in Ireland and 2035 in the United Kingdom. In addition, U.S. President-elect Joe Biden’s election pledges include a ban on the use of fossil fuels from 2035.