What Has Driven South Korea's EV Sales Up by Nearly 50% in January to August?
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Synopsis
South Korea's electric vehicle market is booming, with sales soaring by nearly 50% in the first eight months of the year. New models, including the highly anticipated Tesla Model Y and Kia's innovative EV5, are reshaping the landscape, meeting consumer demands and capturing a significant market share.
Key Takeaways
- Sales of electric vehicles in South Korea increased by nearly 50%.
- New models like Tesla's Model Y and Kia's EV5 drove this growth.
- EVs now constitute 12.7% of all new car registrations.
- Local EV sales rose by 48.2% to 86,777 units.
- Imported EV sales increased by 48.6% to 55,679 units.
Seoul, Sep 8 (NationPress) Sales of electric vehicles (EVs) in South Korea soared by nearly 50 percent compared to the same period last year during the first eight months, aided by the introduction of new models, according to data released on Monday.
As per figures from the Korea Automobile & Mobility Association (KAMA), total EV sales from January to August reached 142,456 units, up from 95,988 units recorded in the previous year, as reported by Yonhap news agency.
During this timeframe, EVs represented 12.7 percent of all newly registered vehicles in South Korea, an increase of 3.8 percentage points from the same period last year, according to KAMA.
The association credited the remarkable growth to the introduction of new models, which included the launch of Tesla's Model Y in May. Both Hyundai Motor and Kia have also introduced more competitively priced EVs.
In this period, sales of domestically manufactured EVs surged by 48.2 percent to 86,777 units, capturing 60.9 percent of the market share.
Sales of imported EVs increased by 48.6 percent to 55,679 units, with models from China, including Tesla's Model Y, making up 69.4 percent of the total, the data revealed.
In addition, Kia recently unveiled the EV5, its fifth dedicated electric vehicle, in South Korea, with plans to export it to Europe and Canada soon.
The EV5 is a compact electric SUV built on the Hyundai Motor Group's E-GMP platform. Kia has indicated that this South Korean version includes design and safety features tailored to local consumer preferences and regulations, differentiating it from the variant released in China.
The EV5 will be produced at Kia's Gwangju facility for both domestic and international markets.
The exterior embodies Kia's "Opposites United" design philosophy, merging a boxy silhouette with smooth curves. Inside, it boasts a roomy passenger area and offers 965 liters of cargo space.
The model is powered by an 81.4 kilowatt-hour (kWh) nickel-cobalt-manganese (NCM) battery paired with a 160 kilowatt front-wheel-drive motor.
Interestingly, the EV5 utilizes batteries sourced from China's CATL, rather than those produced by South Korean battery manufacturers.
Point of View
The surge in electric vehicle sales in South Korea signifies a pivotal shift in the automotive industry. As the nation embraces sustainable transportation, it is essential to support this momentum through innovation and infrastructure development. The increasing market share of EVs exemplifies consumer demand for eco-friendly options and highlights the need for ongoing investment in this sector.
NationPress
08/09/2025
Frequently Asked Questions
What is the percentage increase in EV sales in South Korea for January-August?
EV sales in South Korea increased by nearly 50% during the January-August period.
What models contributed to the increase in EV sales?
The launch of Tesla's Model Y and the introduction of more affordable models by Hyundai and Kia contributed significantly to the sales increase.
What is the market share of EVs in South Korea?
EVs accounted for 12.7 percent of all newly registered vehicles in South Korea during the January-August timeframe.
What is the significance of the Kia EV5?
The Kia EV5 is the company's fifth dedicated electric vehicle, designed for both domestic and international markets, highlighting Kia's commitment to the EV sector.
Which companies produce batteries for the EV5?
The EV5 uses batteries supplied by China's CATL, diverging from South Korean battery manufacturers.
