EVs poised to go mainstream in Korea

The Tesla company logo is seen on the hood of an unsold vehicle at a dealership in Littleton, Colo., Aug. 9, 2020. AP-Yonhap

Electric vehicles (EVs) are on track to become part of the mainstream in Korea’s imported car market, as they rapidly widen an unexpected sales gap, surpassing those of petrol cars.

The trend is picking up steam as Korean customers jump into the global auto paradigm shift driven by electrification. For now, hybrids stand at the top as the most sought-after powertrain here as cars powered by gasoline engines are losing their glory amid the rise of eco-friendly mobility.

According to data from the Korea Automobile Importers & Distributors Association (KAIDA), EVs accounted for 23.5 percent among the nation’s newly registered imported cars in the first half of this year, outnumbering gasoline cars for the first time ever. The share for petrol cars was 14.6 percent during the same period.

This is an unexpected twist, as gasoline cars were considered mainstream just two years earlier. They accounted for almost half of all imported car sales in the first half of 2023, while EVs amounted to only 7.7 percent.

The rapid rise of EVs was primarily driven by Tesla. The EV maker has sold some 19,000 cars here, equivalent to 59 percent of the total imported EV registration between January and June.

BMW M's all-electric lineups / Courtesy of BMW Korea

Other foreign carmakers, such as BMW and Porsche, are also aggressively promoting their new EV lineups to take advantage of growing demand for premium EVs.

Industry officials said vehicles with internal combustion engines will continue to lose their position to hybrids and EVs in line with global carmakers’ transition to building complete EV lineups, rather than expanding investment in gasoline engines.

“This is an undeniable global trend, as evidenced by the solid EV sales here,” an official from a carmaker said. “Hybrids are hugely popularity for the time being, before the mass adoption of EVs, but there is little room for conventional cars that rely on gasoline or diesel to regain their luster.”

Data from the KAIDA showed that hybrid cars accounted for 60.7 percent of all newly registered imported cars in the first half of this year, up 43.6 percent from a year earlier.

In contrast, diesel cars appear to be disappearing from the market, accounting for just 1.3 percent of registrations during the same period. They held a share of some 30 percent in the first half of 2020.