Electric Vehicle Sales Reach 9.3% of New Cars in South Korea in 2023

SEOUL — In 2023, electric vehicles (EVs) constituted 9.3 percent of all new car purchases in South Korea, maintaining a lead over several major automotive markets, including the United States and Japan.

According to Yonhap News Agency, Infrastructure and Transport, out of the 1.74 million cars sold in South Korea last year, 162,507 were electric vehicles. This ratio represents a significant increase from the 1.9 percent recorded in 2019 but shows a slight decrease from the 9.7 percent seen in 2022. The slight drop is attributed to concerns over inadequate charging infrastructure and the higher costs associated with EVs. In comparison, China led with EVs making up 22.2 percent of its approximately 30 million car sales, attributed to government incentives like tax cuts. The United States saw EVs comprising 7.2 percent of car sales, with Japan at 2.9 percent and India at 2.1 percent.

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