South Korea’s Eco-Friendly Vehicle Exports Hit Record High

Seoul, South Korea - Exports of eco-friendly vehicles from South Korea have seen a significant surge, reaching a new record high in the first 11 months of 2023. The increase is largely due to robust global demand for electric vehicles (EVs) and hybrid models.

According to Yonhap News Agency, the export volume of eco-friendly automobiles reached 662,307 units during the January-November period, marking a 32.5 percent increase from the 499,854 units recorded a year earlier. Officials expect the number for the entire year to exceed 700,000 for the first time. In 2022, the export volume of eco-friendly cars was 554,000 units, with a value of US$1.61 million, both record highs. This year's growth has been driven predominantly by the rising popularity of EVs and hybrid models. Of the total eco-friendly vehicles sold in 2023, 316,654 were EVs, and 283,685 were hybrid models, including 61,694 plug-in hybrid cars. EV sales surged 65.7 percent on-year, while hybrid car exports saw a 6.5 percent increase. However, exports of hydrogen electric vehicles decreased by 30.8 percent on-year, totaling 274 units. An industry official highlighted the challenges facing the EV industry, noting that many countries are reducing or eliminating subsidies for South Korean and other foreign EV brands, underscoring the need for strategic countermeasures.

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