Seoul. South Korea’s exports of eco-friendly vehicles have surged 32.5 percent to a record high during the first 11 months of this year, driven by solid global demand for electric vehicles (EVs).
Export volume of eco-friendly automobiles stood at 662,307 units during the January-November period, compared with 499,854 units a year earlier, according to data from the Korea Automobile and Mobility Association.
Officials said the number is expected to exceed 700,000 for the first time in all of 2023, Yonhap news agency reported.
Last year, exports of eco-friendly cars reached a record high of 554,000 and the value also reached an all-time high of $1.61 million. This year’s sales growth was driven by the popularity of EV and hybrid models.
Of the total eco-friendly vehicles sold this year, 316,654 were EVs, followed by 283,685 units of hybrid models and 61,694 plug-in hybrid cars.
EV sales grew by 65.7 percent year-on-year and exports of hybrid cars are seen to grow by 6.5 percent in 2023. But data shows the country exported 274 units of hydrogen electric vehicles, down 30.8 percent year-on-year.
“The EV industry is a promising sector, but an increasing number of countries are reducing or eliminating subsidies to buyers of South Korean and other foreign brands,” said an industry official, stressing the need for countermeasures.
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Web Title-Exports of eco-friendly cars to South Korea rise 33 percent to record high