Hyundai and Kia report significant electric vehicle sales growth in South Korea

Hyundai Motor Group has seen a substantial increase in electric vehicle (EV) sales within the South Korean market. Data released on November 9 indicates that combined sales for the IONIQ and EV series reached 12,267 units last month, representing a 95.9% increase compared to the same period last year.

Kia led the growth with its EV series, which saw a 110.1% year-on-year increase. Specifically, the Kia EV5 experienced a 209.4% surge in sales, while the EV3 grew by 119.5%. Hyundai’s IONIQ series also showed strength, with sales rising 68.8% year-on-year.

Industry analysts attribute this rebound to upcoming changes in South Korean government subsidy standards and various manufacturer discount policies. On a global scale, Hyundai Motor Group’s EV deliveries grew by 19.0% from January to September, outpacing the global market growth rate of 5.8%.

Despite this domestic growth, Chinese-made electric vehicles continue to expand their presence in South Korea. Between January and September, new registrations of Chinese passenger EVs in the country reached 112,417 units, a 2.2-fold increase from the previous year, capturing a 43.5% market share.