Electric Vehicles Hit 20% of Car Sales in South Korea

Key Takeaways

1. Electric vehicles (EVs) accounted for 18.4% of all vehicle sales in South Korea in August, with over 23,000 new registrations.
2. There have been 141,986 EV registrations in South Korea this year, a 48.4% increase compared to the previous year.
3. Imported electric vehicles made up nearly 40% of total registrations in August, with a 100% increase in sales from last year.
4. The Tesla Model Y has been a top seller, consistently moving over 6,000 units monthly since May, capturing 30% of the imported car market.
5. Local brands like KG Mobility, Hyundai, and Kia are also experiencing growth, with KG Mobility’s Musso EV already meeting its annual sales target within six months.

More South Koreans are choosing to buy electric vehicles, as shown by data from Carisyou. In August, electric cars made up 18.4 percent of all vehicle sales in the country.

Record Sales of EVs

Over 23,000 new electric vehicles were registered, part of a total of 126,787. This marks the best performance for battery-operated cars since Carisyou began tracking the data in 2020. So far this year, there have been 141,986 EV registrations, reflecting a growth of 48.4 percent compared to the previous year. Industry experts believe that South Korea will surpass 200,000 annual sales for the first time in 2025.

Rise of Imported Electric Vehicles

Another noteworthy point is the increasing share of imported electric vehicles. According to the Korea Automobile Importers & Distributors Association, foreign brands registered 10,855 units last month, which is nearly 40 percent of the total. This figure represents a more than 100 percent increase compared to last year.

The growth in EV sales is largely driven by the popularity of new electric models. The upgraded Tesla Model Y is leading the way, consistently selling over 6,000 units each month since May, and capturing 30 percent of South Korea’s imported car market. To take advantage of this positive trend, the American EV company has also launched the Cybertruck in South Korea, marking its first introduction outside North America.

Local Brands Making Progress

Local manufacturers are also seeing success. For instance, KG Mobility’s Musso EV electric pickup achieved its yearly sales target of 6,000 units in just six months after its launch in May. Hyundai and Kia also performed well with their cost-effective Casper Electric and EV3 models.

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