Exports of electric cars from South Korea increased sharply
4. March 2021According to a recent report, exports of electric cars from South Korea increased by 66 percent year-on-year. As a result, this sector bucked the general negative trend in the automotive industry due to the Covid 19 pandemic. The export volume of electric cars was around $3.9 billion in 2020, overtaking the value of hybrid cars for the first time, which was $2.5 billion. The data was compiled by the Korean International Trade Association. Electric cars accounted for more than half of all green car exports, which totaled US$7.1 billion in value.
Europe was the largest market for South Korea’s eco-friendly cars, accounting for 68 percent of the total. Worldwide, South Korea also shipped 955 fuel cell vehicles in 2020. This represents 26.3 percent growth over the previous year. The country was the fourth largest exporter of electric cars in the January-September 2020 period, according to the trade association. The value for exports of motor vehicles from South Korea in general reached $37.4 billion in 2020, a loss of 13.1 percent from the previous year and most likely attributable to the Covid 19 pandemic. These data were announced by the Korean Ministry of Trade, Industry and Energy.
The automotive industry in South Korea ranks 7th in the world in both production figures and exports. The largest manufacturers, ranked by global sales, are Hyundai, Kia, GM Korea, Ssangyong and Renault Samsung. Hyundai and Kia are unchallenged in the top two spots with 59,501 and 41,481 vehicles sold in January 2021, respectively. So follows third-placed GM Korea with only 6106 units. For the electric car sector, Hyundai also signed a memorandum of understanding with the South Korean government in February. Together with other companies, LG Energy Solution and KST Mobility, electrically powered cabs are to be tested. Hyundai will supply the vehicles, the Kona Electric, and take care of the maintenance and replacement of the batteries; LG Energy Solution will provide the charging stations and KST Mobility will operate the cabs.
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