Electric vehicles surge in South Korea: EVs make up 20% of car sales

More South Koreans are opting for electric vehicles, according to data provided by Carisyou. Electric cars accounted for 18.4 percent of vehicle sales in the Asian country in August.

More than 23,000 new EVs were registered, out of a total of 126,787. It was the highest ever performance for battery-powered cars since Carisyou started collecting data in 2020. Year-to-date registrations stood at 141,986 EVs, up 48.4 percent year-on-year, with industry observers expecting South Korea to cross the 200,000 annual sales mark for the first time in 2025.

Another interesting bit is that the share of imported EVs is rising. Figures from the Korea Automobile Importers & Distributors Association show that foreign brands registered 10,855 units last month, nearly 40 percent. It was more than a 100 percent increase year-on-year.

Meanwhile, the growth is riding on the popularity of new electric models. Leading the charge is the upgraded Tesla Model Y, which has consistently sold more than 6,000 units since May in South Korea, enabling it to capture 30 percent of the country’s imported car market. The American EV maker tried to capitalize on the positive trend by launching the Cybertruck in South Korea for the first time outside North America.

Local brands are also making waves. For example, the Musso EV electric pickup by KG Mobility reached its annual sales target of 6,000 units in just half the time after launching in May. Hyundai and Kia also made a good showing with the affordable Casper Electric and EV3 models.