Electric Vehicle Sales in South Korea Decrease by 25%, While Hybrid Car Sales Rise

Seoul, April 5 (IANS) Electric vehicle (EV) sales in South Korea witnessed a significant drop of 25 per cent in the first quarter compared to the same period last year, as per a recent market report. On the other hand, gasoline hybrid model sales saw a sharp increase of 46 per cent during this time.

According to the report by CarIsYou, from January to March, EV registrations in the country declined to 25,550 units from 34,186 units in the first quarter of the previous year. This decline marks the first time for the first-quarter EV sales to fall year-on-year.

In contrast, sales of gasoline hybrid vehicles surged to 99,832 units in the first quarter from 68,249 units a year ago. Meanwhile, gasoline-powered vehicle sales dropped by 19 per cent to 196,472 units from 241,742 units in the same period last year.

Furthermore, diesel car sales also saw a significant decline of 56 per cent to 39,039 units from 88,154 units during the mentioned period. Industry experts predict that EV sales may continue to be sluggish throughout the year due to factors such as high prices, lack of charging infrastructure, and potential fire risks.

The shift in consumer preferences towards gasoline hybrid models in South Korea reflects the challenges faced by the EV market in the country. With concerns over infrastructure and prices, it remains to be seen how the market will evolve in the coming months.