Electric vehicle sales in South Korea are booming! In the first eight months of this year, EV sales surged by almost 50 percent compared to last year, reaching 142,456 units. That’s a big jump from the 95,988 units sold in the same period of 2023, according to fresh data from the Korea Automobile & Mobility Association (KAMA).
This exciting growth means electric vehicles now make up 12.7 percent of all new car registrations in South Korea—up from 9 percent last year. Experts at KAMA point to the launch of exciting new EV models as the main driver behind this electric vehicle boom. For instance, Tesla rolled out its popular Model Y in May, while homegrown giants Hyundai Motor and Kia introduced more affordable options to tempt buyers.
Local EV production didn’t lag behind either. Sales of South Korean-made electric vehicles climbed 48.2 percent to 86,777 units, grabbing a solid 60.9 percent share of the total market. Imported EVs saw even faster growth at 48.6 percent, hitting 55,679 units. Among these, models from China—like Tesla’s Model Y—dominated with a whopping 69.4 percent of imports.
Adding to the buzz, Kia just unveiled its latest electric vehicle, the EV5, in South Korea last week. This compact electric SUV is the company’s fifth dedicated EV model, and Kia plans to ship it to Europe and Canada soon. Built on Hyundai Motor Group’s advanced E-GMP platform, the EV5 is tailored for South Korean drivers with unique design and safety features that differ from the version already out in China.
Production will happen at Kia’s Gwangju plant to serve both local buyers and exports. The EV5 sports Kia’s “Opposites United” design vibe, blending a boxy body with smooth curves for a fresh look. Inside, it boasts plenty of room for passengers and a generous 965 liters of cargo space.
Under the hood, the EV5 packs an 81.4 kWh nickel-cobalt-manganese (NCM) battery from China’s CATL supplier, paired with a 160 kW front-wheel-drive motor. This setup promises strong performance for everyday drives.
With more affordable and innovative electric vehicles hitting the roads, South Korea’s EV market looks set for even more growth in the coming months. If you’re eyeing your next eco-friendly ride, these trends could make it an exciting time to go electric!
