Oil price hike boosts demand for mini cars, compact EVs

A surge in oil prices is prompting Korean consumers to opt for smaller, more fuel-efficient vehicles, resulting in a surge in sales of mini cars and compact electric vehicles (EVs). Sales of gasoline-powered and electric mini cars have both increased sharply this year, as consumers seek to reduce running costs amid persistent high fuel prices.

Kia's Morning, a popular mini car in Korea, sold over 15,000 units between January and July, more than double the sales from the same period last year. The demand for electric mini cars has also grown, with Kia's Ray EV experiencing an 18 percent increase in sales during the same period. This trend is also evident in the imported car market, where BYD Korea's Dolphin, a compact electric hatchback, ranked fourth in August sales, behind Tesla Korea's Model Y, Model Y L, and BMW Korea's 520.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.