EVs on path to overcome chasm in Korea
Korea’s electric vehicle (EV) market is showing clear signs of crossing the chasm before mass adoption, as lower-cost models and surging fuel expenses make EVs increasingly attractive to consumers. The trend is seen in the increasing demand for used EVs. Their growing popularity could also help ease concerns over resale values — which was considered one of the longstanding obstacles blocking…
Korea's electric vehicle (EV) market appears poised to overcome the significant hurdle that has hindered widespread adoption. Lower-priced models and rising fuel costs are making EVs more appealing to consumers. This shift is evident in the growing demand for used EVs, which could help alleviate concerns about resale values, a long-standing barrier to mass adoption.
As demand for used EVs increases and prices stabilize, prospective buyers may feel more confident in their investment, knowing they are less likely to suffer a financial loss if they choose to sell their vehicles down the road. This positive trend is reflected in the data from K Car, Korea's leading used car sales platform.
During the first nine months of the year, used all-electric cars took an average of 81 percent as long to sell as their internal combustion engine counterparts. In other words, used EVs sold 19 percent faster than gasoline- and diesel-powered vehicles. Furthermore, EVs accounted for approximately 32 percent more of K Car's total used car sales compared to the same period the previous year, indicating a notable surge in consumer interest.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- EVs on path to overcome chasm in Korea koreatimes.co.kr
