Hyundai, Kia Dedicated EV Sales Nearly Double in October
Hyundai Motor and Kia’s domestic sales of dedicated electric vehicle models nearly doubled last month, signaling a clear rebound in the EV market. The increase was driven primarily by affordable models such as the Kia EV5 and EV3, alongside the government’s planned revisions to next year’s subsidy c
Hyundai Motor and Kia reported a near doubling of domestic sales for their dedicated electric vehicle models in October, indicating a strong recovery in the EV market. The boost was largely attributed to the release of more affordable electric vehicles like the Kia EV5 and EV3, coupled with government plans to revise subsidy criteria and offer discounts.
According to Hyundai Motor and Kia, combined domestic sales of their IONIQ and EV series reached 12,267 units last month, a 95.9% increase from 6,261 units in October 2022 and a 62.5% rise from 7,551 units in September 2023. Hyundai's IONIQ series sold 3,617 units, up 68.8%, while Kia's EV series sold 8,650 units, up 110.1%. Cumulative sales of dedicated EV models from both companies in the January-October period reached 116,159 units, up 77.1% from the same period in 2022.
The Kia EV5, aimed at a more budget-conscious market, saw a remarkable 209.4% year-on-year increase, selling 3,558 units last month. The EV3 also performed well, with sales of 3,124 units, up 119.5%. Hyundai's IONIQ 5 sold 1,903 units, up 71.6%, while the IONIQ 6 and IONIQ 9 also contributed to the overall sales growth. Experts attribute the sales surge to the introduction of more affordable EV options and changes in subsidy policies, which may have encouraged some consumers to purchase EVs earlier.
The government is considering lowering the vehicle price threshold for full national EV subsidy eligibility from 53 million won to 50 million won next year. Hyundai Motor Group's electrification strategy is also gaining momentum in international markets, with global EV deliveries reaching 575,000 units in the January-September period, a 19.0% increase year-over-year.
This performance surpassed the global EV market's growth rate of 5.8% by 13.2 percentage points, and the group's global market share increased from 3.2% in 2022 to 3.6% in 2023. However, the rapid growth of Chinese-made EVs in South Korea is seen as a potential challenge. From January to September 2023, 112,417 Chinese-made passenger EVs were newly registered in South Korea, twice the number of the same period a year earlier, and their market share grew to 43.5%.
Industry observers emphasize the need for stronger vehicle competitiveness and policy support to bolster domestic production capabilities.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
