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Korea Sees Sharp Rise in EV Exports

2019/11/17 | Permalink | Source

Korea's exports of electric vehicles doubled in the first 10 months of this year from the same period last year due to increasing demand from Europe and the U.S.

According to the Ministry of Trade, Industry and Energy and the Korea International Trade Association, some 57,379 EVs were sold in overseas markets from January to October this year, an increase from 26,397 a year ago.

In money terms, exports of EVs were assessed at US$2.57 billion, up 103.3 percent on-year. The increase in exports was buoyed by Hyundai's small Kona electric SUV, as the automaker exported some 26,922 Konas overseas.

If this trend continues, it seems certain that the amounts are on track to surpass $3 billion this year for the first time. EVs accounted for 7.3 percent of total car exports here, up from 4.4 percent last year.

"Cost-effective Korean EVs are receiving a good response in Europe and the U.S"., said Lee Hang-koo at the Korea Institute for Industrial Economics and Trade. "Renault Samsung recently began producing Twizy, a compact two-seater, and plans to launch a new midsize electric SUV next year, helping boost the overall volume of EV exports overseas".

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