Hyundai and Kia Regain Over 70% Market Share in Domestic EV Market
Tesla's Share Drops to 15% Due to Delays in New Model Releases
Hyundai Motor Company and Kia have regained a combined market share of over 70% in the domestic electric vehicle market. Tesla's market share has decreased to the 15% range due to delays in new model releases.
As of the 16th, Hyundai and Kia's domestic electric vehicle market share last month was 70.4%. This is an increase of more than 10 percentage points compared to last year's annual share of 60.1%. Imported electric vehicles saw their market share decline from 34.9% to 26.4% during the same period.
Last month, Hyundai sold a total of 5,346 electric vehicles, more than eight times the sales of the same month last year (667 units). The Ioniq 5 (1,463 units) increased about sixfold compared to the same period last year (224 units). The Casper Electric, launched in the second half of last year, also sold over 1,000 units (1,061 units).
Kia's electric vehicle sales last month (4,666 units) were nearly four times those of the same period last year (1,273 units). The new Kia EV3 topped the electric vehicle sales chart with 2,257 units sold.
Industry experts interpret that the increase in Hyundai and Kia's electric vehicle sales was inevitably driven by the combined effect of new model launches and the early disbursement of government subsidies. Normally, electric vehicle demand was low at the beginning of the year because subsidies for each model had not been set, but this year, the Ministry of Environment announced subsidy guidelines on January 15, more than a month earlier than usual, leading to increased sales starting last month.
Last month, Tesla's domestic electric vehicle market share was only 15.6%, affected by the 'new car drought.'
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