Annual Sales Expected to Surpass 500,000 Units for the First Time Ever This Year
This year, domestic sales of eco-friendly vehicles surpassed 400,000 units within just three quarters, making it highly likely that a new all-time record will be set.
According to the Korea Automobile & Mobility Association (KAMA) on November 2, the five major domestic automakers-Hyundai Motor Company, Kia, GM Korea, Renault Korea, and KG Mobility-sold a total of 417,838 eco-friendly vehicles in the first to third quarters of this year, marking a 31% increase compared to the same period last year.
Eco-friendly vehicles include hybrid electric vehicles (HEVs), electric vehicles (EVs), and plug-in hybrid electric vehicles (PHEVs).
This is the first time that domestic automakers have sold more than 400,000 eco-friendly vehicles within three quarters. If this trend continues, the annual sales volume is expected to surpass last year's figure of 457,321 units, making it possible to exceed 500,000 units in a year for the first time ever.
Notably, eco-friendly vehicles accounted for more than 40% of total domestic vehicle sales by automakers during the same period (1,036,912 units), also setting a new record in terms of market share.
The main driver of this growth was electric vehicles. In the first three quarters of this year, domestic automakers sold 103,371 electric vehicles, a 49% increase compared to the same period last year. This figure has already surpassed last year's annual sales of 92,428 units, marking the first time that electric vehicle sales have exceeded 100,000 units within three quarters.
Key factors cited include the expansion of new electric vehicle launches, improvements in charging infrastructure, and the stabilization of government subsidy policies.
Hybrid vehicles also continued to show steady growth. Sales in the first to third quarters reached 309,529 units, up 25% year-on-year, surpassing 300,000 units within three quarters for the first time.
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