South Korea registers significant Surge in its Electric Vehicles Exports during Jan-Sep'19

Amid the growing popularity of electric vehicles across the globe, South Korea is coming as a major contributor in the segment with the South Korean government providing around USD 900 million in subsidies for e-mobility which will not only be used to subsidise electric and fuel cell cars, but also the associated infrastructure.

The auto majors in the country have already started developing electric vehicles and exporting the same to the overseas market. During Jan-Sep'19, South Korean exports of electric vehicles rose by 144% from a year earlier to 49,160 units, supporting increased demand for cobalt and other key battery materials.

Total exports of EVs and other unconventional vehicles, such as hybrid gasoline-electric cars, were up by 42% to 180,933. The increases accelerated in September, as volumes rose by 83% to 24,808 units. Out of South Korea's total EV sales in September, the EV and hybrid segment accounted for nearly 15% of South Korea's auto exports, up from 8% a year earlier.

South Korea also targets a 33% share of the country's domestic auto market for EVs and hydrogen cars by 2030. As per the industry reports, domestic EV sales during January-September rose by 21% to 24,963 units, despite sliding by 36% in September to 1,910.

The South Korean government has officially issued the target that every third new car by 2030 will be battery-powered or running on hydrogen. The country also wants to secure a market share of 10% in the global market for electric cars by 2030. Korean companies are to invest 60 billion won in the car technologies of the future over the next ten years, 41 billion won by the Hyundai Group alone. The government will also provide 2.2 trillion won to support the private sector.