Decline in eco-friendly car export reflects south Korea’s slowing EV shipment

In the first quarter, South Korea experienced an unusual downturn in electric vehicle (EV) exports, marking the end of a 12-quarter streak of year-on-year increases. According to reports, shipments decreased by 5.6% compared to the same period last year (2023), totaling 178,003 units. The Korea Automobile & Mobility Association (KAMA) noted that shipments of eco-friendly car also declined by 5.6% year-on-year, dropping to 178,003 units from 188,607 units in the January-March quarter of the previous year.

Also read: AstraZeneca admits rare blood clot risk with Covishield vaccine

Eco-Friendly car Include hybrid, electric, and hydrogen models

According to Yonhap news agency, the first quarter saw an increase of 5.5% in exports of gasoline hybrid models, rising to 84,040 units from 79,624 units the previous year. However, shipments of the other three models, including battery electric, plug-in hybrid, and hydrogen fuel-cell electric vehicles, collectively decreased by 14%, dropping to 93,963 units from 108,983 units in the same period. The global demand for electric vehicles (EVs) is anticipated to remain subdued due to concerns over potential fire hazards and inadequate charging infrastructure. Industry experts suggest that since battery electric vehicles constitute a significant portion of South Korea’s eco-friendly vehicle exports, the overall exports of eco-friendly cars are likely to decline further throughout the year.

Also read: 2 linked to AAP, Congress arrested in Amit Shah fake video case