[An electric vehicle charging at a parking lot in Seoul (Yonhap News Agency photo)]
According to the Korea Automobile Manufacturers Association (KAMA) and the Korea Automobile Importers & Distributors Association (KAIDA), sales of domestic electric cars in the domestic passenger car market decreased by over 30% compared to the same period last year, while sales of imported electric cars more than doubled.
Domestic car manufacturers have launched reasonably priced small electric car models to respond to the temporary demand stagnation in the domestic electric car market, known as the ‘Chasm’.
In the period from January to April this year, domestic passenger electric car sales (including Korean GM’s Chevrolet as an imported car) decreased by 32% compared to the same period last year, reaching 16,586 units. In contrast, imported passenger electric car sales in the same period increased by 102.9% to 13,863 units.
The increase in imported passenger electric car sales was led by the U.S. electric car company Tesla. Tesla, which sold 1,417 units in Korea from January to April last year, sold 7,922 units during the same period this year, marking a growth rate of 459%.
Even excluding Tesla, imported passenger electric car sales showed a 9.7% increase from 5,417 units last year to 5,941 units this year as of January to April.
Considering that total imported car sales for the first four months of this year decreased by 17.4% compared to the same period last year, imported cars are performing well in the electric car market.
Car industry analysts analyzed that customers with high price sensitivity in the electric car market are opting for hybrid models with less burden, while customers with low price sensitivity are entering the electric car market.
Kia is set to release a small electric sports utility vehicle (SUV) EV3 next month at a price point in the mid-30 million won range, including incentives.
Hyundai is also planning to introduce the compact SUV Casper electric car later this year, expected to be priced in the late 20 million won to early 30 million won range.
Industry insiders stated that the introduction of entry-level electric cars such as the EV3 by domestic car manufacturers in the current situation where early adopters’ purchases are stagnant will determine the direction of the domestic electric car market in the future.
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