Exports of eco-friendly cars jump 33% to record high in S.Korea

South Korea’s exports of eco-friendly vehicles surged 32.5 percent on-year to a record high during the first 11 months of this year on solid global demand for electric vehicles (EVs), data showed on Sunday.

The export volume of eco-friendly automobiles came to 662,307 units during the January-November period, compared with 499,854 units a year earlier, according to the data by the Korea Automobile and Mobility Association.

The number for the entire 2023 is expected to surpass 700,000 for the first time ever, officials said, reports Yonhap news agency.

Last year, the export volume of eco-friendly cars reached a record high of 554,000, and the value also hit an all-time high of $1.61 million.

This year’s sales growth was driven by the popularity of EVs and hybrid models.

Of the total eco-friendly vehicles sold this year, 316,654 were EVs, followed by 283,685 units of hybrid models and plug-in hybrid cars with 61,694.

Sales of EVs surged 65.7 percent on-year, and hybrid cars saw a 6.5 percent export increase in 2023.

But the country exported 274 units of hydrogen electric vehicles, down 30.8 percent on-year, the data showed.

“The EV industry is a promising sector, but a growing number of countries have been reducing or eliminating subsidies to buyers of South Korean and other foreign brands,” an industry official said, stressing the need for countermeasures.