NSP NEWS

(Seoul=NSP NEWS AGENCY) = Korea Automobile Manufacturers Association (KAMA) said the sales of electric cars were up 1.7% more YOY after sluggish sales in the second half of 2023, supported by the Korean government’s subsidies, and turned to a clear recovery.

The president of KAMA said "The Korean government’s timely subsidies transformed the lower demands in the electric car markets."

Korean electric car sales increased 13.9% YOY in the first half of 2023 due to the delivery of previous orders. However, it saw a sharp downward trend in July and August, affected by higher interest rates and prices during the second half of 2023.

Then, the sales increased for three consecutive months from the lowest in August. Launching new models, including Kia Ray, and expanded governmental subsidies targeting more EV models were the main drivers of the increase from October.

In November, EV vehicles recorded a 1.7% increase in sales compared to last year.