Domestically manufactured green cars
The number of newly registered electric-powered vehicles in South Korea is steadily growing as the years pass. Out of all registered vehicles nationwide, more than 1.1 million units were environmentally friendly cars. Hyundai Motor Company started mass production of green vehicles in 2009 and has already surpassed global cumulative sales of one million units. Hyundai’s Kona EV, released in 2018, has received the title of best-selling electric vehicle model in the domestic market in 2019 and is now an established model. The most popular Korean EV model abroad was Kia’s Niro EV, which is manufactured in South Korea and exported worldwide. The share of green cars in domestic car exports is expected to increase to 25 percent by 2030.South Korean electric vehicle battery producers
The battery is one of the most important parts of an electric vehicle. South Korea has been focusing on the electric vehicle battery business for quite some time. The country's lithium-ion battery export value has increased significantly in recent years as the electric vehicle market has grown. Leading South Korean battery manufacturers are LG Chem, Samsung SDI, and SK Innovation, with the three battery companies accounting for a significant portion of the global battery market. The sales revenue of LG Chem has increased mainly due to a sharp increase in sales of various electric vehicle models that use its batteries. Samsung SDI’s batteries are mainly shipped to Volkswagen and BMW, and SK Innovation to Kia and also Volkswagen.How is the public perception of electric vehicles?
The changing public perception of environmental issues are driving the transition to environmentally friendly automobiles. Particularly, the particulate matter that pollutes Korea's sky, originating from China, also known as “fine dust,” is arousing public interest in the environment. A domestic survey found that more than half of the respondents considered purchasing electric vehicles. Additionally, the mileage at full charge was an important factor to consider when purchasing electric vehicles. In terms of price, South Korean consumers are willing to buy an electric car even if the price for an EV is higher than conventional cars. Nevertheless, tax relief and financial support for subsidies related to the purchase of electric vehicles have been shown to be a major source of motivation for purchasing electric vehicles.
