Published on April 17th, 2020 | by Zachary Shahan0
Tesla Model 3 = 45% of South Korea’s Electric Vehicle Market
April 17th, 2020 by Zachary Shahan
We report on plug-in vehicle sales in many markets, but we’ve only reported on South Korea’s electric vehicle sales twice over the years. Perhaps it’s time to start giving this major economy more attention. Electric vehicle (EV) market share in South Korea rose to 3.3% in March, and 2.3% in the first quarter as a whole.
The Korean market is somewhat similar to the US market, in that Tesla is far ahead of everyone else. So, due in part to limited model availability, Tesla gobbles up a large portion of the market. In the first quarter, the Tesla Model 3 held approximately 45% of all EV sales in South Korea (or both Koreas for that matter).
Behind the Model 3,
three two and a half South Korean models get the next spots on the top seller list, with the Hyundai Kona EV holding a solid grip on #2 (19% EV market share), the Chevy Bolt (which gets many of its parts from South Korea and was largely designed there) at 9% and scoring the bronze medal, and the Kia Niro EV #4 with 6% EV market share. Add those four models up and they take nearly 80% of the Korean EV market.
According to EV Volumes, above are the top 5 best selling plug-in vehicles in South Korea. Adding in “Others” — models not in the top 5 — here’s another view of the story for the first quarter:
Any more thoughts on South Korea? Will it follow other early EV adoption markets and quickly ride up the adoption curve?
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