One in Four New Cars in First Half Are Electric Vehicles... Nearing 200,000 Units as Hybrids Struggle

Electric vehicle registrations in South Korea's domestic car market surged over 112% year-on-year in the first half, marking explosive growth. While hybrids, which once dominated the market, saw a 0.6% decline, electric vehicles rapidly absorbed demand from both hybrids and internal combustion engines, solidifying their position as the dominant trend. According to Kaisiyeu Data Research Institute, electric vehicle registrations reached 198,969 units, up from 93,568 in the same period last year. This drove the electric vehicle share of new car registrations to 23.3%, nearly one in four new cars. Meanwhile, hybrid registrations stagnated at 227,019 units, and gasoline cars also declined 14.6% year-on-year. The narrowing gap between electric and hybrid vehicles—reducing from 16.0 percentage points last year to 3.3 percentage points this year—signals electric vehicles' rapid ascent. This growth is attributed to the successful market entry of domestic affordable models and aggressive offerings from imported electric brands.