Korean Media: South Korean EV Exports to the US Plunge 86.8%!

On March 8, the Korean media outlet "Seoul Shinmun" published an article stating that last year, due to tariffs and the U.S. government's cancellation of electric vehicle subsidies, South Korean exports of new electric vehicles to the U.S. plummeted nearly 90% year-on-year. In the domestic Korean market, the low-price offensive from Chinese electric vehicles has intensified, and the South Korean electric vehicle industry seems to be entering a "double困境" stage.

Data released by the Korea Automobile Manufacturers Association (KAMA) showed that in 2023, South Korea exported 12,166 new electric vehicles to the United States, a sharp decline of 86.8% compared to the previous year (92,049 units). This is the lowest annual data since South Korea's electric vehicle exports officially began in 2022.

Previously, South Korean exports of electric vehicles to the U.S. had been on an upward trend, with 68,923 units in 2022, 121,876 units in 2023, and 92,049 units in 2024, but there was a drastic drop last year. In November last year, South Korea exported only 13 electric vehicles to the U.S., setting a historical low for monthly exports. The share of the U.S. in South Korea's total electric vehicle exports also shrank to 4.6%, just one-eighth of the previous year's 35.0%. This decline was mainly due to the Trump administration's cancellation of electric vehicle tax credits and the imposition of a 25% tariff on cars made in South Korea in April of last year.

The Korean market also faces another threat. Last year, the number of newly registered electric vehicles in South Korea reached 220,177, an increase of 50.1% year-on-year, accounting for 13.1% of all car purchases. However, according to the origin of production, the sales of domestically produced electric vehicles in South Korea increased by 34.2% to 125,978 units, but their market share fell from 64.0% to 57.2%. Sales of Chinese-made electric vehicles surged by 112.4% to 74,728 units, with their market share reaching 33.9%. Thanks to the cost-effectiveness of Chinese brands such as Tesla and BYD, these brands are rapidly expanding their influence in the South Korean domestic market.

Original: toutiao.com/article/1859081729174660/

Statement: This article represents the views of the author alone.