Exports of eco-friendly cars drop amid slowing EV shipments in S. Korea

admin admin | 05-02 00:20

Global EV demand is expected to remain sluggish for the time being due mainly to potential fire risks and lack of charging infrastructure.
South Korean exports of environment friendly vehicles fell for the first time in the first quarter after reporting on-year increases in the past 12 quarters, an industry association said on Wednesday.

Shipments of eco-friendly vehicles fell 5.6% on-year to 178,003 units in the January-March quarter from 188,607 units in the same period of last year, according to the Korea Automobile & Mobility Association (KAMA).

Eco-friendly cars include gasoline hybrid, battery electric, plug-in hybrid, and hydrogen fuel-cell electric models, reports Yonhap news agency.

Exports of gasoline hybrid models rose 5.5% to 84,040 units in the first quarter from 79,624 a year ago, while combined shipments of three other models declined 14% to 93,963 from 108,983 during the same period.

Global EV demand is expected to remain sluggish for the time being due mainly to potential fire risks and lack of charging infrastructure.

Given battery electric vehicles account for a large portion of the country's eco-friendly vehicle shipments, its overall eco-friendly car exports will likely fall further for the rest of the year, industry officials said.

Market tracker SNE Research projected the global EV registrations will fall 19% on-year to 16.75 million units this year.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.


ALSO READ

Hyundai Motor India lists with record IPO, commits to Indian market with new tech and EV plans

As part of its effort to introduce clean mobility solutions for Indian buyers, Hyundai will launch f...

auto | 6 hours ago

Skoda Auto Volkswagen India plants over 7 lakh trees in Maharashtra for ecological restoration

Additionally, SAVWIPL has installed 18.5 MWp of rooftop solar power at its Chakan facility, which of...

auto | 6 hours ago

Mega Corporation launches Lendingo to enhance EV financing solutions

Mega Corporation on Monday announced the launch of a new division, Lendingo. Mega Corporation on Mon...

auto | 6 hours ago

GreenLine accelerates decarbonisation efforts with 1,000 LNG trucks by March 2025

The government in a recent draft policy proposed to convert a third of long-haul trucks into LNG pow...

auto | 6 hours ago

Remsons Industries acquires 51% stake in BEE Lighting to enhance automotive lighting solutions

Established in 2006, BEE Lighting specialises in automotive headlamps, rear lamps, and various exter...

auto | 6 hours ago

EV Recharge partners with ZEVO for mobile EV charging solutions

EV Recharge’s technology can charge vehicles from 0% to 80% in just 20 minutes, a significant improv...

auto | 6 hours ago