According to “Asia Daily,” the Korea International Trade Association recently released import and export data that demonstrates that South Korea’s imports of cars from China in the first half of this year (January to June) were second only to Germany and the United States. The imports have now increased by 79.7% year over year to $275.57 million. With regards to finance, South Korea ranked third out of all the target countries for imports with its $52.82 million purchase of electric vehicles from China during the same period last year, an increase of 367.8%.
South Korea’s electric vehicle exports to China are only worth $1.53 million, and the trade deficit may be gradually widening. According to the Korea Automobile Manufacturers Association (KAMA), the import volume of Chinese-made electric buses capable of carrying 10 or more people has increased significantly and now accounts for more than half of the market share in South Korea.
MORE THAN A THIRD OF NEWLY REGISTERED TAXIS IN SOUTH KOREA THIS YEAR ARE ELECTRIC VEHICLES
At the moment, more than one-third of newly registered taxis in South Korea in the first seven months of this year were electric vehicles, according to data from the South Korean Ministry of Land, Infrastructure and Transport. Data from the Ministry of Transportation analyzed by the CarIsYou data center shows that South Korean taxis operated 7,394 newly registered electric vehicles from January to July. This is equivalent to 36.4% of the 20,296 newly registered cabs in the same period. The number of electric taxis has been increasing over the past decade.
CarIsYou points out that individuals prefer electric vehicles for taxi operations over businesses. Of these newly registered electric taxis, 86.8% belong to individuals and 13.2% belong to rental companies. In 2013, there were no registered electric taxis in South Korea. But that number went from nine in 2014, 54 in 2015, and 1,029 in 2019, before nearly quintupling to 4,993 in 2021. In terms of models, Hyundai Motor’s flagship Ioniq 5 was the most popular electric taxi in Korea with 3,453 new launches, followed by the Kia EV6 (2,434 units) and the Hyundai Niro EV (1,702 units). Hyundai’s luxury brand Genesis has two G80 models and one GV70 model as electric taxis.