SEOUL, September 03 (AJP) - South Korea’s electric vehicle market is showing signs of revival this year, fueled by a wave of new models from Hyundai and Kia after several years of declining sales.
From January through July, registrations of new electric vehicles reached 118,047, according to data released Wednesday by the Ministry of Land, Infrastructure and Transport.
The figure represents a 46.7 percent increase from the same period a year earlier and pushed cumulative registrations past the 100,000 mark in just seven months.
The rebound follows three years of contraction.
Annual new registrations slipped to 164,324 units in 2022, then to 162,507 in 2023 and 146,734 in 2024. If momentum continues through the second half of the year, analysts say, annual sales could surpass 200,000 units for the first time.
Domestic automakers remain at the center of the surge.
Hyundai and Kia accounted for nearly 63 percent of new registrations in the first seven months of 2025, propelled by the launch of high-profile models including Hyundai’s Ioniq 9 and Ioniq 6, and Kia’s EV3 and PV5.
Industry analysts credit the fresh lineup with restoring consumer confidence in the market, noting that competitive pricing and extended driving ranges have helped boost demand.
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