Domestic automakers to revive PHEV push

SEOUL, November 13 (AJP) - South Korean automakers are returning to the plug-in hybrid electric vehicle (PHEV) market after nearly a decade, hoping to tap niche demand as sales recover. According to industrial sources on Friday, GM Korea is expected to begin full-scale sales of the Buick Electra E7 as early as this month, while KG Mobility plans to unveil its PHEV-equipped midsize SUV, the SE10, in January next year.

Domestic PHEV sales, which peaked at 19,701 units in 2021 before declining for three consecutive years, rebounded to 13,619 last year, encouraging automakers to prepare new models. However, pricing remains a major obstacle as Chinese automaker BYD expands its presence with competitively priced models. Its Sealion 6 DM-i, priced at 37.5 million won (US$28,100), topped monthly registrations among imported PHEVs for three consecutive months from August through October, with domestic deliveries surpassing 1,000 units. By comparison, the Electra E7 starts in the 43 million won range, while the SE10 is expected to cost from around 40 million won.

Tags: GM Korea, KG Mobility, BYD, PHEV, SUV

Kim Su-ji

Domestic automakers to revive PHEV push

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