April 26, 2024

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[THE INVESTOR] Hybrid vehivles took up 94 percent of eco-friendly cars sold in South Korea through October this year, data showed Sunday, despite the government's efforts to push electric models.

According to the data compiled by Korea Automobile Manufacturers Association and the Korea Automobile Importers and Distributors Association, the combined number of eco-friendly cars sold here came to 53,631 units through October, soaring 63.8 percent from a year earlier.

Local brands accounted for 41,164 units, while overseas models took up 12,467 units, the data also showed. Sales of hybrid automobiles jumped 68.1 percent over the cited period to reach 50,544 units.

Industry watchers said although sales of eco-friendly cars jumped on-year on the back of robust demand for hybrid models, local consumers were still less reluctant to purchase electric automobiles.

While the government made efforts to provide subsidies for electric automobiles, it still needs to focus on developing infrastructure for such vehicles, they added.

"This year, the demand for hybrid cars increased after Hyundai and Kia released the Ioniq and Niro, respectively," an industry source said, adding the government should also focus on building infrastructure and rolling out subsidies to develop the electric segment as well. (theinvestor@heraldcorp.com)