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THE INVESTOR
December 12, 2019
Big Reunion

Automobiles

Hyundai’s Ioniq, No. 1 registered EV here

  • PUBLISHED :May 29, 2017 - 17:21
  • UPDATED :May 29, 2017 - 17:21
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[THE INVESTOR] Riding on the boom of eco-friendly vehicles, Hyundai Motor’s electric car Ioniq was the most registered EV in South Korea as of last April, industry data showed on May 29.

The total number of EVs registered here reached 13,812 units across 13 models as of last April, out of which the Ioniq EV stood for 40.4 percent, totaling 5,581 units, according to data from the Korea Automobile Manufacturers Association.

South Korea’s EV market lags behind in size compared to the three big auto markets -- the US, the EU and China -- but it is expanding at a fast pace.

In 2011, a total of 344 EVs were registered here and they surpassed 10,000 units for the first time last year, according to the KAMA. 

“Many speak highly of the Ioniq’s design and performance. Also, with government subsidies, it comes with a reasonable price tag of around 20 million won,” said a spokesperson of Hyundai Motor Group.

The Ioniq EV has a price range of 38.4 million won ($34,250) to 43 million won.

The Ministry of Environment currently offers a subsidy of 14 million won per EV purchased, while the Seoul City government provides 5.5 million won. The amount of subsidies offered differs by provincial government.

Soul EV, an electric car model made by Kia Motors, South Korea’s second-largest automaker, claimed the No. 2 spot with 2,575 units, the KAMA said. This was followed by Renault Samsung Motors’ SM3 Z.E. sedan, a pure electric model of the flagship SM3 sedan, with 2,547 units.

Among foreign automakers, BMW’s i3 compact EV came in first place with 827 units, while the Chevrolet Bolt EV compact electric car fell far behind with 16 units, data showed. 

South Korea’s EV market is expected to continue expanding, as the new administration led by President Moon Jae-in has vowed to boost the country’s EV market in order to tackle high levels of fine dust and foster a new economic growth engine. 

The Ministry of Trade, Industry and Engery said last July that it plans to increase the number of EVs here to 250,000 units by 2020. 

By Kim Bo-gyung/The Korea Herald (lisakim425@heraldcorp.com)
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