According to media reports, industry data released on April 2nd indicates that the cumulative registration of electric vehicles (EVs) in South Korea has surpassed the milestone of 500,000 units in 2023.
Data from the Korea Automobile Manufacturers Association and the South Korean Ministry of Transport show that by the end of 2023, the registered EVs in South Korea reached 543,900 units.
South Korea has been officially recording EV registrations since 2017. Compared to the record of 389,855 units by the end of 2022, the registered EVs in South Korea saw a significant increase of 39.5% by the end of last year.
In addition to the surge in EV registrations, the number of EV charging stations in South Korea also exceeded 300,000 units, reaching 305,509 units. Among them, 279,923 are standard-speed charging stations, while the remaining 34,386 are fast-charging stations. The number of newly installed charging stations in South Korea increased by 48.8% compared to 2022.
Among the EVs sold in South Korea, Hyundai's Ioniq 5 recorded the highest registration numbers, reaching 70,756 units. The Ioniq series consists of seven models with an average battery capacity of 71.89 kilowatt-hours.
The South Korean government plans to heavily invest in the EV industry in the coming years. Thanks to government support, the EV industry in South Korea is experiencing significant growth. With the election of President Yoon Suk-yeol, this support is expected to continue and even strengthen. During his campaign, President Yoon pledged to ban new registrations of internal combustion engine vehicles in South Korea starting from 2035.
