Specifically,South Koreas total domestic EV sales in 2023 were 159,693 units,a decrease of 1,756 units compared to 161,449 units in 2022.Of these sales,domestic EVs accounted for 116,662 units,down from 123,676 units in 2022,representing 73.1% of total sales.In contrast,imported EV sales reached 43,031 units,surpassing the 40,000 mark for the first time,accounting for 26.9% of total sales.This means the market share of domestic EVs dropped by 3.5 percentage points from 76.6% in 2022,while the share of imported EVs rose by the same margin.

Analysts attribute the shift in sales shares between imported and domestic EVs to factors such as the diversification of imported models,adjustments in subsidy policies,and brand effects.In particular,the reduction in subsidies for domestic EVs,coupled with the high base effect from the previous years sales,led to a year-on-year decline in sales.Industry experts anticipate that domestic EV sales may regain growth momentum by the end of 2023 or in 2024.

Analysts believe that the changes in the sales share of imported and domestically produced electric vehicles are mainly due to factors such as the diversification of imported models,adjustments in subsidy policies,and brand effects.In particular,the reduction of subsidies for domestically produced electric vehicles,combined with the high base effect of sales in the previous year,has led to a year-on-year decrease in sales.Industry experts expect that the sales of domestically produced electric vehicles will resume a growth trend by the end of 2023 or 2024.

Changes in South Koreas EV Market in 2023: Rising Sales of Imported EVs