Based on exports for the first to third quarters of last year
Rapid increase in battery electric vehicle exports to Europe
Despite the new coronavirus infection (Corona 19) crisis, Korea’s electric vehicle exports have risen to the fourth largest in the world.
According to the “Export Trends and Implications of Electric Vehicles, Leaders in New Growth Industry,” released on the 31st by the Korea International Trade Association Institute for International Trade and Commerce (Chairman) It surpassed the export of hybrid cars ($2.5 billion) for the first time, recording KRW 358.3 trillion). In the export of eco-friendly vehicles (US$7.1 billion), including all battery electric vehicles, plug-in hybrid vehicles, and hybrid vehicles, battery electric vehicles accounted for 54.7%, accounting for the highest proportion.
Battery electric vehicle exports have grown significantly, especially in the European market. Exports to the UK, France, and Italy last year increased by 624.3%, 112.2% and 260.2%, respectively, in triple digits compared to the previous year. In Norway, where the proportion of eco-friendly vehicles was high, 97.3% of the cars exported last year were battery electric cars, while the proportion of battery electric cars among the cars exported to the United States during the same period was only 3.4%, a sharp contrast.
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In addition, the proportion of exports to Europe of Korea’s eco-friendly car exports last year was 68.0%, exceeding three times that of 20.4%, which is the share of all automobile exports, and Europe has emerged as the largest export market for eco-friendly cars in Korea.
The competitiveness of Korean electric vehicles and eco-friendly vehicles is found to be among the top in the world. Based on exports in the first to third quarters of 2020, Korean electric vehicles (battery electric vehicles + plug-in hybrid vehicles) ranked 4th in the world and 5th in the world as a whole for eco-friendly vehicles. Hydrogen electric vehicles only exported 995 units last year, but in terms of exports, they increased 26.3% compared to the previous year, and in July, they succeeded in exporting their first hydrogen trucks to Europe. In the battery sector, which determines the performance and price of electric vehicles, Korean companies boasted excellent competitiveness, taking the 2nd, 4th, and 5th share of the global electric vehicle battery market from January to November 2020.
The report said, “Each country is using the pandemic crisis as an opportunity to transition to a’sustainable low-carbon economy’, and is actively engaged in environmental regulations, investment in charging infrastructure, and providing incentives to purchase eco-friendly cars.” “The global electric vehicle market has grown at an annual average of 48% for the past five years. Although it has been growing at a rapid pace, the electric vehicle market will once again face a new growth momentum with Corona 19.”
Kim Kyung-hoon, a research fellow at the International Trade and Trade Institute of the International Trade Association, said, “To preoccupy the fast-growing electric vehicle market, especially the European market, we closely grasp each country’s environmental regulations, incentive policies, and market trends, and supply various and competitive vehicle types in a timely manner. “We must continue to secure the competitive edge of the Korean electric vehicle industry through system maintenance, infrastructure investment, and R&D reinforcement in line with the global trend of strengthening environmental regulations.”
/ Reporter Jeon Hee-yoon [email protected]
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