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As of June 2022, there were about 299,000 electric vehicles registered in South Korea. [1] As of September 2022, 11.8% of new cars registered in South Korea were electric. [2] The South Korean government has provided strong support for electric vehicles including tax breaks, financial aid, and expenditures in research and development.
The Torres EVX (known in development as the U100 project) is the electric version of the Torres, which debuted on March 30 at the 2023 Seoul Motor Show alongside a large number of concepts and production models, [8] being the first KG-branded vehicle after the general name change of SsangYong to KG Mobility.
Changwon Plant (South Korea) – Engine and parts factory. The present main (assembly) site is located in Pyeongtaek's Chilgoe neighbourhood and was built in 1979. The whole site (including surrounding land) covers 850,000 m 2 (9,100,000 sq ft ) and also includes the aforementioned headquarters and research and development buildings.
The government expects that the policy programs will help increase the electric car market share in South Korea to 0.5% in 2017, up from 0.2% in 2015, and to achieve 5.3% in 2020. [35] The government subsidy has in place a one-time purchase subsidy for electric cars.
Production of the Soul EV began in South Korea in April 2014. Pricing in the South Korean market started at 42 million won (~ US$39,400), before a 50% government subsidy. Kia set a global sales target of 5,000 units for 2014. [9] Deliveries began in South Korea in May 2014, with 38 units delivered. [7] [8]
Battery electric vehicles are expected to make up 16.7% of the market share for light vehicles. Tesla, BYD of China, and other manufacturers face big unknowns in 2025. Donald Trump's presidency could mean big policy shifts in tax and other incentives for both electric vehicle makers and consumers.
Because such vehicles make many stops, it is more practical to use an electric vehicle than a combustion truck, which would be idling much of the time; it also reduces noise in residential areas. For most of the 20th century, the majority of the world's battery electric road vehicles were British milk floats. [28]
The Kia EV6 (Korean: 기아 EV6) is a battery electric compact crossover SUV produced by Kia. [9] [10] Introduced in March 2021, it is the first Kia dedicated electric vehicle, and the first model developed on the Electric Global Modular Platform (E-GMP) similar to the Hyundai Ioniq 5.