Sales of South Korean environmentally friendly cars reaches new high in 2024
(MENAFN) Sales of environmentally friendly cars by South Korea's five major automakers reached a new high last year, driven largely by the growing demand for hybrid models, according to data released on Sunday. The companies, including Hyundai Motor, Kia, GM Korea, KG Mobility, and Renault Korea Motors, collectively sold 450,194 eco-friendly vehicles in 2024, marking an 11.1 percent increase from the 405,331 units sold in 2023.
Hybrid vehicles dominated the market, with sales reaching 356,058 units last year, a 24.9 percent rise compared to the previous year. These models accounted for 88 percent of the total eco-friendly car sales in 2024. Meanwhile, sales of electric vehicles (EVs) declined significantly, dropping 21.2 percent from 115,900 units in 2023 to 91,385 units last year. Hydrogen fuel cell vehicles also experienced a downturn, with sales falling 36.4 percent from 4,238 units to 2,751 units over the same period.
The sharp decline in EV and hydrogen vehicle sales contrasts with the robust performance of hybrid models, which have proven to be a more popular choice among consumers. Despite the challenges faced by other categories, hybrid vehicles have played a critical role in sustaining the overall growth of eco-friendly car sales in the market.
An official from the auto industry attributed the sustained demand for environmentally friendly vehicles to the rising popularity of hybrid models. While the decline in EV and hydrogen fuel cell vehicle sales posed challenges, hybrid cars provided a strong alternative, reflecting their growing appeal and practicality for consumers in the current market landscape.
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