Record-Breaking Sales for Eco-Friendly Korean Cars in 2024
In a significant milestone for sustainability in the automotive industry, South Korea’s five major car manufacturers achieved a new sales record for eco-friendly vehicles in 2024, fueled by the soaring popularity of hybrid models.
Last year, these companies collectively sold 450,194 units of environmentally friendly cars, marking an increase of 11.1% from the 405,331 units sold in 2023. This data was compiled from separate reports by Hyundai Motor, Kia, GM Korea, KG Mobility, and Renault Korea Motors, released on Sunday.
The standout performance came from hybrid models, which saw sales of 356,058 units, a year-on-year increase of 24.9%. This surge made hybrids account for 88% of the total eco-friendly car sales in Korea.
Conversely,
sales of electric vehicles experienced a dip, decreasing by 21.2% from 115,900 units in 2023 to 91,385 units in 2024. Similarly, vehicles powered by hydrogen fuel cells saw a sharp decline of 36.4%, from 4,238 units to just 2,751 units.
An automotive industry official commented, “Despite the sluggish sales of electric vehicles, the demand for eco-friendly cars remained strong, bolstered by the significant rise in hybrid model sales.”
This shift towards hybrid vehicles in the South Korean market might reflect a broader trend
where consumers are looking for sustainable options but are perhaps not yet ready to fully
transition to electric vehicles due to various practical considerations like charging infrastructure
and range anxiety. The strong performance of hybrids showcases a growing acceptance and
preference for vehicles that offer both environmental benefits and practical fuel efficiency.
For car manufacturers in Korea, this data suggests a strategic focus on diversifying eco-friendly
offerings, with a particular emphasis on hybrid technology while continuing to develop electric
and hydrogen alternatives. As the world moves towards greener transportation solutions, these
trends in South Korea could set benchmarks for other markets to follow.
