South Korea's January-September EV exports surge
South Korean exports of electric vehicles (EVs) during January-September rose by 144pc from a year earlier to 49,160 units, supporting increased demand for cobalt and other key battery materials.
Total exports of EVs and other unconventional vehicles, such as hybrid gasoline-electric cars, were up by 42pc to 180,933. The increases accelerated in September, as volumes rose by 83pc to 24,808 units. Exports of fuel cell electric vehicles have quadrupled this year, up by 364pc during January-September to 571. The EV and hybrid segment accounted for nearly 15pc of South Korea's auto exports in September, up from 8pc a year earlier.
South Korea aims to more than double its share of the global market for EVs and hydrogen cars to 10pc by 2030. It has pledged more than 62 trillion won ($53bn) in public and private-sector investment to the industry.
Seoul also targets a 33pc share of the country's domestic auto market for EVs and hydrogen cars by 2030. Domestic EV sales during January-September rose by 21pc to 24,963 units, despite sliding by 36pc in September to 1,910. Seoul has budgeted subsidies as high as W19mn each for up to 42,000 domestic EV sales this year. Subsidies will increase to 65,000 EVs in 2020.
source: Argus Media
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