In the quarter of this year, South Korea saw a rise, in the sales of friendly cars with over 100,000 units sold. The demand for vehicles has been driving this growth. Industry data indicates that five Korean automakers, like Hyundai Motor and Kia, collectively sold 101,727 eco-cars from January to March – an increase of 8.7% from last year.
Among these sales figures hybrid cars accounted for the majority at 85,828 units marking a surge of 42.4% compared to the period in the previous year. On the other hand vehicle (EV) sales dropped by 51.4% to 15,237 units during the first quarter – reflecting a global trend of slowing EV sales.
Elon Musk's comments shed light on the evolving market landscape as he noted the growing pressure for EV adoption and how some auto manufacturers are shifting focus towards plug-in hybrids, over EVs.
Kias Sorento Hybrid stood out as the selling model, in the quarter selling 19,729 units, followed by Hyundais Santa Fe Hybrid with 15,981 units and Kias Carnival Hybrid with 12,203 units.
Despite the performance in sales, South Korea saw a decrease in eco-friendly vehicle exports for the first time during the first quarter according to industry groups. The export of vehicles dropped by 5.6 percent year on year to 178,003 units from last year's 188,607 units during the same period. These eco-friendly vehicle types include gasoline hybrids, battery electric vehicles (BEVs) plug-in hybrids, and hydrogen fuel cell electric vehicles (FCEVs).
In a development Ola Electric. An electric scooter manufacturer in India. Recently announced a 12.5 percent price cut on its most budget-friendly scooter model. This strategic decision aims to increase sales following the government's subsidy reduction. Ola Electric introduced the S1X scooters in August year. Faced challenges after alterations were made to incentives for electric vehicles by the government. This led to losses, for the company. Prompted them to explore ways to drive sales in a fiercely competitive market.
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