SEOUL, Jul. 16 (Korea Bizwire) — South Korea’s shipments of environment-friendly vehicles jumped an average of 33 percent per year in the past seven years on growing overseas demand, an auto business lobby group said Tuesday.
Local carmakers exported 196,000 eco-friendly vehicles in 2018, surging from 35,000 units in 2012.
Eco-friendly cars accounted for 8 percent of the country’s overall vehicle exports last year, up from 1.1 percent six years earlier, according to the data from the Korea Automobile Manufacturers Association (KAMA).
Hyundai Motor Co. and affiliate Kia Motors Corp., the country’s two biggest carmakers, have developed a variety of low-emission and emission-free models in recent years.
Globally, increased subsidies and tax benefits to promote eco-friendly cars have helped buoy demand for such autos, KAMA said.
Three carmakers — Hyundai, Kia and Renault Samsung Motors Corp. — shipped 14 kinds of less-polluting models like Hyundai’s Ioniq electric car and Sonata hybrid electric car to markets such as the United States and Europe last year, it said.
Global market research firm IHS Markit forecast that half of vehicles sold in 2030 will be eco-friendly cars.