SEOUL, Jan. 31 (Korea Bizwire) — South Korea’s exports of electric vehicles (EVs) advanced nearly 66 percent on-year in 2020, data showed Sunday, despite the overall slump in the automobile industry amid the COVID-19 pandemic.
Outbound shipments of EVs came to US$3.9 billion in 2020, marking the first time for the volume to surpass that of hybrid cars, whose exports came to $2.5 billion last year, according to the data compiled by the Korea International Trade Association.
EVs accounted for more than half of the combined outbound shipments of eco-friendly cars, which were estimated at $7.1 billion.
Europe was the largest destination for South Korea’s eco-friendly cars, taking up 68 percent of the total.
South Korea also shipped 955 units of hydrogen fuel cell cars in 2020, which marked 26.3 percent on-year growth.
The country was the world’s fourth-largest exporter of EVs in the January-September period, the association added.
South Korea’s combined exports of automobiles, meanwhile, reached $37.4 billion in 2020, down 13.1 percent on-year amid the COVID-19 pandemic, according to separate data compiled by the Ministry of Trade, Industry and Energy.