Jung-hee Kim, Gounee Yang

Global Economic News

HYBRID cars are gaining popularity in South Korea, with both the imported and used car sectors thriving.

Hybrid cars have recently emerged as an alternative as the country’s eco-friendly car market expands and oil prices continued to rise. They’re also preferred for the reason that electric vehicle (EV) charging infrastructure is still insufficient in the country.

Hyundai Motor and Kia said they sold a combined 16,350 units of hybrid cars in April, representing an increase of 13% from 14,473 units in March, and accounting for 56.7% of the country’s eco-friendly car sales (28,835 units) in April.

Kia’s hybrid sales were 11,411 units in April, up 29.4% from 8,821 units in March. Sales of its K8 hybrid models was 2,439 units, while its Sorento hybrid models were sold 3,886 units. In particular, 98.69% of Kia’s eco-friendly SUV Niro sales were hybrid models.

However, Hyundai Motor’s hybrid car sales fell 12.7% to 4,936 units in April from 5,652 units in March. Its EV sales were 6,222 units, accounting for 49.96% of the brand’s total sales. By model, sales of Avante, Kona, and Tucson hybrid models increased.

According to Opinet, the Korea National Oil Corp.’s oil price information service, gasoline prices in South Korea averaged 1,932 won (US$1.55) per liter in April. The oil tax cut has expanded to 30% since May 1, but it is still expensive. This is why more and more consumers are looking for fuel-efficient hybrid cars.

Hybrid cars are considered as a “bridge” between internal combustion engine vehicles and EVs. It is an optimal option for those who are hesitating to purchase EVs due to infrastructure insufficiency.