From scaling 10% of global EV production to exporting cutting-edge batteries worldwide, South Korea's electric vehicle industry has rapidly transformed into a powerhouse, driven by massive corporate investment and supportive government policies.
Key Takeaways
- In 2022, South Korea produced 1.37 million electric vehicles, accounting for 10% of global EV production
- Hyundai Motor Group manufactured 456,000 EVs in Korea in 2023, representing 68% of domestic production
- Kia Corporation's Hwaseong plant produced 220,000 EV9 SUVs in its first year of full operation in 2023
- South Korea's EV sales reached 425,000 units in 2023, up 38% from 2022
- Hyundai Ioniq 5 sold 75,000 units domestically in 2023
- Kia EV6 achieved 65,000 units in Korea sales for 2023
- South Korea allocated KRW 10.6 trillion for EV subsidies in 2023
- Government EV purchase subsidy averaged KRW 6.5 million per vehicle in 2023
- Korea's Carbon Neutrality Act mandates 40% EV sales by 2030
- LG Energy Solution's global battery capacity: 1,000 GWh planned by 2025 from Korea bases
- SK On's prismatic battery production: 120 GWh in Korea 2023
- Samsung SDI's 4680 battery cells mass production started 2023 at 30 GWh capacity
- Korea's EV exports hit 500,000 units in 2023
- Hyundai exported 300,000 Ioniq 5 and EV6 to Europe and US in 2023
- Kia EV9 exports to US: 20,000 units first half 2024 from Korea
Korea's booming electric vehicle industry is backed by massive domestic production and exports.
Battery
- LG Energy Solution's global battery capacity: 1,000 GWh planned by 2025 from Korea bases
- SK On's prismatic battery production: 120 GWh in Korea 2023
- Samsung SDI's 4680 battery cells mass production started 2023 at 30 GWh capacity
- Posco Chemical's cathode material output: 80,000 tons annually from Korea plants 2023
- Ecopro BM supplied 40,000 tons LFP cathode precursors in 2023
- LG Chem's separator production: 2 billion sqm per year in Korea 2023
- SK ie technology's wet separator capacity: 1.2 GWh equivalent 2023
- Korea's nickel refining capacity for batteries: 100,000 tons by 2024 from Poongsan
- Solid-state battery R&D by Hyundai: prototype with 800km range announced 2023
- LFP battery adoption in Korea EVs: 15% of production in 2023
- Battery recycling rate target: 95% by 2030, current 60% in 2023 Korea
- Korea's graphite anode supply: 20,000 tons domestic 2023
- CATL-LG joint venture for LFP batteries in Korea planned 50 GWh 2025
- High-nickel NCM 811 batteries: 70% of Korea's EV battery output 2023
- Battery pack energy density average: 250 Wh/kg in Korean EVs 2023
- Electrolyte production by Soulbrain: 15,000 tons in Korea 2023
Battery Interpretation
Korea’s EV battery industry isn’t just playing for keeps; it’s building a vertically integrated, high-tech fortress, from mining minerals to chasing solid-state dreams, while frantically learning to recycle its own creations.
Exports
- Korea's EV exports hit 500,000 units in 2023
- Hyundai exported 300,000 Ioniq 5 and EV6 to Europe and US in 2023
- Kia EV9 exports to US: 20,000 units first half 2024 from Korea
- LG Energy Solution exported batteries worth USD 20 billion from Korea 2023
- SK On supplied batteries to Ford for 100,000 Mustang Mach-E exported via Korea 2023
- Samsung SDI's battery exports to BMW: 50 GWh equivalent 2023 from Korea
- Korea's EV parts exports: KRW 40 trillion in 2023
- Hyundai Ioniq 5 exports to Australia: 15,000 units 2023
- Kia EV6 exports to UK: 25,000 units 2023
- Genesis GV60 exports to Canada: 10,000 units 2023
- Battery cathode exports from Korea: USD 10 billion 2023
- EV charger exports: 100,000 units from Korea to ASEAN 2023
- Korea's share of global EV battery exports: 25% in 2023
- Hyundai-Kia joint exports to US: 40% of total Korea EV exports 2023
- SK On's US-bound battery shipments: 200,000 packs 2023 from Korea
- Total Korea auto exports including EVs: 4.1 million units 2023
Exports Interpretation
While still chasing Tesla's tail, Korea's EV ecosystem has cleverly assembled a lucrative export juggernaut, proving that batteries and well-made crossovers can be just as valuable as a single headline-grabbing sedan.
Policy
- South Korea allocated KRW 10.6 trillion for EV subsidies in 2023
- Government EV purchase subsidy averaged KRW 6.5 million per vehicle in 2023
- Korea's Carbon Neutrality Act mandates 40% EV sales by 2030
- KRW 2.5 trillion invested in national EV charging network by 2025
- Tax incentives reduced EV acquisition tax by 90% until 2025
- MOTIE's EV R&D budget: KRW 1.2 trillion in 2023
- Local governments offer up to KRW 10 million additional EV rebates in 2023
- Korea aims for 3.5 million EV chargers by 2030 per national plan
- Corporate EV fleet subsidy program supported 50,000 vehicles in 2023
- Ban on new ICE vehicle sales from 2035 announced in 2023
- KRW 500 billion green bond issued for EV infrastructure in 2023
- EV battery recycling mandate starts 2025 with 70% recovery target by 2030
- Public sector EV procurement target: 30% of fleet by 2027
- Hydrogen fuel cell vehicle subsidies: KRW 25 million per unit in 2023
- Smart grid integration policy for EVs approved in 2023
- R&D tax credits up to 30% for EV tech firms in Korea 2023
- Korea invested USD 20 billion in EV supply chain by 2025 plan
Policy Interpretation
South Korea is charging toward its electric future with the financial ferocity of a K-pop fan buying front-row seats, pouring trillions into subsidies, chargers, and research to ensure that by 2030, choosing a gas guzzler will feel as archaic as dial-up internet.
Production
- In 2022, South Korea produced 1.37 million electric vehicles, accounting for 10% of global EV production
- Hyundai Motor Group manufactured 456,000 EVs in Korea in 2023, representing 68% of domestic production
- Kia Corporation's Hwaseong plant produced 220,000 EV9 SUVs in its first year of full operation in 2023
- South Korea's EV battery production capacity reached 500 GWh by end of 2022, led by LG Energy Solution
- SK On expanded its battery cell production to 200 GWh annually at its Seosan plant in 2023
- Samsung SDI produced 120,000 tons of cathode materials for EVs in 2022 at its Cheonan facility
- Hyundai's Ulsan plant achieved 300,000 units of EV production milestone in 2023
- Korea's auto industry invested KRW 50 trillion in EV production facilities from 2020-2023
- LG Energy Solution's Ochang plant produced 1.2 million EV battery packs in 2023
- Posco Future M supplied 50,000 tons of high-nickel cathode for EV batteries in 2023
- South Korea's EV production grew 45% YoY to 1.4 million units in 2023
- Hyundai Steel produced 2 million tons of automotive steel for EV bodies in 2022
- Kia’s Gwangmyeong plant assembled 150,000 EV6 units in 2023
- SK Innovation's battery separator production hit 1.5 billion sqm in 2023
- South Korea's semiconductor output for EV powertrains reached KRW 2 trillion in 2023
- Hyundai Mobis produced 1 million EV motors in Korea in 2023
- LG Innotek supplied 500,000 power control units for EVs in 2023
- Korea's EV charger manufacturing output was 300,000 units in 2023
- SsangYong Motor (KG Mobility) produced 10,000 Torres EVX in 2023 pilot run
- Renesas Korea fabricated 20 million EV microcontrollers in 2023
Production Interpretation
South Korea's electric vehicle industry has clearly decided that if you want something done right, you have to build absolutely everything yourself, from the cathode materials and microcontrollers to the steel bodies and charging stations, stitching it all into a formidable 10% global production share that’s growing at a shockingly brisk 45% per year.
Sales
- South Korea's EV sales reached 425,000 units in 2023, up 38% from 2022
- Hyundai Ioniq 5 sold 75,000 units domestically in 2023
- Kia EV6 achieved 65,000 units in Korea sales for 2023
- Genesis GV60 sold 25,000 units in South Korea in 2023
- Tesla Model Y was the top imported EV with 30,000 units sold in Korea 2023
- EV market share in Korea hit 10.5% of total passenger car sales in 2023
- Hyundai Ioniq 6 sales reached 40,000 units in Korea in 2023 launch year
- Kia EV9 sold 15,000 units in Korea within first 6 months of 2023 launch
- BMW i4 imported EV sales: 12,000 units in Korea 2023
- Mercedes EQE sales in Korea: 8,500 units in 2023
- Total PHEV sales in Korea: 25,000 units in 2023
- Kia Niro EV sales: 35,000 units domestically 2023
- Hyundai Kona Electric: 50,000 units sold in Korea 2023
- Polestar 2 sales in Korea: 5,000 units 2023
- Audi e-tron sales: 4,200 units in Korea 2023
- Total EV registrations in Korea exceeded 500,000 cumulative by end 2023
- Kia Soul EV final year sales: 20,000 units before discontinuation 2023
- Porsche Taycan Korea sales: 1,800 units 2023
Sales Interpretation
While Tesla's Model Y is the valedictorian of the import lot, South Korea's 2023 EV boom was decidedly a homecoming party, with Hyundai and Kia proving that domestic designs can outsell foreign charm by a country kilometer.
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