Hybrid cars surge in Korea with 24.3% increase in sales

Industry

Published: 10 Jul. 2024, 18:17

Hybrid cars surge in Korea with 24.3% increase in sales

A hybrid version of the Grandeur sedan [HYUNDAI MOTOR]

With EV sales losing their charge, hybrids are selling like hot cakes in Korea.

A total of 187,903 hybrid cars were sold in the first half of 2024 in the country, up 24.3 percent compared to the same period a year earlier, according to recent data from market tracker CarIsYou.

Some 23 percent, or more than one in five new cars registered in Korea in the Jan.-to-June period were hybrid cars, marking the first time the metric has surpassed 20 percent.

Hybrids are widely considered a cost-effective option as they are powered by an internal combustion engine as well as an electric motor and have the ability to charge their own batteries while driving through regenerative braking.

A hybrid version of the Sorento SUV [KIA]

The top five best-selling cars in the domestic market all included hybrids in their lineups.

Kia's Sorento SUV took the top spot for the first half of 2024 followed by the company's Carnival minivan in second. Hyundai Motor's Santa Fe placed third, followed by Kia's Sportage SUV and Hyundai's Grandeur sedan.

The surging popularity of hybrids is notable because overall car sales fell 10.4 percent to 819,74 over the period.

Meanwhile, sales of diesel cars plunged 55 percent to 75,985, accounting for only 9.3 percent of total car sales, marking the first time the figure has dipped below 10 percent.

Car brands are scrambling to add hybrids to their lineups to in response to slowing EV sales.

Hyundai Motor is expected to introduce a hybrid version of the Palisade SUV early next year and add a hybrid option in Genesis, its luxury stand-alone brand.

The automaker recently said it would produce hybrids at its under-construction $5.5 billion plant in Georgia.

Kia will add hybrid versions to nine models by 2028 while Renault Korea plans to launch hybrid Renault Grand Koleos in the second half.

BY SARAH CHEA [chea.sarah@joongang.co.kr]