South Korean exports of electric vehicles (EVs) more than doubled in value terms to US$2.57bn in the first ten months of 2019, according to data released jointly by the country's Industry Ministry and the Korea International Trade Association.
The segment accounted for 7.2% of the country's total vehicle export value in this period, compared with 4.4% in the whole of 2018. For the full-year the value of EV exports is expected to exceed US$3bn, thanks to strong demand in Europe and the USA, up from US$1.8bn in the whole of 2018.
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Overall vehicle exports increased by 6.7% to US$35.78bn in the ten-month period, lifted by a rebound in demand in the USA after two years of decline, while data released by the Korea Automobile Manufacturers' Association shows export volumes were down by 0.3%at just under 2 million vehicles in this period.
Key EV export models include the Hyundai Ioniq and Kona Electric and the Kia eNiro.
