November 24, 2024

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South Korean exports of electric vehicles more than doubled in the first 10 months of this year on brisk demand from advanced markets, data showed Nov. 11.

The country’s overseas shipments of EVs were valued at $2.57 billion in the January-October period, up a whopping 103.3 percent from a year earlier, according to the data from the Industry Ministry and the Korea International Trade Association.

October marks the 33rd consecutive month that Korea’s EV exports have increased on an annualized basis.

The figure strikes a sharp contrast to an on-year 6.7 percent gain in Korea’s overall auto exports over the cited period, which were tallied at $35.78 billion.

EVs thus took up 9.2 percent of Korea’s total auto exports last month, up from 4.4 percent for the whole of 2018.

Given the uptrend, Korea’s EV exports are strongly tipped to surpass the $3 billion mark for all of 2019, compared with $1.8 billion a year earlier.

By Ram Garikipati and newswires (ram@heraldcorp.com)