Electric Vehicles Export of South Korea: A Comprehensive Trade Analysis

Electric vehicles are a type of automobile that runs on electricity stored in rechargeable batteries. These are crucial industrial demands at present, reducing the dependency on oil and increasing the electricity demand, along with the transformation of the automotive industry. South Korea, based in East Asia, has emerged as a leading exporter of electric vehicles due to the large export volumes from OEMs and the strong global brand recognition for Korean manufacturing units.

South Korea Import Data says that the growing domestic supply chain for battery materials, along with the strong electronic vehicle parts suppliers, resulted in an export rate value of electric vehicles worth 6 billion US dollars in 2024. The industrial commitment to responsible sourcing and the government initiatives have been supporting the overall revenue rate. Subscribe to Import Globals, an import export trade provider, to stay updated with the latest information regarding the electric vehicle export of South Korea via the South Korea trade data.

WHY ARE VEHICLES A GLOBALLY TRADED COMMODITY?

Vehicles, right now, with modern technologies, have evolved as one of the top-traded global commodities because of their essential role in economic growth and consumer mobility. The product is popular among different traders because of its features that combine advanced engineering design and technology for a proper fulfillment of the developed emerging markets.

Different countries have been sourcing automotive components and raw materials, which, in collaboration with the supply chains, have led to a stronger trade of electric vehicles worldwide. A rapid urbanization, accompanied by rising income levels and the shift in consumer preferences for efficient and environment-friendly transport solutions, has been shaping the overall trade landscape.

THE LEADING VARIANTS OF ELECTRIC VEHICLES EXPORTED FROM SOUTH KOREA IN 2024

South Korea, to properly fulfill the globally growing demands, has introduced diversification in the export portfolio. According to the South Korea Export Data, the top 10 leading variants of electric vehicles exported from the nation in 2024 are,

· Hyundai Kona Electric — The annual valuation of Hyundai Kona Electric exported from South Korea in 2024–1.2 billion US dollars

· Kia Niro EV- The annual valuation of Kia Niro EV exported from South Korea in 2024–987 million US dollars

· Genesis G80e- The annual valuation of Genesis G80e exported from South Korea in 2024–876 million US dollars

· Hyundai Ioniq 5- The annual valuation of Hyundai Ioniq 5 exported from South Korea in 2024–798 million US dollars

· Kia EV6- The annual valuation of Kia EV6 exported from South Korea in 2024–695 million US dollars

· Hyundai Ioniq 6- The annual valuation of Hyundai Ioniq 6 exported from South Korea in 2024–576 million US dollars

· Kia EV9- The annual valuation of Kia EV9 exported from South Korea in 2024–478 million US dollars

· Hyundai Ioniq 7- The annual valuation of Hyundai Ioniq 7 exported from South Korea in 2024–398 million US dollars

· Kia EV3- The annual valuation of Kia EV3 exported from South Korea in 2024–286 million US dollars

· GM Korea Trax EV- The annual valuation of GM Korea Trax EV exported from South Korea in 2024–178 million US dollars

TOP 10 EXPORT TRADE PARTNERS OF SOUTH KOREA IN 2024

In order to maintain a coherent relation of bilateral trade with the topmost authorities, South Korea has built up proper tariff strategies for active foreign attractions. As per the South Korea Customs Data, the top 10 export trade partners of the nation for electric vehicles traded in 2024 are,

  • China — The total value of electric vehicles exported from South Korea to China in 2024–1.5 billion US dollars

Top 5 variants of electric vehicles exported

  • Audi A6 e-tron
  • BMW i4
  • BMW i5
  • BMW i7
  • Chevrolet Bolt EV
  • United States — The total value of electric vehicles exported from South Korea to the United States in 2024–921 million US dollars

Top 5 variants of electric vehicles exported

  • Dodge Charger Daytona EV
  • Fiat 500e
  • Genesis G80 Electric
  • Hyundai Ioniq 6
  • Kia Niro EV
  • Vietnam — The total value of electric vehicles exported from South Korea to Vietnam in 2024–854 million US dollars

Top 5 variants of electric vehicles exported

  • Lucid Air
  • Mini Cooper SE
  • Nissan Leaf
  • Polestar 2
  • Tesla Model 3
  • Hong Kong — The total value of electric vehicles exported from South Korea to Hong Kong in 2024–789 million US dollars

Top 5 variants of electric vehicles exported

  • Tesla Model S
  • Volkswagen ID.3
  • Volkswagen ID.7
  • Volkswagen ID. Buzz
  • Volvo EX30
  • Taiwan — The total value of electric vehicles exported from South Korea to Taiwan in 2024–657 million US dollars

Top 5 variants of electric vehicles exported

  • Audi Q4 e-tron
  • Audi Q6 e-tron
  • BMW iX
  • BMW iX3
  • BMW iX5
  • Japan — The total value of electric vehicles exported from South Korea to Japan in 2024–590 million US dollars

Top 5 variants of electric vehicles exported

  • Chevrolet Equinox EV
  • Ford Explorer EV
  • Ford Mustang Mach-E
  • Genesis GV60
  • Honda Prologue
  • India — The total value of electric vehicles exported from South Korea to India in 2024–482 million US dollars

Top 5 variants of electric vehicles exported

  • Hyundai Ioniq 5
  • Hyundai Ioniq 7
  • Kia EV6
  • Kia EV9
  • Lincoln Star
  • Singapore — The total value of electric vehicles exported from South Korea to Singapore in 2024–378 million US dollars

Top 5 variants of electric vehicles exported

  • Mercedes-Benz EQS SUV
  • Nissan Ariya
  • Nissan Juke EV
  • Peugeot e-2008
  • Peugeot e-3008
  • Australia — The total value of electric vehicles exported from South Korea to Australia in 2024–298 million US dollars

Top 5 variants of electric vehicles exported

  • Peugeot e-3008
  • Rivian R1S
  • Skoda Enyaq
  • Skoda ElroqvRS
  • Tesla Model Y
  • Mexico — The total value of electric vehicles exported from South Korea to Mexico in 2024–176 million US dollars

Top 5 variants of electric vehicles exported

  • Toyota bZ4X
  • Toyota bZ5X
  • Volkswagen ID.4
  • Volkswagen ID.5
  • Volvo EX90

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