South Korea car electrification is booming, as both plug-in electric car and hydrogen fuel cell car sales noted all-time highs in March 2020.

The total number of new passenger plug-in car registrations amounted to a record of 5,641, which is 3.3% of the total volume.

Thanks to an exceptionally strong March, the first quarter has closed with 8,765 new registrations (two times more than a year ago), and at an average of 2.3% market share.

Moreover, some 1,230 hydrogen fuel cell Hyundai NEXO were registered in Q1, including a record of over 700 in March. That's a significant number for FCVs in relation to plug-ins and the overall market, probably not seen ever before anywhere globally.

Plug-in electric car sales in South Korea - March 2020

The Tesla Model 3 has become the top-selling electric car in South Korea this year. The huge batch of 2,415 units delivered in March was enough for it to be also the top imported model.

After the first three months of 2020, the Tesla Model 3 noted more sales (45% of total) than Hyundai Kona Electric, Chevrolet Bolt EV and Kia Niro EV (e-Niro) combined!

Two more interesting findings are:

  • Hyundai NEXO - 1,230 in Q1 would be not far from #2 Hyundai Kona Electric
  • BMW 530e is the top plug-in hybrid with 383 registrations
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