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Hyundai and Kia’s Electrification Strategy and Korean Market Trends
GlobalData's 5-year forecast: Expanding EV production, diversifying export destinations
2025/10/23
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Summary
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GlobalData Production Forecast: Korea’s light vehicle production to remain at around 3.7 million units by 2030
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Electrification goals of the Korean government
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Hyundai-Kia's electrification strategy
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Hyundai-Kia Motor Group
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GM Korea
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Renault Korea (formerly Renault Samsung)
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KG Mobility
Summary
GlobalData forecasts that light vehicle production in South Korea will remain at the 3.7 million unit level in 2025.
The South Korean government aims to have 4.2 million electric vehicles (EVs) and 300,000 fuel cell vehicles (FCEVs) on the roads by 2030. In 2025, the government is planning on the sale of a cumulative total of 1.05 million zero-emission vehicles and the installation of 490,000 charging facilities. EV purchase subsidies are differentiated based on driving range and charging speed, with additional support to ensure battery safety as well as for young people and large families.
According to MarkLines, the Hyundai-Kia Motor Group manufactured 3.406 million vehicles in Korea in 2024, accounting for about 83% of total domestic Korean production. Although the domestic EV production lines are operating erratically due to slowing demand, the Group is increasing production at its plants outside Korea and plans to sequentially launch a number of EV and FCEV models, including the Ioniq 9, the EV3 through EV5, and the PV5.
GM Korea produced 494,000 vehicles in Korea in 2024, with more than 80% exported to the United States. Although domestic sales are declining, the impact on the production plan is small. There are concerns about the impact of tariff hikes by the Trump administration, but no noticeable changes have been seen yet.
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| Annual production volume trends in the Korean market (Source: MarkLines, Korean production volume) |
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