South Korea's EV Exports to U.S. Plunge Nearly 90% Last Year

Korea's electric vehicle (EV) exports to the United States plummeted by nearly 90% in 2024, hit by U.S. tariffs on automobiles and the Trump administration's policy of cutting EV subsidies. Industry data shows that the U.S. market’s share of Korea’s global EV exports dropped sharply from 35% in 2023 to just 4.6%, highlighting the severe impact of these policy changes on Korean EV exports.