South Korea Sees Surge in New Energy Vehicle Registrations, with Both Hybrids and EVs Exceeding 1 Million

Amid rising oil prices driven by energy supply concerns stemming from tensions in the Middle East, South Korea has seen a significant increase in new-energy vehicle registrations. By the end of April, hybrid vehicle registrations reached 2.73 million units, up 24.2% year-on-year, accounting for 10.2% of all motor vehicle registrations—a share exceeding 10% for two consecutive months. Meanwhile, battery electric vehicle (BEV) registrations hit 1.02 million units during the same period, surging nearly 40% year-on-year and surpassing the one-million mark for the first time. In South Korea, hybrid vehicles are included within the broader category of new-energy vehicles.