{"id":2206853,"date":"2024-10-18T14:00:44","date_gmt":"2024-10-18T05:00:44","guid":{"rendered":"https:\/\/koreapro.org\/?p=2206853"},"modified":"2024-10-23T18:16:54","modified_gmt":"2024-10-23T09:16:54","slug":"south-koreas-electric-bus-market-sees-chinese-brands-dominate-sales","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/10\/south-koreas-electric-bus-market-sees-chinese-brands-dominate-sales\/","title":{"rendered":"South Korea\u2019s electric bus market sees Chinese brands dominate sales"},"content":{"rendered":"
The Chinese electric bus Higer Hypers made its South Korean debut in 2018, entering a market with minimal domestic competition. Just five years later, it has become the <\/span>best-selling<\/span><\/a> electric bus in Seoul, recording 394 units sold nationwide last year \u2014 a striking achievement for a relatively new entrant.<\/span><\/p>\n Higer Hypers is one of many Chinese electric buses rapidly gaining ground in South Korea. Manufacturers like BYD and King Long have also expanded their presence, collectively capturing <\/span>more than half<\/span><\/a> of the domestic market share for new electric vehicles last year.<\/span><\/p>\n South Korea\u2019s electric bus market has surged, driven by the country’s ambition to achieve <\/span>carbon neutrality<\/span><\/a> by 2050. Government subsidies have played a significant role in this growth, with electric bus funding <\/span>more than doubling<\/span><\/a> from about $22.1 million (30 billion won) in 2019 to $58.9 million (80 billion won) by 2021.<\/span><\/p>\n Yet despite the expanding market, only four South Korean automakers compete with their Chinese counterparts. Chinese buses accounted for 47% of all electric bus sales from January to Oct. 2022, <\/span>peaking<\/span><\/a> at a 62% market share in August of the same year.<\/span><\/p>\n In response, the South Korean government has implemented measures aimed at preventing Chinese manufacturers from dominating the market. Among these, increasing <\/span>support for hydrogen-powered buses<\/span><\/a> stands out \u2014 an area where Chinese manufacturers have yet to make significant inroads.<\/span><\/p>\n However, China has ambitious plans for this sector, aiming to have <\/span>one million<\/span><\/a> hydrogen vehicles on the road by 2030 as part of its pledge to reach carbon neutrality by 2060.\u00a0<\/span><\/p>\n This growing competition between South Korea and China in the new energy vehicle sector raises concerns about the future competitiveness of domestic manufacturers.<\/span><\/p>\n