In Korea, most electric car manufacturers are actively promoting new electric car models or upgraded versions with the aim of maintaining competitiveness in the rapidly growing electric car industry. However, very few car manufacturers want to continue launching new models as planned due to concerns about the decline in customer favor.
Expected to launch on August 21, the upgraded version of Genesis Electrified G80 has been postponed indefinitely, possibly due to concerns about fire and explosion caused by electric car batteries. Volvo's EX30 compact electric crossover SUV was highly anticipated and expected to launch in the second quarter of 2024, but now the launch plan has been postponed until the end of 2024.
Currently, this famous safety car company has no plans to launch any new models in 2024, except for the EX30 upgrade that is being delayed. Previously, Volvo Korea also announced that it had sold a total of 8,596 vehicles in the first 7 months of 2024, meaning a significant decrease of 12.9% compared to the same period in 2023.
In fact, Volvo is not the only carmaker with declining sales. According to market monitoring company Car Is You, a total of 65,557 electric vehicles were sold in Korea in the first 6 months of 2024, down 16.5% over the same period last year.
The Korean government encourages electric car manufacturers to publicly announce the brand of electric car batteries they use in car designs.
