"Can't Take It Anymore, Let's Switch to EVs" Record Number of New Registrations in February Amid '2,000 Won Gas Price Fear'

35,693 New Registrations in February: First Time Surpassing 30,000 Units

Early Subsidy Confirmation, Price Reduction Policies, and High Oil Prices Drive Growth

In February of this year, the number of newly registered electric vehicles (EVs) reached an all-time high.

Yonhap News Agency

According to the Korea Automobile & Mobility Association (KAMA) on March 29, 2026, the number of newly registered electric vehicles in Korea in February was 35,693 units. This marked the first time that monthly new EV registrations surpassed 30,000 units. It also set a new all-time record for monthly registrations overall.

This represents a 25.2% increase compared to the previous monthly record of 28,519 units set in February of last year. It is also a 17.9% rise compared to the same period last year, when 13,128 units were registered. By brand, Kia accounted for 14,699 units (41.2%) and Hyundai Motor for 8,944 units (25.1%), together making up about 66% of all new EV registrations.

The sharp rise in new EV registrations has been attributed to two main factors: the early distribution of subsidies amid a temporary slowdown in EV demand (the so-called "EV chasm"), and intensified price-cutting competition among manufacturers, which led to increased sales. While EV subsidies were typically announced around March in previous years, this year they were finalized in January, resulting in steady demand for EV purchases and registrations from the start of the year. Automakers also lowered the entry barrier by introducing mass-market models and launching promotional events, such as price reductions, to ease the financial burden on consumers. Notable examples include Hyundai Motor's "Hyundai EV Burden Down Promotion" and Kia's EV price reduction program.

Additionally, the industry expects the strong momentum for EVs to continue, given the heightened volatility in oil prices due to the ongoing war between the United States and Iran. Despite the introduction of a maximum price cap on domestic oil prices in response to the war, gasoline prices have seen significant increases, which is expected to further boost the preference for eco-friendly vehicles, including EVs. In fact, the combined sales of Hyundai Motor and Kia's eco-friendly vehicles (hybrids, EVs, and hydrogen vehicles) reached 84,865 units so far this year, a 32% increase compared to the same period last year.

According to Opinet, operated by Korea National Oil Corporation, the average retail price of gasoline has continued to rise: 1,643.0 won in 2023, 1,646.7 won in 2024, 1,680.3 won in 2025, and 1,695.9 won during January–February 2026. Meanwhile, in contrast to the increase in new EV registrations, the number of newly registered gasoline vehicles (38,441 units) and diesel vehicles (3,423 units) in the same month fell by 27.8% and 57.1%, respectively, compared to the same month last year.

This content was produced with the assistance of AI translation services.