"Made in China" is Favored by Korean Electric Bus Market

Tag: new energy vehicle; Korean market; Made in China

       Thanks to the advantages of technology and price, Chinese-made electric buses are increasingly favored by the Korean market.

       According to Korea's Korean National Daily, the data recently released by CarIsYou, a Korean auto market research company, showed that there were 896 newly registered electric buses in the first half of 2022, of which 399 were made in China, accounting for 44.5%. The market share of Chinese-made electric buses in the Korean market is increasing year by year. In 2020, Chinese-made electric buses accounted for 23.2%, and this figure rose to 33.2% in 2021.

        According to the report, the increasing market share of Chinese-made electric buses in Korea is mainly due to their technical competitiveness, that is, their battery performance is better than that of Korean-made buses. Chinese-made electric buses can run all day when fully charged, but Korean-made electric buses can hardly do this. Compared with Korean electric buses with short cruising range, Chinese electric buses are more cost-effective.

East Asia Daily recently reported that a subsidiary of KD Transportation Group, the No.1 bus transportation company in South Korea, which was founded at the beginning of this year, imported 40 large electric buses made in China in April, and Advanced Group, the second largest bus transportation company in South Korea, also plans to introduce Chinese electric buses.

       It is pointed out that the biggest advantage of electric buses in China lies in the cost performance. Hyundai Motor's electric bus "ELEC CITY" sells for about 350 million won (about 1.8 million yuan) each, while the price of electric buses in China is generally below 300 million won. People in South Korea pointed out that China's electric buses have good price competitiveness, and their performance and safety are further improved, so the market share in South Korea is expected to continue to increase in the future.