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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":739,"relatedVideos":740},153796343478373,"e280bc7e-9792-4994-93d2-8de12eb4d83c","South Korea’s EV market has record month in February 2026","south-korea-s-ev-market-has-record-month-in-february-2026","article/south-korea-s-ev-market-has-record-month-in-february-2026",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":708,"featured":51,"reporter":709,"component":720,"seo_title":543,"categories":721,"visibility":728,"data_vis_image":729,"featured_image":733,"seo_description":708,"formattedDate":737,"formattedArticleDate":738},"0bf57292-25c1-411a-981a-a1cc87a53572","2026-03-11 00:00",[550,553],{"slug":551,"name":552},"south-korea","South Korea",{"slug":554,"name":555},"data-visualisation","Data Visualisation",[557],{"slug":558,"name":559,"content":560},"didi-bostock","Didi Bostock",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Editor - Energy Transition & Economics",{"filename":563},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":567,"content":568},"doc",[569,597,607,614,619,624,630,640,661,669,678,686,694],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573,581,592],{"text":574,"type":575,"marks":576},"South Korea’s passenger car and light duty ","text",[577],{"type":578,"attrs":579},"textStyle",{"color":580},"",{"text":582,"type":575,"marks":583},"electric vehicle",[584,586],{"type":578,"attrs":585},{"color":580},{"type":587,"attrs":588},"link",{"href":589,"uuid":49,"anchor":49,"target":590,"linktype":591},"https://www.benchmarkminerals.com/ev-and-battery","_blank","url",{"text":593,"type":575,"marks":594}," (PC & LDV EV) market more than tripled month-on-month to over 37,200 EV sales in February 2026. This is the first time the country’s monthly PC & LDV EV sales have surpassed 30,000 units. South Korea’s penetration rate also rose to new highs as it reached 30% for the first time.",[595],{"type":578,"attrs":596},{"color":580},{"type":598,"attrs":599},"blok",{"id":600,"body":601},"b7e60e6d-f215-405e-b56d-c0e0134eca64",[602],{"id":603,"_uid":604,"type":605,"component":606,"fixed_height":580,"use_fixed_height":50,"fixed_height_mobile":580,"fixed_height_tablet":580},"28003132","i-9e608a73-de67-410f-a5d3-649e6e77c1a0","visualisation","ContentFlourish",{"type":608,"attrs":609,"content":611},"heading",{"level":610,"textAlign":49},1,[612],{"text":613,"type":575},"Who drove the surge in sales?",{"type":570,"attrs":615,"content":616},{"textAlign":49},[617],{"text":618,"type":575},"EVs manufactured domestically drove the rise in sales, with the sale of locally made EVs increasing by almost 20,000 units month-on-month, compared to the 6,200 unit increase for imported EVs. ",{"type":570,"attrs":620,"content":621},{"textAlign":49},[622],{"text":623,"type":575},"In January 2026 domestically produced and imported EVs sold in roughly equal quantities. The January data shows the Kia PV5 and Hyundai Ioniq 5 led the increase in sales for domestically manufactured vehicles, while the Model Y experienced the greatest increase of all models as its sales rose to over 7,000 units. ",{"type":598,"attrs":625},{"id":600,"body":626},[627],{"id":628,"_uid":629,"type":605,"component":606,"fixed_height":580,"use_fixed_height":50,"fixed_height_mobile":580,"fixed_height_tablet":580},"28003335","i-448b53e4-e075-4f74-b172-24eff3e5af40",{"type":608,"attrs":631,"content":632},{"level":610,"textAlign":49},[633],{"text":634,"type":575,"marks":635},"What caused the surge in sales?",[636,638],{"type":578,"attrs":637},{"color":580},{"type":639},"bold",{"type":570,"attrs":641,"content":642},{"textAlign":49},[643,648,656],{"text":644,"type":575,"marks":645},"In January 2026, the South Korean government outlined its 2026 ",[646],{"type":578,"attrs":647},{"color":580},{"text":649,"type":575,"marks":650},"EV subsidy scheme",[651,653],{"type":578,"attrs":652},{"color":580},{"type":587,"attrs":654},{"href":655,"uuid":49,"anchor":49,"target":590,"linktype":591},"https://source.benchmarkminerals.com/article/germany-confirms-its-new-ev-subsidy-scheme",{"text":657,"type":575,"marks":658},". The scheme looks to encourage the adoption of smaller and more affordable EVs, which is expected to benefit lower income households. PC EVs under KRW53 million ($36,000) will be eligible for 100% of the subsidy, while those priced over KRW85 million ($57,700) will be eligible for no subsidy, with EVs priced in between able to receive 50% of the subsidy.",[659],{"type":578,"attrs":660},{"color":580},{"type":570,"attrs":662,"content":663},{"textAlign":49},[664],{"text":665,"type":575,"marks":666},"The total budget for the 2026 scheme is KRW1.60 trillion ($1.08 billion), with new PC purchases receiving a total budget of KRW780 billion ($529 million). With subsidy amounts ranging from around KRW5.7 million ($3,870) to KRW1.7 million ($1,150).",[667],{"type":578,"attrs":668},{"color":580},{"type":608,"attrs":670,"content":671},{"level":610,"textAlign":49},[672],{"text":673,"type":575,"marks":674},"What does this mean for South Korea’s EV market in 2026?",[675,677],{"type":578,"attrs":676},{"color":580},{"type":639},{"type":570,"attrs":679,"content":680},{"textAlign":49},[681],{"text":682,"type":575,"marks":683},"South Korea’s EV market is highly sensitive to the introduction and expiration of subsidies and their budgets. Following the announcement of the 2025 budget at the start of 2025, EV sales rose in the subsequent months until the budget was fully exhausted in the final months of the year. This trend is likely to be replicated this year, perhaps even exaggerated as consumers that missed out on last year’s budget, which was reduced compared to 2024, seek to take advantage of the 2026 budget.",[684],{"type":578,"attrs":685},{"color":580},{"type":570,"attrs":687,"content":688},{"textAlign":49},[689],{"text":690,"type":575,"marks":691},"This data came from Benchmark's EV & Battery Service, for more information get in touch with the team using the form below:",[692],{"type":693},"italic",{"type":598,"attrs":695},{"id":600,"body":696},[697],{"id":698,"_uid":699,"component":700,"wrap_in_box":50,"redirect_url":701,"success_file":704,"default_height":580,"success_message":580,"v2_hubspot_form":50,"success_sub_text":580,"hidden_field_values":707,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-e555462f-3b48-4bbc-8bd2-8ed793f1618c","ContentHubspotForm",{"id":580,"url":580,"linktype":702,"fieldtype":703,"cached_url":580},"story","multilink",{"id":49,"alt":49,"name":580,"focus":49,"title":49,"source":49,"filename":580,"copyright":49,"fieldtype":705,"meta_data":706},"asset",{},[],"South Korea’s passenger car and light duty electric vehicle (PC & LDV EV) market more than tripled month-on-month to over 37,200 EV sales in February 2026. ",[710],{"slug":711,"name":712,"content":713},"george-whitcombe","George Whitcombe",{"job_title":714,"image":715,"bio":717,"linkedin":718,"markets_covered":719},"Analyst - EV",{"filename":716},"https://a.storyblok.com/f/287943243085208/500x500/e5fa44ebf8/george-whitecombe.jpeg","George is an EV Analyst at Rho Motion, working in the EV & Battery research team. He works extensively on global EV sales and production analysis, considering the economic and legislative factors that influence both. He also focuses on the strategy of automotive OEMs in the transition to EVs and feeds that into the team’s view on global vehicle markets. George graduated from the University of Exeter with a First Class Honours degree in Politics, Philosophy and Economics.","https://www.linkedin.com/in/george-whitcombe-2320111b6/","EV and Battery","article",[722,725],{"slug":723,"name":724},"ev","EV",{"slug":726,"name":727},"batteries","Batteries","public",{"id":730,"alt":580,"name":580,"focus":580,"title":580,"source":580,"filename":731,"copyright":580,"fieldtype":705,"meta_data":732,"is_external_url":50},153799099387960,"https://a.storyblok.com/f/287943243085208/892x698/011e1e9c3d/screenshot-2026-03-11-140950.png",{},{"id":734,"alt":580,"name":580,"focus":580,"title":580,"source":580,"filename":735,"copyright":580,"fieldtype":705,"meta_data":736,"is_external_url":50},153797719269142,"https://a.storyblok.com/f/287943243085208/3840x2160/4441d42ff5/adobestock_119926749.jpeg",{},"Mar 11, 2026","11th March 2026",[],[],{"id":742,"uuid":743,"name":744,"slug":745,"full_slug":745,"content":746,"relatedArticles":750,"relatedVideos":751},120886048076734,"4b6fbcc0-7881-4fbb-92ee-06d1ed3f3cec","⚙️ Settings","settings",{"_uid":747,"component":745,"black_listed_email_domains":748,"_editable":749,"formattedDate":580,"formattedArticleDate":580},"8dcafbcc-28de-4388-a68e-6b41e24f31bb","direkt.se\nstreetwisereports.com\nalpha-sense.com\nafrica-energy.com\ntcs.com\nmm-markets.com\nsmr-premium.com\nsci99.com\nlondoncib.com\nyeb.com.br\nnewautomotive.org\nsina.com.cn\ngwstrategies.net\noliverwyman.com\ndazeinfo.com\ndataintelo.com\ninfyos.com\nevalueserve.com\ninsightwoo.com\ncrescendoanalytic.com\nipaglobal.com\nweare121.com\nzemek.com\nryancommodityinsights.com\nonyxsi.com\ncostmine.com\nnickhatchmining.com\naethoslabs.com\nmysteel.com\nbuzblox.com\nfutureproofconsulting.com.au\ncmgroup.net\noptelgroup.com\nberylls.com\nreputex.com\nnumber-three.net\nrobertdallison.com\nwsp.com\nafriforesight.com\npaydirt.com.au\nmetal.com\ninforma.com\nfelixstrategy.com\ncrisil.com\nantaike.com\nbatterymaterialsreview.com\nsrk.com\nglobaltrustgrp.com\nnapiermeridian.com\nprojectblue.com\nplutonic-rma.com\nrosaearth.io\ndrivesustainability.org\nminehub.com\nscsglobalservices.com\nLynxglobalintelligence.com\nsphera.com\nminespider.com\nc-resource.com\ntdi-sustainability.com\nkumi.consulting\nsc-insights.com\nkallanish.com\naboutenergy.co.uk\nenant.io\nopisnet.com\nacuitycommodities.com\nevinfocus.com\nsfa-oxford.com\ncrugroup.com\nwoodmac.com\nspglobal.com\nrolandberger.com\nrcsglobal.com\nnornik.ru\nlivista.energy\nihsmarkit.com\ncapitalightresearch.com\namegroup.com\ncapitalight.co\nsustainablelabs.io\ncommoditiesanalysis.co.uk\navicenne.com\nkearney.com\nnornickel.net\n5napier.com\nvoltility.net\ngf.com.cn\nhindenburgresearch.com\ndigbee.com\nadamasintel.com\nac-harvard.com\nsneresearch.com\ninventusbioenergy.com\nproactiveinvestors.com\nauroraer.com\nresourceworld.com\nbatteryline.com\norennia.com\nfastmarkets.com\nmsci.com\nbcg.com\nklinegroup.com\ndelta-ee.com\nskarnassociates.com\nricardo.com\ncleanhorizon.com\np3-group.com\naccenture.com\nporsche-consulting.com\numlaut.com\nadi-analytics.com\ncpmgroup.com\nilimarkets.com\nminviro.com\nmckinsey.com\ncicenergigune.com\ne4tech.com\nargusmedia.com\ndolbear.com\nerm.com\nlithium.org\nradiusq.com\ndigivla.com\njeri.co.jp\ntopology.com.tw\nsaurenergy.com\novaladvisory.com\ngsixenergy.com","\u003C!--#storyblok#{\"name\": \"settings\", \"space\": \"287943243085208\", \"uid\": \"8dcafbcc-28de-4388-a68e-6b41e24f31bb\", \"id\": \"120886048076734\"}-->",[],[],1782484909393]