Korean case study: Transition from hybrids to BEVs will take longer than expected [Yahoo! Finance]
RENAULT SA UNSP/ADR (RNLSY)
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Source: Yahoo! Finance
Fuel Cell Electric Vehicles (FCEVs), fell by 17% over the last year while sales of HEVs (full- and plug-in hybrids) increased by nearly 45%, as of April 2024. ZEV sales, 97% of which are BEVs, have been slowing since the second half of 2023, while HEV sales have been gaining greater growth momentum from early 2023. Sales of BEVS have decreased over the last year or so, but hybrid sales have increased more than BEV losses. Amid all the BEV hype, hybrid models have quietly been taking great strides forward in Korea, overshadowing many flashy BEVs, and leaving them in their wake. Hybrid cars, still seen as a transitional step to full electrification, have never allowed fully electric vehicles to rule the electrified vehicle marketplace in Korea in the era of modern-day vehicle electrification. We now believe that BEVs won over most Korean early adopters of electrification, but the majority of buyers aren't yet along for the ride. Most conventional buyers remain wary of the steep cost
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