Eco-friendly car registrations overtake LPG models for 1st time in 2023: data

The number of eco-friendly car registrations in South Korea surpassed that of liquefied petroleum gas (LPG) models for the first time last year, according to data Monday. According to data from the Ministry of Land, Infrastructure and Transport, cumulative registration of domestic eco-friendly cars, such as hybrids, electric and hydrogen cars, as of last year amounted to 2.12 million units. It marked the first time for the tally for eco-friendly models to exceed that of LPG cars, which totaled 1.83 million units as of last year. The rate of cumulative eco-friendly model registrations against total car registrations stood at 8.2 percent, while that of LPG units came to 7.1 percent, as of last year. Demand for eco-friendly cars has seen a sharp increase as of late, while LPG units sales have decreased annually in line with policies and consumer demand centered around carbon neutrality. According to statistics from the Korea Automobile Manufacturers Association, sales of new domestic eco-friendly cars, whi ch stood at 29,000 units in 2014, soared to 232,000 units 2021 and later to 406,000 units in 2023. Despite the growing adoption of eco-friendly cars, demand for LPG models are expected to remain for the time being as well, especially in the commercial vehicle market, where electrification transition is being carried out relatively slower. Source: Yonhap News Agency