"Increase in Eco-Friendly Car Sales Despite 'Corona Crisis'... New Cars Flooding in 2023"

"2023~2025 Global Car Manufacturers to Launch Numerous Electric Vehicles"

Tesla Model 3.

[Asia Economy Reporter Kim Ji-hee] As countries around the world invest subsidies to promote eco-friendly vehicles, the electric vehicle market is expected to grow in the long term. In particular, since global automakers plan to launch a large number of new cars between 2023 and 2025, it is pointed out that they must secure competitiveness through electric-powered vehicles of various classes.

According to the "2019 Global Electric Vehicle Sales Status and Implications" report published by the Korea Automobile Manufacturers Association (KAMA) on the 7th, most countries that were reducing subsidies have instead increased support due to the COVID-19 pandemic and other factors.

First, China decided to extend the subsidy for new energy vehicles (NEV), which was scheduled to be abolished this year, for two more years due to decreased domestic sales and the spread of COVID-19. However, subsidies will be gradually reduced until 2022. Countries such as Germany and France have expanded the amount of subsidies.

Global eco-friendly vehicle sales depend on subsidies, infrastructure, and competitive sales models, so the market is expected to change accordingly, according to the association's analysis. Following the electrification trend, global automaker brands also plan to expand their electric vehicle models. In particular, various electric vehicles are scheduled to be launched between 2023 and 2025.

Germany's Daimler aims to launch 10 new electric vehicles by 2022 and increase the share of electric vehicle sales to 25% by 2025. BMW also plans to introduce 13 new electric vehicles by 2023 to complete a total lineup of 25 models and raise the sales share to up to 25% by 2025. Volkswagen Group plans to introduce 100 models, including 70 electric vehicles and 30 plug-in hybrids, within five years.

U.S. Ford also plans to launch 40 new electric vehicles by 2022, and GM aims to secure 22 electric vehicle models by 2023 and sell more than 1 million units by 2025.

Accordingly, it is pointed out that subsidies are necessary to secure competitiveness until the market becomes self-sustaining. However, the report advised, "When providing subsidies, support should consider Korea's industrial ecosystem rather than applying uniform standards."

Development of new electric-powered vehicles is also required. The report emphasized, "In the short term, it is necessary to expand the lineup of electric vehicle models for which infrastructure such as charging stations has been partially established," and "In the long term, domestic manufacturers should expand the introduction of hydrogen vehicle models, where they hold the greatest technological advantage."

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