Foreign automakers are bolstering their electric vehicle (EV) strategies, as surging oil prices rapidly accelerate demand for EVs with lower fuel costs. The trend is evident as more price-competitive EV models from Tesla and BYD are rapidly increasing their sales volume here. EVs from other mid-tier foreign carmakers are also gaining popularity with local customers. According to the Korea Automobile Importers & Distributors Association, BYD Korea ranked fourth in imported car sales between January and April with 5,991 EVs sold here. The figure represents growth of approximately 1,000 percent from 553 vehicles sold last year. Industry officials say that rising global oil prices linked to geopolitical tensions in the Middle East have prompted more consumers to shift from internal combustion engine vehicles to all-electric alternatives. Jumping on the booming EV demand here, overseas automakers are preemptively building their own identity ahead of the mass adoption of EVs, in hopes of expanding sales. Data from the Korea Automobile & Mobility Association showed total EV sales here surging 15
