Oil price hike boosts demand for mini cars, compact EVs

A prolonged surge in oil prices is driving Korean consumers toward smaller, more fuel-efficient vehicles, with sales of mini cars and compact electric vehicles (EVs) gaining momentum as drivers look to cut running costs. Sales of both gasoline-powered and electric mini cars have risen sharply this year, proving growing demand for affordable vehicles amid persistently high fuel prices. Kia’s Morning, one of Korea’s most popular mini cars, sold more than 15,000 units between January and July, more than double the figure recorded during the same period last year. Demand has also strengthened for electric mini cars. Kia’s Ray EV posted an 18 percent increase in sales during the same period, as consumers become more sensitive to fuel and ownership costs. The shift is also becoming visible in the imported car market. BYD Korea’s Dolphin, a compact electric hatchback, ranked fourth in August sales for the imported car market here behind Tesla Korea’s Model Y, Model Y L and BMW Korea’s 520. Its appearance among the market’s top-selling imported models is notable, as the market has l