EVs on path to overcome chasm in Korea

Korea’s electric vehicle (EV) market is showing clear signs of crossing the chasm before mass adoption, as lower-cost models and surging fuel expenses make EVs increasingly attractive to consumers. The trend is seen in the increasing demand for used EVs. Their growing popularity could also help ease concerns over resale values — which was considered one of the longstanding obstacles blocking widespread EV adoption. As demand strengthens and prices stabilize, prospective buyers may become less wary of losing money when selling their vehicles, potentially supporting further growth in new EV sales. According to K Car, the country’s major used car sales platform, used all-electric cars took an average of 81 percent as long to sell as internal combustion engine vehicles during the January-September period. In other words, used EVs sold 19 percent faster than their gasoline- and diesel-powered counterparts. EVs also accounted for a share of K Car’s total used car sales that was approximately 32 percent higher than a year earlier during the same period, indicating that consumer interest