Seoul, South Korea – South Korea's automotive export prices experienced their first decline since 2016, primarily driven by a sharp drop in electric vehicle sales, according to data released by the Korea Automobile Manufacturers Association (KAMA) on [Date].

The average price of a Korean-made vehicle exported last year fell by $221 to $23,480, marking an 8-year low. This downturn can be attributed to the electric vehicle market hitting a temporary plateau, commonly referred to as a "chasm," which led to a significant decrease in export volumes.

Electric vehicles, once a major growth driver for the automotive industry, saw a 26.6% decline in exports last year. Plug-in hybrid vehicles also experienced a 25.7% decrease. While hybrid vehicles bucked the trend with a year-over-year increase, they were unable to offset the negative impact of falling electric vehicle sales.

Industry experts attribute the decline to various factors, including supply chain disruptions, increased competition from other automakers, and changing consumer preferences. The COVID-19 pandemic and subsequent economic downturn also played a role in dampening demand for electric vehicles.