First sales slowed down in the West, now EV cars are combusting in Korea, what’s next?
South Korea’s Ministry of Environment announced on Thursday that it will convene an emergency meeting next week to address a spate of fires involving electric vehicles (EVs), including a recent blaze that caused significant damage.
The meeting, scheduled for Monday, will also involve the Ministry of Land, Infrastructure, and Transport, as well as other key state bodies such as the National Fire Agency. The government aims to develop and implement comprehensive measures to prevent such incidents and enhance safety standards.
Moreover, the decision to hold the emergency meeting reflects growing concerns about EV safety, particularly in light of recent incidents that have intensified public apprehension. Analysts are urging both authorities and the automotive industry to address these safety concerns proactively, as the sector is already experiencing a downturn in sales.
The South Korean government is expected to announce new safety measures early next month, aiming to restore public confidence in electric vehicles. In a related development, the Chosun Ilbo newspaper reported that South Korea plans to introduce a new regulation requiring EV manufacturers to disclose the brands of batteries used in their vehicles.
Currently, while automakers must also provide certain details about their vehicles, such as fuel efficiency, there is limited transparency regarding the battery manufacturers. The Ministry of Land, Infrastructure, and Transport has yet to comment on the report, but if enacted, this measure could enhance consumer awareness and confidence.
On top of that, the urgency of addressing EV fire safety is underscored by recent data from the Seoul Metropolitan Fire & Disaster Headquarters. A report published in February revealed that from 2013 to 2022, there were 1,399 fires in underground parking lots in South Korea, with 43.7 percent attributed to vehicles.
Notably, electrical sources were responsible for 53 percent of these car fires in underground garages. Esther Yim, an analyst at Samsung Securities emphasised the need for the industry to develop measures to reassure consumers and mitigate safety concerns.
In response to the shifting market dynamics, Hyundai Motor has announced plans to expand its hybrid lineup, as global demand for EVs faces a slowdown. Additionally, battery maker LG Energy Solution, a key supplier to major automakers including Tesla, General Motors, and Hyundai, has revised its annual sales targets downward due to the global dip in EV demand.
We got all this from Reuters and their full article is linked here. Thank you Reuters for the information and images.
