Luxury EVs priced above W100m surge 2.6-fold in South Korea

Luxury electric vehicles priced above 100 million won ($73,500) are claiming a growing share of South Korea's EV market, with a wave of premium and flagship models set to arrive in the second half of the year intensifying competition at the high end.

Data from Kaizu Data Research Institute show that 7,050 passenger EVs priced at 100 million won or more were newly registered in South Korea in the first half of this year — 2.6 times the 2,728 units recorded in the same period last year. Their share of total EV sales also expanded, rising from 3.3 percent in the first half of last year to 4.0 percent in the first half of this year.

Overall EV sales in the first half reached 176,570 units, more than double the 83,088 units sold in the same period last year. Affordable Tesla models have been the primary growth driver, with vehicles in the 40 million to 50 million won range lifting their share of total sales from 42.3 percent to 51.2 percent. The high-end EV segment has been expanding alongside the broader market.

Competition in the premium EV segment is set to accelerate further in the fourth quarter, with several high-priced models due for launch. Among domestic automakers, Genesis will introduce the brand's first ultra-large flagship electrified SUV, the GV90, along with a luxury variant called the GV90 Neolun.

The GV90 is built on Genesis's flagship-exclusive eMP platform and equipped with a 123.5 kWh battery and a motor producing up to 490 kW, giving it the largest battery capacity and highest performance of any Hyundai Motor Group electric vehicle. The GV90 Neolun goes further with the world's first independently opening hidden B-pillar coach door — the Neolun Arch Gate — and a four-seat VIP lounge configuration called the Executive Suite, positioning it as an ultra-premium electric SUV.

Industry sources expect the base price to start in the low-to-mid 100 million won range, with top-spec variants such as the Neolun likely to exceed 200 million won. An exact launch date and pricing have not yet been announced.

BMW also plans to launch the new i7 luxury sedan in South Korea in the second half of the year. The new i7 adopts BMW's sixth-generation eDrive system and offers a WLTP-rated range of more than 720 kilometers on a single charge — a significant improvement over the outgoing model. Global production and deliveries began in July.

The current BMW i7 starts at 182.5 million won for its entry-level eDrive50 trim in South Korea, and the new model is expected to carry a similar or slightly higher price.

Volvo Korea launched the all-electric flagship SUV EX90 in South Korea in April and began customer deliveries last month. The EX90 carries a 106 kWh battery and twin-motor all-wheel drive, offering a maximum range of 454 kilometers on a single charge. Prices start at 106.2 million won for the Twin Motor Plus trim.

Porsche unveiled the all-electric Cayenne Electric SUV and its coupe-bodied derivative, the Cayenne Coupe Electric, for the first time in November last year and April this year, respectively. The models are priced between 140 million and 190 million won in South Korea and are scheduled for domestic launch in the second half of this year.

"The gradual increase in high-priced EVs above 100 million won confirms steady growth in demand for premium electric vehicles," an industry official said. "With new model launches in that price range concentrated in the second half, the high-end EV segment — which has lagged behind combustion-engine vehicles in sales — is expected to expand progressively."