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Source: Global Times

[Global Times correspondent in South Korea Mang Jiuchen Global Times reporter Ren Yiran] The South Korean government held a meeting this week to discuss the battery safety of electric vehicles, and issued a statement on the 13th, urging car dealers to take the initiative to disclose information about the battery brands of electric vehicles. The statement said that this move was taken to ease the anxiety of car owners. According to Yonhap News Agency, this is a follow-up measure taken by the South Korean government in response to the electric vehicle fire in the underground parking lot of an apartment in Incheon on the 1st of this month, which affected more than 100 vehicles. Some media said that this accident has severely hit the confidence of the Korean people in the safety of electric vehicles. At present, vehicle manufacturers such as Hyundai, Kia and Mercedes-Benz have taken the initiative to disclose the battery brands installed in their electric vehicles.

During the 2024 Seoul Battery Storage Exhibition in South Korea, SK On demonstrated an electric vehicle battery with fast charging technology. (Visual China)

According to South Korea's SBS TV station on the 14th, due to the growing panic caused by electric vehicle fires at the beginning of the month, some local governments have begun planning to implement stricter measures. For example, the Seoul Municipal Government recommends limiting the amount of charging for electric vehicles and only allowing electric vehicles with a battery remaining of no more than 90% to enter underground parking lots. Similar measures are also being implemented in other regions. At the same time, some areas restrict the use of electric vehicles in specific places until the relevant fire-fighting facilities meet the requirements. For example, H Shipping Company decided to stop loading electric vehicles on ships between Ulleungdo and Uljin from September 1 until the relevant fire-fighting equipment meets the requirements. Pyeongtaek City, Gyeonggi Province, decided to provide subsidies for apartments that move underground charging facilities to the ground.

According to the Hankyoreh, these adjustments also face some legal and practical challenges. For example, restrictions on electric vehicle performance may trigger legal disputes between consumers and manufacturers, and electric vehicle owners in some regions believe that they are being treated unfairly.

At present, this series of events has already had an impact on the Korean electric vehicle market. According to a report by South Korea's KBS TV station on the 13th, the number of second-hand electric vehicles for sale in the market has continued to increase. In the week since the Incheon fire, the registration volume of a second-hand car trading platform in South Korea has increased by 184% compared with the previous week. In particular, the price of the Mercedes-Benz EQE 350 model that caught fire this time has plummeted to around 50 million won (10 million won is about 52,700 yuan) on the second-hand car trading platform.

South Korea's JoongAng Ilbo published an editorial on the 13th saying that the number of electric vehicles in South Korea has now exceeded 500,000. As vehicles become more popular, the number of fires is also increasing. According to the Korean Fire Department, there were only 24 electric vehicle fires in 2021, but the number increased to 72 last year. Of the 139 electric vehicle fires that occurred in the past three years, 68 occurred during operation, and there were also fires that occurred while parking (36) and charging (26).

"Due to the series of electric car fire accidents in South Korea, the 'fear' of electric cars has gradually expanded." The JoongAng Ilbo said that the phenomenon of "electric car NIMBY syndrome" surrounding the entry and parking of electric cars is also spreading. Some people even worry that the related industry will shrink due to people's reluctance to buy electric cars.

South Korea's three largest electric vehicle battery manufacturers are also facing great performance pressure. In the second quarter of this year, LG Energy Solution and Samsung SDI's operating profits fell sharply year-on-year, while SK On has been in the red for 11 consecutive quarters.