[bro1999]

https://www.koreatimes.co.kr/www/tech/2017/12/419_241598.html

Considering that just over 10k EVs will be sold in all of Korea this year, those 5,000 Bolts represent almost 50% of the Korean EV market as it stood this year. As 2017's Korean allotment of 400 Bolts sold out in just 2 hours, these 5k Bolts may last just a little bit longer. Maybe 2 days.

 

[viking79]

https://www.koreatimes.co.kr/www/tech/2017/12/419_241598.html

Considering that just over 10k EVs will be sold in all of Korea this year, those 5,000 Bolts represent a 50% chunk of the Korean EV market. As 2017's Korean allotment of 400 Bolts sold out in just 2 hours, these 5k Bolts may last just a little bit longer. Maybe 2 days.

Thanks for posting, that is good to see.

The Bolt EV would be a great car there, although I don't know how good the charging infrastructure is. Pretty much everyone lives in tall high rise buildings and probably parks in a parking garage. I guess it is easy enough to put charging in the garages. Given that it was designed at the GM design center there it should be a big hit. That size and style of vehicle is everywhere there, although Korea actually has larger cars than I would have suspected, see a lot of Chevy Malibus, midsize CUVs, etc.

I was wondering why they waited so long to ship them there in large numbers, I guess they wanted to wait until 2018 to maximize US deliveries (and credits) for 2017. Glad to see they will have large overseas shipments now. Too bad GM pulled out of Opel as they would have sold 10s of thousands of the Bolt EV in Europe.

 

[Steverino]

According to the Korea Automobile Importers and Distributors Association, 10,075 EVs were sold between January and October this year, and GM Korea's plan to import and sell 5,000 Bolt EVs next year implies its ambition to take a big chunk of the market.

Or, GM expects the South Korean market to grow by at least 50% AND take a big chunk of the market

 

[Mister Dave]

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[bro1999]

Link produces this:

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Weird. Well, here's the text:

GM Korea will import around 5,000 Chevrolet Bolt electric vehicles (EVs) next year, aiming to take the lead in the nation's increasingly competitive eco-friendly car market.

A government source said on condition of anonymity GM Korea has a plan to import and sell around 5,000 Bolt EVs next year, and a GM Korea official partly confirmed this.

"I can't comment on the company's sales plan for next year at this point, but it's true we said 5,000 when the government asked about it," the GM official said.

"We were very surprised at the Bolt EV's explosive popularity earlier this year. We started receiving pre-orders for the model on March 17, and all 400 cars available were sold out in two hours. I believe the EV model's competitiveness is unparalleled in the nation's eco-friendly market."

According to the Korea Automobile Importers and Distributors Association, 10,075 EVs were sold between January and October this year, and GM Korea's plan to import and sell 5,000 Bolt EVs next year implies its ambition to take a big chunk of the market.

A senior engineer of General Motors demonstrated his confidence in the Chevy Bolt EV's success.

"With its drive range of 383 kilometers, you don't need to charge the Bolt EV every day. I also drive the Bolt EV in the United States and charged it only once a week. With a model like the Bolt EV, you don't need to look around to find charging stations every day," GM Chevrolet Bolt EV chief engineer Michael Lelli said.

"The model is a revolutionary product that was developed based on the deep expertise of GM engineers worldwide and years of customer feedback and innovative partnerships. With its affordability, long range and exciting new technologies, it will enable more customers to experience a true EV life."

The Bolt EV is priced at 47.79 million won, but end consumers would pay less than 30 million won thanks to government subsidies for EVs.

Apart from the model's affordability and drive range, the Bolt EV's performance was also proven to dispel many misgivings about EVs _ slow and boring machines with batteries that may suddenly discharge while driving.

Mounting a 150 KW motor that can produce a maximum of 204 horsepower with 36.7 kg.m torque, the Chevy Bolt EV can reach 100 kilometers per hour in less than seven seconds. The popular BMW 320d sports sedan takes more than seven seconds to reach 100 kilometers per hour.

 

[Mister Dave]

Korea has a flat 10 percent Value Added Tax (VAT) on all imports and domestically-manufactured goods. A special excise tax of 10-20 percent is also levied on the importation of certain luxury items and durable consumer goods.

https://www.export.gov/article?id=Korea-Import-Tariffs

Best guess is GM was surprised at the demand after dipping its toe in the Korean market and is ready to go ankle deep.

 

[bro1999]

https://www.export.gov/article?id=Korea-Import-Tariffs

Best guess is GM was surprised at the demand after dipping its toe in the Korean market and is ready to go ankle deep.

The Bolt is eligible for up to 26 million Won in subsidies (government subsidy of 14 million and local incentives up to 12 million) in Korea. So that 47 million won price tag drops down to potentially 21 million, or right around $20k. No wonder the first 400 Bolts sold out almost as soon as the ordering books opened up.

 

[Mister Dave]

I was wondering about that but Google let me down.

 

[viking79]

https://www.export.gov/article?id=Korea-Import-Tariffs

Best guess is GM was surprised at the demand after dipping its toe in the Korean market and is ready to go ankle deep.

GM is a local company in Korea so they aren't dipping their toes in, they have an established network there, they are the largest market share automaker after Hyundai/Kia. There are Chevy vehicles everywhere there, with very few Ford or FCA vehicles. At least a few years ago GM Korea was about 20% of all of GM's global revenue as most of their global exports came from there. The Bolt EV is a homegrown (well, designed) car and should have strong appeal in Korean market.

 

[Cari]

They will likely love the seats

 

[Mister Dave]

GM is a local company in Korea so they aren't dipping their toes in, they have an established network there, they are the largest market share automaker after Hyundai/Kia. There are Chevy vehicles everywhere there, with very few Ford or FCA vehicles. At least a few years ago GM Korea was about 20% of all of GM's global revenue as most of their global exports came from there. The Bolt EV is a homegrown car and should have strong appeal in Korean market.

That's all well and good but GM is also risk averse to over-producing ANYTHING since 2008-2009.

 

[viking79]

That's all well and good but GM is also risk averse to over-producing ANYTHING since 2008-2009.

Yes, they are, and for good reason. I guess I am a little surprised by how many they think they will sell, but that is great. My guess is Canada will continue with demand for the Bolt EV too. US I think will be lukewarm for Bolt EV next year. At any rate, my guess is that those 5k units are being reallocated from the US market to Korea, but maybe I am wrong. My guess is the newer CUV will replace many of the Bolt EV sales, again, unless they slash the price of the Bolt EV through incentives/lease deals.

 

[Mister Dave]

I guess I am a little surprised by how many they think they will sell,....

Me too but as you point out they're very popular. Might be a fair gamble.

 

[bro1999]

Me too but as you point out they're very popular. Might be a fair gamble.

Especially when they can be had for over 55% off MSRP after incentives. It's basically a no brainer.

 

[jcanoe]

My experience, admittedly limited, is that in the Republic of Korea (South Korea) if you own a vehicle for personal transportation then you can also afford a driver. The wealthier citizens of ROK may live in small apartments (by western standards) but they have servants and others to attend to most daily needs. It would be easy to keep an EV there. The driver would be responsible for seeing that the EV was always fully charged, ready for use. It is like having your own personal Uber driver. The vehicle owner, other passengers ride in the rear seats of the vehicle.

 

[hvacman]

Since so many major components of the Bolt are made in South Korea by LG (complete battery pack & heater, motor, AC compressor, power electronics, instrument cluster, infotainment system), is it really a Korean "import"? Much of the car is just "returning home".

 

[JRRF]

One of the biggest benefits of the Bolt in Korea is that you can drive from one side of the country to the other on one charge. They don't have too much range anxiety to worry about.

 

[viking79]

Republic of [South] Korea is in many ways like living in a large US city if in Seoul or surrounding areas. You dont really need to own a car due to excellent and subsidised public transportation.

However, many people own cars, even those in similar positions to what I do here, engineering, so typical white collar middle class job. You see a wide range of cars there, beaters to really nice euro imports (what the more affluent gravitate to), but car ownership is fairly mainstream there.

A huge benefit to Korea is they use 240V power, so every outlet can provide around 3.3 kw, no level 1 garbage. So really would be easy to install basic chargers in parking garages, but I am not sure what they do currently. My trips there mostly involve taxis.

 

[stuart22]

They will likely love the seats

Any who climb into the back seat will definitely love the roomy passenger space there. This is one of the most impressive aspects of the Bolt given its subcompact exterior footprint, especially for those markets (like China) where riding in the back seat is commonly done.

Interestingly, back seat comfort is one area where the Tesla Model 3 has been given a thumbs down judgment. Which might be a fatal flaw for TM3 sales in these "back seat" markets.

 

[bro1999]

GM aims to become EV sales leader in Korea with the Bolt

http://wardsauto.com/engines/gm-korea-vies-domestic-ev-leadership-bolt

As previously reported, GM Korea is going to import 5,000 Bolt EVs into Korea in 2018. In 2017, 13,724 total plug-ins were sold in Korea, so 5k Bolts would have made up 37% of all EV sales. The few hundred Bolts allocated to Korea last year sold out within a matter of hours. Pre-orders have started for the 2018s...good chance those will last only slightly longer than the 2017 allocations.