Kia's EV3 compact electric vehicles / Courtesy of Kia

Hyundai Motor and Kia gained more ground in the nation's electric vehicle (EV) market last month, driven by solid sales of their price-competitive models, outpacing overseas rivals, data and industry officials said Sunday.

The combined EV market share for the two domestic brands reached 70.4 percent in February, up from 60.1 percent last year. That of imported carmakers fell from 34.9 percent to 26.4 percent during the same period.

Korean carmakers extended their winning streak, fueled by strong sales of flagship compact EVs. Hyundai Motor sold 5,346 EVs in February, an eight-fold increase from the previous year, driven by 1,473 IONIQ 5 vehicles and more than 1,000 Casper Electrics.

EV sales for Kia also reached 4,666 in February. This is almost quadrupled from the previous year. The carmaker drove the robust sales on strong popularity of its EV3 compact SUV, which accounted for nearly half of the firm's total EV sales last month. The vehicle also placed its name as the best-selling EV here during the same period.

Market watchers believe the two Korean brands have been able to increase their market share by offering more price-competitive EV options than their overseas counterparts.

Hyundai Motor's IONIQ 5 flagship electric vehicle / Courtesy of Hyundai Motor

"Customers are extremely sensitive to prices at this period of an EV chasm before their mass adoption," an official from a carmaker said. "But few imported brands can compete with Hyundai Motor and Kia in terms of EV prices."

For instance, the EV3 is capable of driving more than 500 kilometers on a single charge, but customers can purchase the vehicle for less than 40 million won ($27,500) after subsidies. No imported carmakers sell EVs with a comparable performance at a similar price.

Tesla, which caused a sensation in the market in recent years, struggled to maintain strong sales. Its EV market share dropped to 15 percent in February, down 6 percentage points from last year. The lack of new models is cited as the main reason for the decline.