Production and Exports of Car

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Increased by 8.1% and 2.1%, respectively in August, compared with the same period of the previous year

 

Production, export and domestic sales of South Korea’s finished vehicles all increased, together with export of auto parts.
According to ‘On Domestic Auto Industry of August’ issued by the Ministry of Trade, Industry and Energy, production, export and domestic sales of the finished vehicles increased by 8.1%, 2.1% and 5.0% respectively compared with the same period of the previous year, and export of car parts also increased by 0.5%.
Major finished vehicle companies produced 296,471 vehicles, increased by 8.1% compared with the same period of the previous year, due to early pay settlement, recovery of domestic sales and export, etc.
In addition, exports recorded 174,869 vehicles, increased by 2.1% compared with the same period of the previous year, due to full-scale export expansion of new sports utility vehicles (SUVs) and increase of exports to the Middle East and the European region. In terms of the amount, exports recorded US$28.5 billion, an increased of 0.5%.


Domestic sales of vehicles turned up to be 146,086 units, increased by 5.0% compared with the same period of the previous year, due to implementation of the individual consumption tax reduction to passenger cars and new SUVs (Carnival and Santa Fe). Related to this, sales of domestic cars and imported cars increased by 4.1% to 125,289 units and by 11.2% to 20,797 units respectively.
Especially, in the case of eco-friendly cars, domestic sales of electric cars increased drastically, amounting to 8,640 units, an increase of 9.5% compared with the same period of the previous year. Among them, the hybrid cars and electric vehicles accounted for 6,572 units (up 3.6%) and 1,971 units (up 31.5%), respectively.
The domestic sales volume of major electric cars last month comprised 648 units of ‘Kona EV,’ 399 units of ‘Soul EV,’ and 631 units of ‘Volt EV.’
Exports of these cars also increased by 25.7% compared with the same period of the previous year, recording 15,926 units. Among them, the numbers of hybrid cars and electric cars sold were 11,650 units (up 17.3%) and 2,731 units (up 153.3%), respectively, thanks to the good performance of Hyundai Motor’s Ionic hybrid and electric car models.
Meanwhile, export of auto parts last month recorded US$1.87 billion, an increase of 0.5% compared with the same period of the previous year, due to expansion of exports to North America and the European region despite decrease of exports to Asia and Europe.

korean-machinery.com | Blog Magazine of korean-machinery, brands and Goods

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