Double-digit Increase in Domestic AutomobileProduction

South Korea’s automobile industry in January this year showed a double-digit increase in production,domestic demand, and exports compared to the same month of last year, thanks to the easing of the problem in the supply and demand of automotive semiconductors, and the continued good performance of eco-friendly vehicles despite the global economic
slowdown.
According to ‘Automotive Industry Trends’ recently released by the Ministry of Trade, Industry and Energy (MOTIE), the automobile production in January was 306,738 units, up 13.2% from the same month of last year.
Despite the number of lost working days due to the Lunar New Year holidays, production increased thanks
to new car production and increased sales volume of major models.
Domestic sales recorded 116,565 units, up 4.7% from the same month of last year, due to increased production thanks to improved supply and demand for automotive semiconductors.
Exports totaled 200,825 units, up 11.3% from the same month of last year. Despite the global economic downturn, an increase in export demand for eco- friendly vehicles led to strong export performance.
Exports sales amounted to US$4.98 billion, the highest level for every month of January. This is attributable to a significant increase in exports of eco- friendly cars, which have a high export unit price.
Auto parts exports recorded US$1.79 billion, down 16.2% from the same month of last year, due to a decrease in exports to key markets such as China, the United States, and the European Union.
Domestic sales of eco-friendly vehicles in January increased by 28.9% year-on-year to 22,662 units, accounting for 19.4% of total vehicle sales.
Specifically, the sales volume of large sedan and SUV models increased significantly for hybrids, while the number of electric vehicles decreased due to the exhaustion of subsidies last year and the confirmation of subsidies for electric vehicles this year.

Eco-friendly car exports increased 29.8% year-on-year to 56,697 units, and exports increased 42.3% to US$1.79
billion. Following December of last year, both monthly export volume and export amount recorded a new all-time high.
Eco-friendly car exports accounted for 28.2% of total car exports. Hybrids, electric vehicles, plug-in hybrids,
and hydrogen vehicles all contributed to the record high export volume, with increased exports compared to the
same month of last year.

 
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