- Korean auto industry sees improvement in exports, production, and domestic sales in January 2019-02-19
The Ministry of Trade, Industry and Energy announced on February 19 that the Korean automobile industry in January saw improvement in exports, production, and domestic sales.
Automobile exports last month grew 12.6 percent year-on-year to 213,618 vehicles thanks to stronger sales of sports utility vehicles (SUVs) and eco-friendly cars in North America and Europe. In particular, outbound shipments of green cars soared 64.3 percent to 21,022 units.
The number of domestic vehicles manufactured by seven Korean manufacturers improved 9.8 percent to 354,305 units. These carmakers are Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, Renault Samsung Motors, Zyle Daewoo Bus, and Tata Daewoo. The output increased mostly because of newly introduced models and the producers’ preparation for this month’s Seollal holiday.
Domestic sales of automobiles also inched up 1.5 percent to 136,157 units as a result of greater demand for SUVs and tax reduction. While Korean-made vehicles experienced sales growth of 4.7 percent to 117,456 units, the sales of imported vehicles decreased 14.9 percent to 18,701 units. The number of eco-friendly cars sold in Korea reached 8,464 units, up 12.5 percent. Hybrid electric vehicles (HEVs) were especially popular.
For auto parts, exports jumped 12.7 percent to USD 2.1 billion mostly due to notable shipment increases to North America and Europe.