- Korean auto industry sees improvement in EV and FCEV exports in January 2020-02-14
The Ministry of Trade, Industry and Energy announced on February 14 that Korea’s January exports for electric vehicles (EVs) and fuel cell electric vehicles (FCEVs) increased 11.9 percent and 19.0 percent, respectively. Meanwhile, the Korean automobile industry saw a year-on-year decrease of production, domestic sales, and exports.
Total auto output in January fell 29.0 percent to 251,573 units. The decline is mostly attributable to fewer working days due to the Lunar New Year holidays and partial strikes at local carmakers. The seven domestic automakers are Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, Renault Samsung Motors, Zyle Daewoo Bus, and Tata Daewoo.
Auto sales within Korea also went down 14.7 percent to 116,153 vehicles. Local sales of Korean-made cars decreased 15.9 percent to 98,755 units, and those of imported cars also declined 7.0 percent to 17,398 units.
Overall auto exports last month dipped 28.1 percent to 150,974 vehicles due to strikes, fewer working days, suspension of GM Korea’s exports to Europe, and decrease in consignment production of Rogue at Renault Samsung. Exports in value terms experienced a smaller decline of 22.2 percent, reflecting the expansion of sport utility vehicles (SUVs) and clean vehicles.
Exports of Korean eco-friendly cars in January fell 16.6 percent to 17,790 units. By type, year-on-year increases were experienced in EVs (up 11.9 percent) and FCEVs (up 19.0 percent). On the other hand, plug-in hybrid electric vehicles (PHEVs) went down due to the change in export models.
For car parts, exports dropped 15.0 percent to $1.7 billion. Declines were seen in shipments bound for all regions: North America (down 17.8 percent to $664 million), EU (down 20.8 percent to $318 million), the Middle East (down 12.4 percent to $75 million), Central and South America (down 18.8 percent to $84 million), Asia (down 10.8 percent to $383 million), the Eastern Europe (down 1.9 percent to $197 million), Africa (down 18.7 percent to $14 million), and Oceania (down 34.4 percent to $7 million).