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Korean auto exports, production, and domestic sales all increase in March 2020-04-12

The Ministry of Trade, Industry and Energy announced on April 13 that Korea’s automobile exports, production, and domestic sales in March increased 1.3 percent, 6.8 percent, and 10.1 percent, respectively.

The number of Korean vehicles exported in March rose 1.3 percent and amounted to 210,900 units. In terms of value, exports rose 3.0 percent to USD 3.8 billion. This expansion is primarily a result of robust demand for eco-friendly cars and sports utility vehicles (SUVs). Especially, the number of SUVs exported increased 13.2 percent to 138,837 units, the second highest monthly sales in history.

Over the same period, the number of vehicles produced by Korean automakers increased 6.8 percent to 369,165 units. The local carmakers are Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, Renault Samsung Motors, Zyle Daewoo Bus, and Tata Daewoo. Favorable sales of recent models (GV80, XM3, etc.) and the effect of new model launches (G80, Avante, etc.) contributed to the rise in output.

Domestic sales in March also went up 10.1 percent to 172,956 vehicles. Sales of locally produced cars gained 9.3 percent to 149,912 units, and those of imported vehicles jumped 15.3 percent to 23,044 units.

Outbound shipments of eco-friendly cars last month soared 36.9 percent to 26,073 units. Exports of electric vehicles (EVs), hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs) all improved greatly.

Local sales of green cars jumped 28.8 percent to 17,655 units on the back of strong sales of FCEVs (up 367.5 percent to 706 units), HEVs (up 27.4 percent to 10,543 units), EVs (up 15.6 percent to 5,870 units), and PHEVs (up 160.2 percent to 536 units).

For auto parts, exports in March edged up 0.5 percent to $1.9 billion. While shipments to Asia and the EU decreased, those to North America and Eastern Europe increased.

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