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Korea's domestic sales of automobiles rise for 3 straight months 2020-12-14

The Ministry of Trade, Industry and Energy announced on December 14 that Korea’s automobile output and exports in November lost 6.3 percent and 10.2 percent, respectively. However, domestic sales went up 5.8 percent and rose for the third consecutive month.

Total auto output in November by Korean automakers fell 6.3 percent to 324,472 units. The labor-management conflict at GM Korea and Kia and the production adjustment at Renault Samsung led to the decline.

Domestic sales in Korea went up 5.8 percent to 171,228 vehicles. Sales of locally-produced cars saw a 5.8 percent growth to 142,158 units. Those of imported vehicles went up 5.6 percent to 29,070 units due to a recovery in German brands.

The number of green vehicles sold in Korea soared 101.2 percent to 28,218 units. Hybrid electric vehicles (HEVs) jumped 169.2 percent to 22,608 units, and plug-in hybrid electric vehicles (PHEVs) leaped 114.1 percent to 1,732 units. Domestic green car sales recorded the highest number in history, climbing up for 10 straight months. The share of green cars in domestic sales also recorded the largest in history.

Outbound shipments of automobiles dipped 10.2 percent to 190,657 units due to a resurgence of COVID-19 cases in major regions. However, the export value increased 2.1 percent to $4.0 billion due to a rise in the share of sports utility vehicles (SUVs) and eco-friendly vehicles.

Green car exports contracted 9.7 percent to 25,760 units. Meanwhile, electric vehicle (EV) exports expanded 22.8 percent to 11,653 units due to strong sales of Kona EVs (up 20.1 percent to 3,992 units) and Niro EVs (up 113.8 percent to 5,847 units).

Outbound shipments of auto parts totaled $1.9 billion, increasing 6.5 percent. A strong sale of Korea’s finished products in the North American market led to the expansion.

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