- Korea’s auto output, exports in May see year-on-year increases 2019-06-13
The Ministry of Trade, Industry and Energy announced on June 13 that the Korea’s automobile production increased 4.1 percent to 366,152 vehicles in May compared to the same period last year.
This growth in output was mostly attributable to higher overseas demand and more working days. The local car manufacturers are Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, Renault Samsung Motors, Zyle Daewoo Bus, and Tata Daewoo.
Exports also improved 6.1 percent year-on-year to 226,096 vehicles on the back of strong sales of sports utility vehicles (SUVs) and eco-friendly cars in North America. In value terms, exports grew 13.6 percent to USD 4.0 billion. The number of green cars shipped abroad amounted to 18,490, up 15.6 percent. Exports of electric vehicles (EVs) grew by 130.1 percent to 4,567 units, and those of hydrogen vehicles increased by 78 units.
Meanwhile, domestic sales fell 2.5 percent to 153,820 units. While domestic sales of locally-produced cars inched up 0.5 percent to 132,286 units, those of imported vehicles declined 17.6 percent to 21,534 units.
The number of environment-friendly cars sold in Korea rose 37.2 percent to 13,844 units. In detail, local sales of EVs jumped 72.1 percent to 4,083 units and those of fuel cell electric vehicles (FCEVs) soared 643.5 percent to 461 units.
Exports of auto parts totaled $2 billion, falling 7.5 percent. An increase was seen in shipments to East Europe, including Russia, (up 20.5 percent to $185 million). However, those to Asia and the Middle East decreased 7.2 percent to $478 million and 52.9 percent to $94 million, respectively.