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Korea's automobile output, domestic sales, and exports expand for second consecutive month in February 2021-03-15
The Ministry of Trade, Industry and Energy announced on March 15 that Korea’s automobile output, domestic sales, and exports went up 37.9 percent, 24.2 percent, and 35.0 percent, respectively. This is the second consecutive month that all three figures expanded.
Total auto production in February by Korean automobile manufacturers jumped 37.9 percent to 260,958 units due to a base effect and an expansion in exports.
Domestic sales in Korea gained 24.2 percent to 123,317 units despite fewer working days. The increase was partially attributable to new model launches of Carnival, GV70, and Tucson. Locally-produced cars increased by a greater percentage than imported cars for the first time in five months and advanced 24.3 percent to 100,753 units. Imported vehicles rose 23.5 percent to 22,564 units.
Local sales of green cars leaped 104.5 percent to 18,342 units. Hybrid electric vehicles (HEVs) soared 215.4 percent to 14,047 units, plug-in hybrid electric vehicles (PHEVs) spiked 579.6 percent to 1,597 units, and fuel cell electric vehicles (FCEVs) jumped 28.2 percent to 568 units.
Automobile exports in February experienced a 35.0 percent growth to 161,886 vehicles. The export value expanded 47.0 percent to $3.5 billion thanks to high value-added export products such as sport utility vehicles (up 30.2 percent).
Outbound shipments of eco-friendly vehicles grew 70.9 percent to 24,932 units. Both the export value and the number of cars shipped overseas recorded the highest number for the month of February. Exports of electric vehicles (EVs), in particular, increased 114.8 percent to 9,085 units.
Exports of auto parts amounted to $2.0 billion, increasing 8.9 percent. Auto parts recorded the fourth consecutive month of increase on the back of continued preference for Korean finished cars.
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