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August automobile exports, output increase 2021-09-15

The Ministry of Trade, Industry and Energy announced on September 15 that Korea’s automobile production and exports increased 0.7 percent and 4.1 percent, respectively, while domestic sales edged down 3.3 percent for the month of August.

The export value totaled $3.0 billion, posting double-digit growth for eight straight months.

Automobile output in August inched up 0.7 percent to 234,893 units despite automotive chip shortages and construction at the electric vehicle (EV) production line at Hyundai Motor’s Asan plant. The rise was attributable to strong exports.

Domestic sales slipped 3.3 percent to 130,397 units due to delayed shipment. However, sales of eco-friendly vehicles more than doubled, soaring 101.8 percent to 32,144 units. Sales of locally produced cars dipped 5.0 percent 105,605 units, while those of imported cars gained 4.6 percent to 24,792 units.

Green cars sold within Korea showed growth for 19 consecutive months and accounted for 24.7 percent of total sales, the highest on record. Hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and electric vehicles (EVs) advanced significantly, up 78.4 percent to 19,307 units, up 83.9 percent to 1,076 units, and up 191.1 percent to 11,205 units, respectively.

August exports moved up 4.1 percent to 135,871 units. Korean brands’ increased shares in the global market led to the expansion.

Green car exports totaled 30,296 units, rising 92.2 percent. HEVs (up 65.9 percent to 13,063 units) PHEVs (up 248.5 percent to 4,746 units), EVs (up 91.1 percent to 12,433 units), and fuel cell electric vehicles (FCEVs, up 237.5 percent to 54 units) all experienced robust sales.

The value of auto parts shipped overseas increased 22.4 percent to $1.6 billion and went up for 10 straight months. This is attributable to stronger demand for automobiles in the U.S. and the EU markets.

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