Automobile exports reached an all-time high last month as shipments of eco-friendly vehicles such as electric vehicles, hybrids and hydrogen-powered cars increased.
All three indicators in the sector – automobile production, domestic demand and exports – increased for the sixth consecutive months.
According to the Ministry of Trade, Industry and Energy report on the automobile industry trend in January released on Feb. 20, exports rose 21.9% month-on-month from last year to USD 4.98 billion.
This is the highest export amount ever in January – the previous peak for the month was USD 4.2 billion in 2013.
The number of shipments increased 11.3 % to 201,000 cars.
By brand, Kia Motors’ exports rose 19.7 %, while GM Korea and Ssangyong Motors also saw 32.3 % and 42.1% growth, respectively.
Hyundai Motor’s total exports rose 1.1% from last year as exports of electric vehicles increased while that of sport utility vehicles (SUVs) decreased.
Renault Korea saw a decrease in shipments of 10.3 % due to a drop in XM3 sales.
Eco-friendly cars accounted for over 35% of auto exports for the first time, becoming a new driving force.
Shipments of these rose 42.3% to USD 1.79 billion last month from the same period a year earlier, and exports by numbers rose 29.8% to 57,000. Both the number of products sold and export income reached record highs.
Total automobile production rose 13.2% to 307,000 last month due to an improved supply and demand for semiconductors.
The rise in production led to more sales, hitting 117,000 cars domestically during the same period, up 4.7 % from January last year.
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