Korea’s auto exports hit new highs in the January to September period this year, reaching US$52.1 billion on the back of record-high eco-friendly car exports to North America and the EU.
According to the Industry Ministry on Wednesday, in the first nine months of this year, some $18 billion worth of green automobiles were exported, exceeding the total for last year, which amounted to $16.1 billion.
And with total car exports rising on-year for 15 consecutive months in September, an Industry Ministry official said an even brighter future for outbound shipments is expected.
And with this year’s figure from January to September surpassing the $38.4 billion recorded for the same period last year, the official added the total value of exports for this year is also likely to pass last year’s total of $54.1 billion.
Production in September dipped slightly on-year due to partial strikes within the industry but has hovered above 300,000 units for 13 consecutive months.
The Industry Ministry expects production to hit at least 400 thousand vehicles by the end of this year if the trend continues, a figure not seen since 2018.
On the domestic front, sales of new cars decreased 4.7 percent on-year in September.
Sales of eco-friendly cars increased around two percent from the year before, however, EV sales dropped 34 percent in September, something the Environment Ministry said was due to an announcement on expanded subsidies which was set for the 25th of that month.
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