AlwaysFree: Korean Automotive Industry Shows Solid Growth In November

According to Business Korea article published on December 13, 2022, the Ministry of Trade, Industry and Energy announced on Dec. 12 that South Korean automakers’ output and exports increased 25.4 percent and 25 percent last month, respectively. Auto exports increased for five months in a row to reach a new high. Electric and hydrogen vehicle exports set new records, too.

Their exports for January to November this year already exceeded last year’s total. Specifically, they exported 2.08 million cars (US$48.7 billion) for the 11 months and the last year’s total is 2.04 million cars (US$46.5 billion).

Last month, the output increased 25.4 percent year on year to 379,797. The amount increased for the seventh consecutive month and reached this year’s high. The output of GM Korea increased 108.5 percent and those of SsangYong and Renault Korea increased 36.8 percent and 33.7 percent, respectively.

Last month, a total of 155,942 cars were sold in South Korea, up 8.4 percent from a year ago and up for the fourth consecutive month. The volume consists of 126,730 sold by South Korean automakers (up 2.8 percent year on year) and 29,212 imported cars (up 41.9 percent year on year).

South Korean automakers exported 219,489 cars last month, up 25 percent from a year earlier. The total value of the cars is US$5.4 billion, which increased 31 percent year on year. Both the volume and the value showed a double-digit growth for the fifth consecutive month.

The export value hit an all-time high above US$5.14 billion recorded in July. The annual exports are expected to exceed US$50 billion for the first time in history. The previous high, US$48.4 billion, was recorded in 2014.

The domestic green car sales volume increased 25.8 percent year on year to 42,604. Green car exports increased 14.8 percent to 50,042. Both are new November records. The total value of exported green cars increased 20.3 percent year on year to US$1.49 billion. It topped US$1 billion for the first time in September last year and topped US$1 billion for the 15th consecutive month. Electric and hydrogen vehicle exports added up to US$820 million to exceed US$800 million for the first time.

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