Despite the 'Corona-induced Export Cliff,' Eco-friendly Vehicle Exports Increased in Q1

[Asia Economy Reporter Suyeon Woo] Despite the export cliff caused by the novel coronavirus infection (COVID-19), the export of domestically produced eco-friendly vehicles increased in the first quarter of this year.

According to the Korea Automobile Manufacturers Association on the 3rd, the export of eco-friendly vehicles by domestic automobile companies in the first quarter of this year was 58,402 units, up 6.1% compared to the same period last year. Electric vehicle (EV) exports surged 25.9% year-on-year to 20,173 units, and plug-in hybrid (PHEV) and fuel cell electric vehicles (FCEV) increased by 71.7% and 49.1% to 7,274 units and 255 units, respectively. On the other hand, hybrid (HEV) models decreased by 11.4% to 30,700 units.

By region, eco-friendly vehicle sales in Europe increased noticeably due to the strengthened environmental regulations of the European Union (EU) starting this year. Eco-friendly vehicles exported to the European region in the first quarter reached 42,499 units, up 27.4% year-on-year. Among them, exports to EU countries surged 31% to 40,167 units.

In addition, eco-friendly vehicle exports to the African region, where exports began through new market development, increased by about 52% compared to the previous year, but the cumulative export volume was minimal at around 721 units.

Meanwhile, eco-friendly vehicle exports decreased year-on-year in all regions except Europe and Africa. The North American region recorded 12,496 units, down 4.9%, and the Asian region, including China, dropped 37.9% to 430 units.

When looking at electric vehicles (including fuel cell electric vehicles) separately, the export growth trend in the first quarter was even more pronounced. Electric vehicle exports in the first quarter surged about 26.2% year-on-year to 20,428 units, with exports to the European region accounting for 80% of the total.

Electric vehicle exports to the European region in the first quarter of this year reached 16,271 units, up 40% year-on-year. Among detailed models, eco-friendly models such as Niro, Kona, and Ioniq performed well in Europe.

A representative of the Korea Automobile Manufacturers Association said, "Although overall automobile exports showed a declining trend in the first quarter of this year due to the impact of COVID-19 and global economic instability, exports of eco-friendly vehicles are showing an increasing trend due to the strengthened EU environmental regulations starting this year."

This content was produced with the assistance of AI translation services.