Last Year, Eco-Friendly Vehicle Exports Surpassed 10% for the First Time... Electric Vehicle Exports Up 67%

[Asia Economy Reporter Kim Bo-kyung] The export share of eco-friendly vehicles, including electric cars, surpassed 10% for the first time ever.

According to the Ministry of Trade, Industry and Energy on the 3rd, the export value of eco-friendly vehicles such as electric and hydrogen cars reached $4.6 billion in 2020, a sharp increase of 39.9% from $3.3 billion the previous year. As a result, the share of eco-friendly vehicles in total automobile exports was recorded at 12.3%.

This share was only 0.8% in 2016 but has been increasing annually, reaching 2.2% in 2017, 4.4% in 2018, and 7.7% in 2019.

Electric vehicles such as the Kona Electric (EV) and Niro EV were exported at 112,254 units until November last year, up 67.2% compared to the same period the previous year. Hydrogen vehicle exports also increased by 24.3% during this period, with 865 units exported.

Along with eco-friendly vehicles, exports of high value-added vehicles such as sports utility vehicles (SUVs) increased, raising the average export price of automobiles by 8.6% last year.

Despite the rise in export prices, total annual automobile exports decreased by 13.1% compared to the previous year, due to the economic downturn and weak demand caused by the spread of COVID-19.

Total automobile exports plummeted by 41.5% year-on-year in the second quarter of last year but turned to a 1.6% increase in the third quarter and showed a recovery trend with a 1.2% increase in the fourth quarter.

The export growth rate of automobile parts also narrowed from -54.2% in the second quarter to -15.8% in the third quarter, turning positive with a 3.9% increase in the fourth quarter.

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