Triple Increase in August Car Production, Exports, and Domestic Sales... First Time in 1 Year and 7 Months

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Dongwoo Lee] Last month, automobile production, exports, and domestic sales all increased, achieving a 'triple increase' for the first time in 1 year and 7 months. Automobile export value exceeded 4 billion dollars, marking the highest ever for the same month, and especially eco-friendly vehicles ranked first in both exports and domestic sales for the month.

According to the 'August 2022 Automobile Industry Trends' announced by the Ministry of Trade, Industry and Energy on the 16th, last month the automobile industry saw provisional figures showing production up 21.0%, domestic sales up 1.0%, and exports up 29.1% (export value up 35.9%) compared to the same month last year. This is the first time in 1 year and 7 months since February last year that production, domestic sales, and exports all increased.

Production recorded 284,361 units, up 21.0% year-on-year, due to easing parts supply shortages and the base effect from last year. This marks four consecutive months of growth for the first time in 3 years and 8 months. All five completed car manufacturers saw double-digit increases in individual production compared to the same month last year, with the three mid-size manufacturers increasing by 52.0%.

Domestic sales sold 131,638 units, up 1.0% year-on-year, as imported car sales increased despite a decrease in domestic car sales. This is the first increase in 19 months since February last year.

Export volume was 168,155 units, up 29.1% year-on-year. The export value was 4.12 billion dollars, up 35.9%, marking double-digit growth for two consecutive months.

All vehicle types except compact cars showed an increasing trend. In particular, mid-size and SUV models greatly increased, leading the export boom. The Ministry of Trade, Industry and Energy analyzed that the increase in mid-size vehicles was due to the base effect from facility construction in the same month last year, and the SUV increase was driven by the main export models of completed car manufacturers and strong sales of Genesis.

Despite summer vacations at completed car production plants, the export value of eco-friendly vehicles accounted for 29.6% of total car exports, achieving over 4 billion dollars for the first time in August's history. North American export value increased by 66.8%, contributing to the record high August performance.

Domestic sales of eco-friendly vehicles increased 9.7% year-on-year to 35,227 units, marking seven consecutive months of growth. Strong sales of electric and hydrogen vehicles led eco-friendly vehicle sales to account for 26.8% of total automobile sales. Cumulative domestic sales of electric and hydrogen vehicles reached 103,000 units as of August.

Export volume increased 47.0% year-on-year to 40,215 units, and export value rose 45.7% to 1.22 billion dollars, showing 20 consecutive months of growth. From January to August this year, cumulative domestic sales of electric and hydrogen vehicles surpassed 100,000 units in 8 months, shortening the period by 4 months compared to last year. Domestic eco-friendly vehicles sales increased 9.3% to 23,949 units, and imported eco-friendly vehicles sales increased 10.4% to 11,278 units.

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