September Car Exports Reach $5.5 Billion 'All-Time High'... Eco-Friendly Car Exports Turn Positive After 4 Months

Automotive Industry Trends in September 2024

Last month, automobile exports recorded the highest level ever for the month of September. Exports of eco-friendly vehicles turned to an upward trend after four months.

The Ministry of Trade, Industry and Energy announced on the 17th that automobile export value in September 2024 reached $5.5 billion, a 4.9% increase compared to September last year. This is the highest export performance for September (previous record was $5.2 billion in September 2023).

Exports of eco-friendly vehicles amounted to $1.96 billion (up 12.3% year-on-year), marking a positive turnaround after four months. In particular, hybrid vehicles such as Tucson, Santa Fe, and Carnival significantly contributed to the export increase, with $1.01 billion in September, up 75.6%.

Domestic production reached 307,000 units, up 1.7% compared to September last year. Although the number of working days decreased by one day (based on weekdays) compared to September last year, major automakers expanded production based on overseas demand, recovering monthly production of 300,000 units for the first time in three months.

Domestic sales recorded 131,000 units, down 2.3% compared to September last year. However, sales of eco-friendly vehicles increased by 37.9% to 59,000 units compared to September last year. Hybrid vehicle sales reached 46,000 units, setting a new monthly record (previous record was 41,000 units in December 2023).

An official from the Ministry of Trade, Industry and Energy said, "The full-scale export of Kia EV3, a new electric vehicle, the expansion of sports utility vehicle (SUV) exports, and the recovery of exports by Korea GM drove the September performance," adding, "The cumulative export value up to September this year also continues to achieve record highs at $52.9 billion."

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