Thanks to the government’s policy of supplying electric and hydrogen electric vehicles, domestic sales of eco-friendly vehicles increased by three orders of magnitude last month. As electric vehicle exports maintained an increase for 43 consecutive months, exports rose to 20% of total vehicle exports.
According to an announcement by the Ministry of Trade, Industry and Energy on the 15th, domestic sales of eco-friendly vehicles increased 104.5% year-on-year to 18,342 units, and exports increased 70.9% to 24,932 units. Both domestic demand and exports increased for the second consecutive month.
Domestic sales increased for 13 consecutive months due to strong sales of hybrid vehicles (HEV, 215.4%↑), plug-in hybrid (PHEV, 579.6%↑), and hydrogen electric vehicles (28.2%↑). Domestic sales of eco-friendly cars accounted for 14.9% of the total number of car sales.
The eco-friendly car that sold the most in Korea last month was the Sorento HEV (2,519 units). Next, Grandeur HEVs (2,408 units), Tucson HEVs (1,660 units), Niro HEVs (906 units), and K5 HEVs (104 units) were followed. HEV showed solid growth for the 12th consecutive month as sales of the Granger, K5, and Kona hybrids increased.
The export of eco-friendly cars reached the highest record in February exports in both the amount and number of exports due to robust sales of all car models. Exports also exceeded 700 million dollars, accounting for 16.0% of the total number of passenger car exports.
By car type, exports of electric vehicles (9,85 units, 114.8%↑) increased the most, increasing for 43 consecutive months. By model, exports of Niro electric vehicles (4,866 units, 356.5%↑) increased significantly. Exports accounted for 19.9% of total passenger car exports, with electric and hydrogen electric vehicles increasing by 123.8%.
Last month, total automobile production reached 37.9%, domestic demand 24.2%, and export 35.0%, achieving a triple increase for the second consecutive month. Average daily production increased to 62.2%, domestic demand increased to 46.1%, and export increased to 58.8%.
The number of production units increased 37.9% to 260,958 units in the same month last year due to the base effect caused by the disruption in parts supply and the expansion of exports. Even though the number of business days decreased, domestic sales increased 24.2% to 123,000 units due to the strong trend of new cars.
Domestic car sales recorded a greater increase rate than Imports in 5 months, and domestic cars occupied all of the top 5 best-selling cars. As for Imports, sales of German brands such as Mercedes and BMW were good. Japanese brands were sluggish.
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Last month, automobile exports recorded 161,886 units due to continued robust sales in the global automobile market and increased exports of high-value-added vehicles such as sports utility vehicles (SUVs). Exports reached $3.53 billion.
Meanwhile, during the same period, exports of auto parts rose 8.9% to $ 1.96 billion due to continued preference for domestic finished cars and robust exports to the global market. It has been only 30 months since April-August 2018 that auto parts exports have increased by more than four months.