Auto exports set new record by growing 5.8% in June
In June, South Korea's automobile exports reached a remarkable milestone, increasing by 5.8% compared to the previous year. This surge brought the total export value to an impressive $6.79 billion, driven primarily by the growing demand for electric and hybrid vehicles. The Ministry of Trade, Industry and Resources highlighted that shipments to key markets, including North America, Latin America, and the European Union, saw substantial increases of 12.3%, 5.1%, and 13.7%, respectively. The eco-friendly vehicle segment particularly thrived, with exports rising 31.3% year-on-year, amounting to $2.9 billion. Domestically, the automotive market also showed positive trends, with total vehicle sales climbing 9.5% to 159,725 units. Notably, sales of locally manufactured cars increased by 3%, while imported vehicles experienced a significant surge of 35.6%. Production figures further underscored the industry's growth, with a total of 394,210 units produced, marking an 11.6% increase. Major manufacturers like Hyundai and Kia reported production increases of 10.9% and 16.2%, respectively. However, challenges loom on the horizon, including labor relations and the competitive landscape posed by Chinese automakers. The industry ministry remains committed to monitoring these trends and supporting the sector's transition towards future mobility.
Commenti