Auto exports set new record, rising 7 pct in July

South Korea's automobile exports reached a record high in July, increasing by 7 percent compared to the previous year, according to data released by the Ministry of Trade, Industry and Resources. The value of automobile shipments amounted to US$6.24 billion in July, marking a new record for the month. Among these exports, eco-friendly vehicles experienced substantial growth, with their combined value rising by 25.5 percent to $2.59 billion compared to the same period last year.

Sales of eco-friendly automobiles to North America and the European Union saw significant growth, with exports increasing by 18 percent and 23.5 percent, respectively, to $3.25 billion and $880 million.

In the domestic market, 139,000 vehicles were sold in July, representing a 0.5 percent increase from the previous year. Locally produced cars saw a 11.3 percent rise, reaching 352,000 units. Six out of every ten vehicles sold in South Korea were eco-friendly models, including all-electric, gasoline hybrid, and other environmentally friendly vehicles.

The government plans to address the uncertainties in the automobile industry during this critical stage of transition towards future mobility solutions by maintaining close communication with the industry, as stated by a government official.