South Korea Auto Exports Hit July Record
Last month, the automobile export value of South Korea exceeded $6.2 billion, recording the highest performance among all Julys on record. This is the result of strong performances in major markets such as North America and Europe driving up overall export figures, amid sustained global demand for e
South Korea's automobile exports reached a record-breaking $6.24 billion in July, marking a 7.0% increase year-over-year, according to the Ministry of Trade, Industry and Energy. The surge was fueled by robust performances in key markets like North America and Europe, driven by soaring demand for eco-friendly vehicles. Eco-friendly vehicles alone accounted for 41.5% of total exports, with electric and hydrogen vehicles surging 31.9% and hybrid vehicles up by 22.2%.
Internal combustion engine vehicles saw a minor decline of 3.1%. North American and EU exports grew by 18.0% and 23.5% respectively, while exports to Asia and Central/South America dropped by 27.1% and 7.4%. Domestic sales also remained strong, with 139,000 units sold, 84,000 of which were eco-friendly vehicles, including a 47.5% jump in electric vehicle sales to 36,000 units.
The Tesla Model Y topped domestic sales with 8,705 units. The industry called for government support to maintain a domestic production base of over 4 million units annually, emphasizing the importance of adapting to global electric vehicle competition.
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