Environmentally friendly models drive South Korea's automobile exports to soar, up 70.4% year-on-year

News on July 17, according to the latest data from South Korea’s Ministry of Trade, Industry and Energy, South Korea’s automobile exports achieved impressive growth in the first half of 2023. It is reported that South Korea's total automobile exports reached 35.7 billion U.S. dollars (approximately RMB 255.8 billion / Korean won 45,182.6 billion yuan), an increase of 46.6% over the same period last year, setting a record for the same period in history, breaking the 25.2 billion in the first half of 2014. US dollar (approximately RMB 180.5 billion) record.

This growth is due to the strong demand for environmentally friendly cars. The export value of environmentally friendly models soared 70.4% year-on-year, reaching US$12.4 billion (approximately RMB 88.8 billion). Rising demand for environmentally friendly vehicles is one of the main drivers of overall growth in South Korea's auto exports, the Ministry of Trade, Industry and Energy said.

According to data released by South Korea’s five major vehicle manufacturers, as of June 2023, the sales of Korean cars have also increased significantly. According to the editor's understanding, the domestic and overseas sales of Korean cars (including fully assembled parts) in June 2023 reached 741,716 units, a year-on-year increase of 9.8%. Hyundai Motor's annual sales reached 375,113 units, a year-on-year increase of 9.5%. Specifically, Hyundai Motor's sales in the domestic market were 70,163 units, a year-on-year increase of 17.9%; while sales in overseas markets were 304,950 units, a year-on-year increase of 7.7%. Kia Motors' domestic and overseas sales in June 2023 reached 278,256 vehicles, and total sales in the first half of the year reached 1,575,920 vehicles, setting a record high.

Although the performance of Korean cars in the Chinese automobile market is not ideal, the market share and sales of Korean cars in the United States, Europe and other regions are growing steadily. As environmental awareness increases and demand for new energy vehicles increases, Korean automakers will continue to work hard to expand overseas market share and achieve greater export growth.

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