S. Korea's Auto Exports Reach Record High in February, Boosted by Hybrid Vehicles
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Synopsis
South Korea's automotive exports experienced a significant increase of 17.8% year-on-year in February, setting a record for the month. This surge was primarily driven by a heightened demand for hybrid vehicles, as revealed by recent data.
Key Takeaways
- Car exports rose by 17.8% in February
- Total export value reached $6.07 billion
- Hybrid vehicle shipments surged 61.7%
- EV shipments declined by 2%
- Domestic sales increased by 14.8%
Seoul, March 18 (NationPress) The automotive export sector in South Korea saw a remarkable increase of 17.8% compared to the same month last year, achieving a historic peak for any February, fueled by strong interest in hybrid vehicles, according to data released on Tuesday.
The total value of vehicle exports reached $6.07 billion last month, marking the first time in February that the figure surpassed the $6 billion threshold, as per statistics from the Ministry of Trade, Industry, and Energy, reported by Yonhap news agency.
The total number of vehicles exported increased by 17.3% year-on-year, totaling 233,000 units, while production also saw a rise of 17.1% to reach 352,000 units.
The ministry credited this impressive performance to the high demand for hybrid vehicles, alongside strong interest from markets in Asia, the European Union (EU), and the Middle East.
Specifically, exports of hybrid cars surged by 61.7% year-on-year, totaling 39,489 units valued at $980 million in February.
Conversely, shipments of electric vehicles (EVs) saw a slight decline of 2%, amounting to 23,151 units.
Regionally, exports to Asian nations increased by 42.3% last month compared to the previous year, totaling $641 million, while shipments to the Middle East rose by 38.2%, reaching $480 million.
Furthermore, exports to the EU grew by 22.6% to $806 million, and exports to the United States rose by 14.8%, amounting to $3.18 billion.
Domestic car sales also progressed, advancing by 14.8% to 133,000 units in February, with EV sales nearly quadrupling from the previous year following the government's announcement of an EV subsidy plan for the year.
The ministry indicated that the government aims to sustain this growth trajectory, partially by quickly formulating a strategy to address uncertainties in the global trade environment triggered by the U.S. administration's auto tariff proposals.
