Shulou(Shulou.com)11/24 Report--

CTOnews.com November 11 news, South Korea's Ministry of Industry, Trade and Resources today released the "October Automobile Industry trend." Due to the strong demand for new energy vehicles, South Korea's car exports increased by 30.2% over the same period last month, with an increase of 28.5% year-on-year, according to the report.

According to reports, South Korea's car exports in October were 208544, an increase of 30.2 percent over the same period last year. Exports reached US $4.92 billion, an increase of 28.5% over the same period last year, setting a new high for the same period in the previous year.

In addition, South Korea's export volume and export volume have maintained double-digit growth for four consecutive months. Looking at new energy vehicles alone, the export volume increased by 36.1% over the same period last year to 52279 vehicles. Exports rose 27.1% to US $1.45 billion, the second highest monthly record in the past year. It accounted for 25.1% of the total car exports, a record high.

By region, South Korean exports to North America rose 60.2 per cent to $2.38 billion, while exports to the European Union rose 12.4 per cent year-on-year to $743 million. In addition, South Korean exports to Asian countries surged 91.1 per cent to $446 million, while sales to countries in the Middle East and Latin America rose 4.1 per cent and 13 per cent, respectively.

New energy vehicles account for 25.1% of the country's total car exports, the highest ever, according to South Korea's Ministry of Environmental Protection. Exports of auto parts also rose 3.1 per cent to $1.84 billion last month from a year earlier, due to a decline in the supply of semiconductors and growing domestic demand for cars, according to the data.

It is said that domestic production rose 24.2 per cent year-on-year to 327486 vehicles last month due to the low base effect and the easing of the shortage of automotive semiconductors.

Among the major companies, Hyundai Motor and its subsidiary Kia increased production by 11.7% and 19.6%, respectively. CTOnews.com learned that domestic car sales in South Korea rose 15.2 per cent year-on-year to 144363 units in October.

Sales of new energy vehicles in South Korea rose 16 per cent year-on-year to 39612 in October, according to data. South Korea has sold about 365000 new energy vehicles in the first 10 months of this year, a figure that has exceeded sales for the whole of 2021.

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