South Korea: Auto industry posts solid growth in Sep'24, exports hit 1-year high

• Production, sales shoot up y-o-y, m-o-m
  
  
• Hybrid EV sales surge to highest since Dec
  
  

SteelDaily: The South Korean automobile industry demonstrated robust performance in September 2024, with production, sales, and exports showing positive growth compared to the previous year and month, according to the Korea Automobile Mobility Industry Association (KAMA) and the Ministry of Trade, Industry and Energy.

In September, exports also touched a one-year high in terms of monetary value, with $5.5 billion generated. Meanwhile, in 9MCY'24, exports demonstrated superior performance, with $52.9 billion earned.

Production, sales increase

Domestic output touched 307,000 units, a 1.7% y-o-y increase and a 2.4% m-o-m rise. Meanwhile, sales volume grew 1.7% y-o-y and 5.7% m-o-m to 336,000 units.

Eco-friendly vehicle sales surge

Sales of eco-friendly vehicles jumped 37.9% y-o-y to 59,000 units, driven by strong demand for hybrid automobiles. The sales volume of hybrid vehicles hit their highest since December last year, with 46,000 units sold. However, domestic sales declined 2.3% y-o-y to 131,000 units due to the Kia parts strike and weakening consumer sentiment.

Exports rise

Overseas sales increased by 4.4% y-o-y and 8.3% m-o-m to 206,000 units. The rise was largely attributed to Hyundai and Kia's steady-selling models maintaining robust export performance. Additionally, the launch of the Kia EV3 electric vehicle and improved SUV exports contributed to the growth. Eco-friendly vehicle exports, particularly hybrid vehicles, rose 21.9% y-o-y to 62,000 units.

Record-breaking export value

Automobile exports in September were up 4.9% y-o-y to $5.5 billion, their highest in one year, while cumulative exports through September this year stood at a substantial $52.9 billion. Eco-friendly car exports totalled $1.69 billion, up 12.3% y-o-y.

Outlook

South Korea's automobile industry is expected to continue its upward trend, driven by increasing demand for eco-friendly vehicles and steady export performance.

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