Auto exports surpass $10 billion in first two months of year

Industry

Published: 31 Mar. 2024, 17:21 Updated: 31 Mar. 2024, 17:22

Auto exports surpass $10 billion in first two months of year

This photo taken on Dec. 10, 2023, shows a car dealership store of Hyundai Motor in Seoul. [YONHAP]

Korea's auto exports during the first two months of the year surpassed $10 billion, industry data showed Sunday.

According to the Korea Automobile Manufacturers Association, the combined exports of five automotive manufacturing companies in the country, including Hyundai Motor Co. and Kia Corp., reached $10.4 billion during the January-February period.

The figure represents 9.4 percent on-year growth compared with last year. In terms of units, combined exports reached 421,668 units, up 4.8 percent from 2023.

Per company, Hyundai Motor logged a 7 percent increase to reach $4.65 billion, or 44.8 percent of all exports during the cited period. Kia's exports rose 2.5 percent to $4.17 billion.

Hyundai and Kia's combined exports accounted for 84.3 percent of all shipments during the period.

GM Korea's overseas shipments surged 73.2 percent to $1.26 billion, logging the biggest on-year growth among the five companies. KG Mobility's exports also jumped 54.7 percent to $205.5 million.

Exports of Renault Korea, meanwhile, fell 59.9 percent to $87.37 million, making it the only one among the five companies to experience a decline in overseas shipments.

Yonhap