Car exports hit new record of $6.2B in October

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Car exports hit new record of $6.2B in October

Published: 14 Nov. 2024, 17:20

Automobiles for exports are transported to a port in Changwon, 296 kilometers south of Seoul, on July 25. [YONHAP]

Korea's car exports rose 5.5 percent on year in October to reach a new record, data showed Thursday, driven by the global popularity of eco-friendly models, including hybrid vehicles.

The combined value of vehicle shipments reached $6.2 billion last month, marking the highest amount for any October, according to data compiled by the Ministry of Trade, Industry and Energy.

The number of cars shipped totaled 243,367, up 8.1 percent from a year earlier, the report showed.

Shipments of hybrid cars alone amounted to $1.1 billion, soaring 80.3 percent on year to surpass the previous record of $1.07 billion set in August.

The number of cars produced in October reached 367,624 units, rising 7.8 percent from the previous year, on the back of the release of new models, such as Kia's electric EV3 SUV and the upgraded K8 sedan.

Domestic automobile sales, meanwhile, rose 3.1 percent to 145,756 units, marking the first on-year increase since November 2023.

The ministry said it plans to maintain close communication with the domestic industry to address global uncertainties while promoting domestic sales through the ongoing Korea Sale Festa, the country's equivalent of Black Friday, which will run until the end of the month.

Yonhap