Unit price for vehicle exports slides for first in 8 years

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Unit price for vehicle exports slides for first in 8 years

This photo provided by Hyundai Motor Group shows a port in Ulsan. [HYUNDAI MOTOR]

This photo provided by Hyundai Motor Group shows a port in Ulsan. [HYUNDAI MOTOR]

 
The unit price of Korea's exported vehicles last year fell for the first time in eight years amid a prolonged slowdown in EV sales, data showed Sunday.
 
The country exported 2.78 million units worth $64.1 billion last year, according to data by the Korea Automobile Manufacturers Association.
 
The average exporting price per unit totaled $23,048, down $221 from a year earlier.
 
This is the first on-year decrease since 2016, when the unit price stood at $14,264.
 
Over the past years, the unit price had shown constant growth, peaking at $23,369 in 2023 on the back of rising demand for high-priced EVs.
 
The recent decline, however, is blamed on waning global demand for eco-friendly cars during the so-called EV chasm, a transitional phase before the widespread adoption of EVs.
 
Korea's exports of eco-friendly cars had been on a steady rise from $4.21 billion in 2018 to $23.48 billion in 2023, but dropped to $22.43 billion last year.
 
In particular, overseas sales of EVs plunged 26.6 percent on year to 254,000.
 
"The rise in the unit price of vehicle exports in recent years has been largely influenced by rising demand for eco-friendly cars, mainly EVs," an industry insider said. "The EV chasm, combined with production disruptions caused by heavy snowfall in November last year, led to a decline in EV exports."

Yonhap
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