"February Automobile Production, Domestic Sales, and Exports Increase"

Efforts in Production Allocation Adjustment and Completion of New Vehicle Facility Construction Impact
Exports Surpass 1 Billion Dollars for 6 Consecutive Months

[Asia Economy Reporter Yoo Hyun-seok] Despite the semiconductor supply shortage, the automotive industry's production, exports, and domestic sales all increased compared to the same period last year.

According to the "February 2022 Automotive Industry Trends" released by the Korea Automobile Manufacturers Association (KAMA) on the 17th, last month's vehicle production was tentatively estimated at 263,959 units, a 1.2% increase compared to the same month last year. This appears to be influenced by efforts to adjust production allocation due to parts supply disruptions and recovery in production volume following the completion of new vehicle facility construction.

Domestic sales reached 122,929 units, a 2% increase compared to the same month last year. Among these, electric vehicle (EV) sales and hybrids recorded all-time highs with 9,639 units and 13,515 units sold, respectively. As a result, the share of eco-friendly vehicles in total domestic sales reached 22.9%.

For Hyundai Motor Company, sales increased by 1.7% year-on-year to 99,215 units as sales resumed for models such as the Grandeur and Sonata following the completion of the new vehicle line replacement at the Asan plant. Kia followed with 76,598 units, a 5.3% increase. SsangYong Motor recorded a 69.8% increase with 4,540 units sold. On the other hand, GM Korea saw a 52% decrease to 2,446 units, and Renault also declined by 4.7% to 3,718 units.

In domestic sales, the Sorento ranked first with 4,776 units sold. The Genesis G80 ranked second with 4,655 units, and the Grandeur ranked third with 4,490 units. The Sonata and Ioniq 5 sold 4,176 and 3,995 units respectively, ranking fourth and fifth.

Export volume increased by 5.1% year-on-year to 167,682 units. The export value was $3.84 billion. Eco-friendly vehicle exports rose 51.9% year-on-year to 39,256 units. Notably, export revenue surpassed $1 billion for six consecutive months and accounted for more than 30% of total automobile export value for three consecutive months.

By company, Hyundai Motor Company recorded 74,847 units, a 13.5% increase year-on-year, driven by increased overseas sales of the Genesis brand. Kia recorded 62,000 units, a 12.4% decrease during the same period due to semiconductor supply impacts on some models. GM Korea increased by 6.5% to 20,405 units, and Renault surged 126.3% to 16,632 units. SsangYong saw a remarkable 2,065.5% increase to 2,512 units.

The most exported model was Hyundai's Kona (15,021 units), ranking first for eight consecutive months. It was followed by the Avante (11,657 units), Trailblazer (11,286 units), Morning (9,416 units), and Niro (9,010 units).