November Exports Reach $6.4 Billion, Second-Highest on Record
Domestic Electric Vehicle Sales Surpass 200,000 Units for the First Time
Automobile exports surpassed a cumulative total of $66 billion from January to November this year, setting an all-time record. Both exports and domestic sales continued to recover, making it highly likely that annual figures will also reach a historic high.
According to the Ministry of Trade, Industry and Energy on December 21, automobile exports in November reached $6.41 billion, a 13.7% increase compared to the same month last year. This marks the second-highest November performance on record. The cumulative export value from January to November this year was $66.04 billion, breaking the previous record. If this trend continues, the annual export value is expected to surpass the previous high of $70.9 billion set in 2023.
Eco-friendly vehicles drove the increase in exports. In November, exports of eco-friendly vehicles totaled 78,000 units and $2.32 billion. Among these, hybrid vehicles accounted for 54,000 units and $1.55 billion, representing more than two-thirds of all eco-friendly vehicle exports. From January to November, cumulative exports of hybrid vehicles exceeded 500,000 units, a 27% increase compared to the same period last year.
The growth trend centered on eco-friendly vehicles continued in the domestic market as well. In November, total domestic automobile sales reached 146,000 units, with eco-friendly vehicles accounting for 71,000 units, or 48.4% of the total. Domestic sales of eco-friendly vehicles have increased for 21 consecutive months. In particular, electric vehicle sales stood out. Domestic electric vehicle sales from January to November totaled 207,000 units, already surpassing the previous annual record set in 2023.
Domestic automobile production also showed an upward trend. In November, production reached 354,000 units, a 2.9% increase compared to the same month last year. This is largely attributed to the base effect from last year's production disruptions caused by heavy snowfall in the Seoul metropolitan area. From January to November, cumulative production totaled 3.74 million units, making it likely that annual production will exceed 4 million units for the third consecutive year by the end of the year.
By region, exports increased year-on-year across all regions, including North America, Europe, and Asia. However, on a cumulative basis from January to November, exports to North America declined slightly, while exports to Europe, Asia, and Central and South America increased.
The Ministry of Trade, Industry and Energy stated that, with much of the uncertainty resolved following the conclusion of tariff negotiations with the United States, policy efforts will continue to focus on strengthening the competitiveness of the automobile industry next year. A ministry official said, "We will continue to support the growth of the domestic automobile industry ecosystem through initiatives such as developing AI-based autonomous driving technology, expanding production and investment in eco-friendly vehicles, increasing research and development, and addressing export challenges."
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