Has the Korean car industry really taken off? Korean automotive exports surged nearly 50% in the first half of the year

Yes, Korean automotive exports surged almost 50% in the first half of the year

【phoneauto News】Recently, phoneauto noticed that the Ministry of Trade, Industry and Energy of South Korea stated that in the first half of 2023, South Korea’s total car exports reached 35.7 billion US dollars (approximately 255.8 billion yuan/4.51826 trillion Korean won), achieving a growth rate of 46.6% compared to the same period in 2022, setting a new record for the same period in history, breaking the previous record of 25.2 billion US dollars (approximately 180.5 billion yuan) set in the first half of 2014. The Ministry of Trade, Industry and Energy of South Korea stated that the strong demand for environmentally friendly cars has driven the overall growth of South Korea’s car exports, with the export value of environmentally friendly car models in the first half of 2023 soaring by 70.4% year-on-year to 12.4 billion US dollars (approximately 88.8 billion yuan).

According to the sales performance of the five major Korean car manufacturers in June 2023, the total domestic and foreign sales volume of Korean cars (including complete vehicles and knock-down assembly) reached 741,716 units, a year-on-year increase of 9.8%. Among them, Hyundai Motor’s total domestic and foreign sales volume in June 2023 was 375,113 units, with a growth rate of 9.5%. Among Hyundai Motor’s sales, the domestic market sales volume was 70,163 units, with a year-on-year growth rate of 17.9%, and the overseas market sales volume was 304,950 units, with a year-on-year growth rate of 7.7%. Kia’s total domestic and foreign sales volume in June 2023 reached 278,256 units. The company sold a total of 1.57592 million vehicles in the first half of the year, setting a new historical high.

Currently, although the performance of Korean cars in the Chinese car market is not ideal, their market share and sales volume in the United States, Europe, and other regions are steadily increasing.

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