Last year, automobile exports amounted to $70.8 billion, surpassing $70 billion for the second consecutive year, the Ministry of Trade, Industry and Energy said on the 16th. Last year's exports are the second highest on record, following the all-time high of $70.9 billion achieved in 2023.
The strong export performance of domestically produced automobiles was driven by hybrid vehicles. Last year, the export value of hybrid vehicles was $11.3 billion, reflecting a 45.8% increase from the previous year.
The Ministry of Trade, Industry and Energy's analysis indicated that if there had been no restrictions on shipments, safety inspections, or damage to parts factories due to heavy snowfall at the end of November, an all-time high in exports would have been achieved. A ministry official noted, "The automobile export value in December was $6 billion, a 5.3% decrease compared to the same month last year," adding that "safety inspections and damages to parts factories due to heavy snowfall at the end of November, along with a decrease in electric vehicle exports, affected the decline in export prices."
In 2024, domestic automobile production is expected to reach 4.13 million units, surpassing 4 million units for the second consecutive year. Last year's production was a 2.7% decrease compared to the previous year.
The ranking of domestic factory production by vehicle model was led by the Avante (287,000 units), followed by the Trax (285,000 units), Kona (249,000 units), Sportage (211,000 units), and Trailblazer (208,000 units). Of the 2.78 million vehicles produced, 67%, were exported. This means that two out of three vehicles produced domestically were exported. The annual export ranking by vehicle model was led by the Trax (295,000 units), followed by the Avante (231,000 units), Kona (222,000 units), Trailblazer (178,000 units), Tucson (151,000 units), and Palisade (143,000 units).
Sales of domestic vehicles also saw a significant increase in hybrids. Last year, domestic vehicle sales totaled 1.63 million units, a 6.5% decrease from the previous year, but hybrid vehicle sales increased by 32% compared to the previous year.
The top-selling vehicle was the Sorento, with 95,000 units sold, followed by the Carnival (83,000 units), Santa Fe (77,000 units), Sportage (74,000 units), and Grandeur (72,000 units).
A ministry official noted, "This year, due to heightened global uncertainty and an overall downturn in the domestic economy, the automobile industry is expected to face some challenges," but also emphasized that "we will strive to overcome these challenges by implementing policies to respond to the temporary demand stagnation in eco-friendly vehicles, enhancing advanced technology capabilities, and strengthening the secondary battery ecosystem."