South Korea Leads in Exports of Eco-Friendly Cars
Despite the ongoing disruption to global supply chains, South Korea exports of eco-friendly cars hit a record high in April, with the shipments increasing for the 16th straight month. The Ministry of Trade, Industry, and Energy said Monday that outbound shipments last month came to around 48,000 units. This is up about 40 percent from last year.
As the dollar value of eco-friendly auto exports soared by 42 percent, hitting 1.3 billion dollars in April. The dollar value of exports also surpassed 1 billion dollars for the eighth month in a row. In addition, the dollar value of the eco-friendly vehicle exports accounted for more than 30 percent of South Korea's overall auto exports indicating that investment and sales in this sector are set grow over time.
The ministry attributed the rise to the popularity of hybrid cars, with new models, including Kia Motors' redesigned Sportage and Renault Korea Motor's XM3, doing particularly well overseas. Domestic sales of eco-friendly cars in April also reached a record high for the second month in a row. The consumer preference for energy-efficient and environmentally friendly cars is set to continue as more Gen MZ shoppers purchase their first cars.
Source: Eum Ji-young from Arirang (May 17, 2022)