Korea’s auto exports best-ever in Q3 on record EV shipments

[Ioniq 6 (Provided by Hyundai Motor)]

South Korea’s auto exports rose 30 percent on year to the three-month record high of near $13 billion in the third quarter on accelerated drive for EVs amid fuel cost surges.

According to the Korea Customs Service on Monday, the country’s auto exports in the quarter ended September totaled $12.63 billion after gaining 30.1 percent from a year-ago period.

Exports to the United States grew 58.1 percent to take up 46.9 percent of the total, Canada up 35.6 percent, Australia 34.1 percent, the United Kingdom 9.3 percent, and Germany 16.4 percent. Shipments to France, however, fell 24.6 percent, Netherlands 37.4 percent, and Vietnam 13.9 percent.

EV exports surged 42.3 percent on year to fresh record high of $4.05 billion worth despite worsening market conditions from global economic slowdown and protracted war between Russia and Ukraine.

EV shipments to the U.S. climbed 145.7 percent, the U.K. 10 percent, Germany 6.9 percent, Canada 47.9 percent, Spain 30 percent, and Israel 36.4 percent.

Car exports by the number also gained 26.8 percent to 594,000 units, of which 148,000 unites were green cars (up 51.7 percent).

The average price of cars exported stood at $21,273, adding 2.6 percent on year.

The country’s auto imports grew 17.7 percent to total $3.5 billion. EV imports also added 29.3 percent to $1.79 billion to take up more than half of imports.

The number of cars imported to Korea amounted to 81,000 units, gaining 12.7 percent on year. Of the total, EV imports expanded 41 percent to 39,000 units, also half of the inbound shipments.

Imports from Germany rose 16.4 percent, the U.S. 40 percent, Slovakia 64.9 percent, and the U.K. 59.2 percent, while those from Japan fell 54.7 percent, Mexico 11.5 percent, and Italy 41 percent.

In September alone, a total of 13,993 EVs were sold in Korea, according to the Korea Automobile Manufacturers Association on Monday. Monthly domestic sales of EVs exceeded 10,000 units five times this year.

Hyundai Motor sold 7,946 units, Kia 5,247 units, and GM Korea 800 units. Hyundai Motor’s second all-electric Ioniq 6 built on EV-dedicated proprietary platform E-GMP sold the most 2,652 units, followed by Hyundai Ioniq 5 (2,396 units), Kia EV6 (2,281 units), Hyundai Porter Electric (2,089 units), and Kia Bongo EV (1,344 units).

EV sales by import brands have made big strides as well. Their EV sales in Korea (except for Tesla) jumped to more than 10-fold of 3,428 units last month, according to the Korea Automobile Importers and Distributors Association. Mercedes-Benz sold the largest 723 units, BMW 718 units, Audi 678 units, and Volkswagen 667 units.

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