Triple Growth in Car Exports, Domestic Sales, and Production in September... 'Increased Working Days Due to Late Chuseok'

According to Financial News, due to the increased number of working days resulting from the late Chuseok holiday, September saw triple growth for the third consecutive month in automobile exports, domestic sales, and production compared to the same month last year. However, automobile exports to the United States of America (USA) continued to decline for the seventh consecutive month, affected by the itemized tariff.
On the 20th, the Ministry of Trade, Industry and Energy released the 'Automotive Industry Trends' for September, reporting that this month's export value reached $6.41 billion, a 16.8% increase year-on-year. This marks the highest export value ever recorded for September.
Cumulative exports through September this year also reached a record high of $54.1 billion. While exports to North America, including the USA, slightly decreased, strong demand from Europe and Asia maintained the upward trend since June.
In terms of export volume, 228,000 units were shipped, an 11% increase from the same month last year. Notably, eco-friendly vehicle exports surpassed 90,000 units in a single month for the first time, accounting for 39.7% of total exports. By vehicle type, hybrid exports reached 58,000 units (+55.7%), Electric Vehicle (EV) exports were 29,000 units (+38.9%), and Plug-in Hybrid Electric Vehicle (PHEV) exports totaled 300 units (+8.6%), all showing growth.
Especially, EV exports have continued to recover, posting year-on-year growth for four consecutive months since rebounding in June. As a result, the cumulative EV export volume through September this year reached 200,000 units, turning to positive growth compared to the same period last year.
Domestic automobile sales in September rose 20.8% year-on-year to 158,000 units, driven by robust eco-friendly vehicle sales. This is the highest monthly domestic sales figure since November 2023, when 160,000 units were sold.
In particular, domestic EV sales in September surged 135% year-on-year, setting a new monthly record. Cumulative domestic EV sales through September reached 170,000 units, up 57.5% from the same period last year, already surpassing the previous annual record.
Automobile production in September increased by 8.9% year-on-year to 334,000 units, supported by strong export and domestic sales, pushing the cumulative total for the year past 3 million units.
If the current trend continues, annual automobile production is expected to surpass 4 million units for the third consecutive year. However, a reduction in working days due to the Chuseok holiday is expected to be a variable that could decrease production in October.
Meanwhile, automobile exports to the USA in September dropped by 7.5% year-on-year to $2.38 billion. The Trump administration's imposition of a 25% itemized tariff on all imported cars since April has contributed to this decline, marking the seventh consecutive month of reduced exports.
aber@fnnews.com Ji-young Park Reporter