Seoul, Nov 14
South Korea's car exports rose 5.5 per cent on-year in October to reach a new record, data showed on Thursday, driven by the global popularity of eco-friendly models, including hybrid vehicles.
The combined value of vehicle shipments reached $6.2 billion last month, marking the highest amount for any October, according to data compiled by the Ministry of Trade, Industry and Energy, reports news agency.
The number of cars shipped totalled 243,367, up 8.1 per cent from a year earlier, the report showed. Shipments of hybrid cars alone amounted to $1.1 billion, soaring 80.3 per cent on-year to surpass the previous record of $1.07 billion set in August.
The number of cars produced in October reached 367,624 units, rising 7.8 pe rcent from the previous year, on the back of the release of new models, such as Kia’s electric EV3 SUV and the upgraded K8 sedan.
Domestic automobile sales, meanwhile, rose 3.1 per cent to 145,756 units, marking the first on-year increase since November 2023.
The ministry said it plans to maintain close communication with the domestic industry to address global uncertainties while promoting domestic sales through the ongoing Korea Sale Festa, South Korea's equivalent of Black Friday, which will run until the end of the month.
Meanwhile, Kia said it has signed a tentative agreement with DHL Korea Ltd. to supply its PV5 mid-sized electric cargo vehicles to the logistics firm from 2026.