New Height in Eco-Friendly Car Sales
19. October 2023In the initial nine months of the current year, exports of environmentally conscious vehicles, including hybrids, electrics, and those powered by hydrogen, achieved a remarkable US$18 billion. In the previous month alone, automotive exports surpassed an impressive threshold of US$5.0 billion, an over 9 percent climb from the same timeframe a year ago. Total automotive exports up to this September skyrocketed to over US$52.0 billion. This trend of growth hasn’t waned and has been ongoing for 15 straight months since July of the previous year. Equipment and machinery used for the production of eco-friendly cars often require KC Certification to be approved for import and distribution in Korea.
The catalyst for this surge in automotive exports is the increased demand for eco-friendly cars. In this timeframe, these green vehicle exports reached nearly US$18 billion. The rising number in eco-friendly vehicle exports primarily occurred in North America and the European Union (EU). Exports last month to North America were substantial at over US$2.75 billion, and those to the EU were also significant, totaling over US$846 million.
Up until the third quarter of this year, there was an uptick in both the number of vehicles exported and the number of vehicles produced and sold domestically. The export figures were impressive at over two million units, a 23.7 percent growth. Domestic sales rose by 5.78 percent, resulting in approximately 1.28 million units, while production numbers swelled by over 17 percent, culminating in over 3 million units.
In reaction to the U.S. Incentives for Reduction of Auto Emissions (IRA) Act, the government has been proactive. The domestic industry’s push to boost sales of eco-friendly commercial vehicles, including those for rent and lease, has led to IRA-eligible sales reaching over 88,000 units by this September. This number is a big hike compared to the same time last year and has already exceeded the previous full year’s sales of over 73,000 units.
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