Final month, resulting from diminished working days from the prolonged Chuseok vacation, vehicle exports, home gross sales, and manufacturing all turned to say no in comparison with the identical month final 12 months. U.S. vehicle exports continued their decline for the eighth consecutive month since March.
In keeping with the October Automotive Trade Traits introduced by the Ministry of Commerce, Trade and Sources on Nov. 20, final month’s vehicle export worth was $5.55 billion, a ten.5% lower in comparison with the identical interval final 12 months. Throughout the identical interval, home gross sales quantity decreased by 12.8% and manufacturing quantity by 17.6% respectively. The triple enhance pattern that had continued since final July was damaged as a result of impression of diminished working days.
A Ministry of Commerce, Trade and Sources official defined, “The primary issue was that the Chuseok vacation moved from September final 12 months to October this 12 months, and resulting from vacation changes, the working days of completed automobile corporations decreased by 3-4 days in comparison with the earlier 12 months.”
Vehicle exports for the primary 10 months of this 12 months reached $59.6 billion, marking a report excessive. Regardless of diminished working days, that is analyzed to be resulting from expanded eco-friendly automobile exports lifting general efficiency.
Final month’s eco-friendly automobile exports had been $1.997 billion, a 2.3% enhance in comparison with the identical month final 12 months. The cumulative export worth for January-October was $21.228 billion, up 8.1%, persevering with a stable pattern.
By car kind, eco-friendly automobile exports had been 64,427 items, up 0.9% in comparison with the identical month final 12 months. Hybrid automobiles elevated by 3.9% to 42,683 items, and electrical automobiles elevated by 0.3% to 19,247 items. Nonetheless, plug-in hybrid automobiles decreased by 30.8% to 2,492 items.
By nation, U.S. vehicle exports had been $2.124 billion, down 29% in comparison with the identical month final 12 months. This represents the eighth consecutive month of decline since final March. Throughout the identical interval, European Union (EU) exports had been $746 million, down 2.1%, turning to say no.
In distinction, Asia elevated by 42% to $802 million, and different European nations elevated by 10.4% to $480 million respectively.
Final month’s home vehicle gross sales had been 127,000 items, down 12.8% in comparison with the identical month final 12 months. Nonetheless, electrical automobiles and hydrogen automobiles elevated by 56.1% and 140.2% respectively, persevering with their restoration pattern. Electrical automobile home gross sales already surpassed the annual gross sales report in September, and it’s anticipated that record-breaking will proceed till the top of the 12 months.
Imported automobile home gross sales additionally elevated in comparison with final 12 months, which is interpreted as resulting from base results from poor gross sales in October final 12 months and the impression of expanded electrical automobile demand.
Final month’s vehicle manufacturing was counted at 303,000 items, down 17.6% in comparison with the identical month final 12 months as a result of impression of diminished working days.
