Electric vehicles buck trend amid overall slump in car sales

SEOUL, October 19 (AJP) - Automakers sold fewer vehicles both overseas and at home last month, although eco-friendly cars continued to gain ground, accounting for nearly half of the country's total auto exports, according to a report released by the Ministry of Trade, Industry and Energy on Monday.

Automotive exports in September fell 5.5 percent from a year earlier to US$6.05 billion, as growth in North America and the European Union was offset by sharp drops in exports to Asia and the Middle East.

Exports to North America rose 9.2 percent to $3.07 billion, while those to the EU increased 15.3 percent to $1.11 billion. In contrast, exports to Asia dropped sharply by 60 percent to $330 million, while those to the Middle East fell 7.1 percent to $350 million.

The ministry said the declines were partly due to the prolonged conflict in the Middle East, which disrupted logistics, and stricter rules in major markets that reduced used-car exports.

Exports of eco-friendly vehicles, however, remained strong, rising 5.9 percent from a year earlier to $2.89 billion and accounting for 47.8 percent of total automotive exports.

Electric vehicles also bucked the broader downturn in domestic sales. Total domestic vehicle sales reached 135,000 units, down 14.3 percent from a year earlier, while EV sales rose 10.4 percent to 31,768 units. Total sales of eco-friendly vehicles reached 79,665 units, accounting for about 59 percent of all vehicles sold in the country.

American electric vehicle maker Tesla's Model Y was the country's best-selling passenger car in September, with 11,421 units sold, showing steady demand for electric vehicles. The midsize electric SUV also outsold Hyundai Motor's Grandeur sedan, which sold 8,898 units. Hyundai's Avante came next with 7,305 units sold, while Kia's Sorento and Sportage sold 6,957 and 5,497 units, respectively.

The Model Y also narrowed the gap with Kia's Sorento SUV in cumulative sales for the first nine months of the year, with 73,123 units sold, just 1,810 fewer than the Sorento's 74,933 units.

Hyundai remained the top-selling brand in September, with 49,022 vehicles sold, followed by its affiliate Kia with 45,963. Tesla ranked third with 12,372 units, up 36.4 percent from a year earlier. Chinese automaker BYD sold 2,614 vehicles, a 156.3 percent increase, ranking sixth among car brands.

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