South Korea's six largest automakers' exports hit a nine-year high last year, but may see a decline this year due to multiple factors
2025-01-10 10:19:41

The Korea Automobile Manufacturers Association (KAMA) said on January 9 that last year, six Korean automakers, including Hyundai Motor, Kia, GM Korea, KG Mobility, Renault Korea and Tata Daewoo, exported a total of 2.7826 million vehicles, the highest since 2015 (2.974114 million vehicles). However, this year, automobile exports are expected to decline due to multiple uncertainties. Although the total export volume last year set a record, the year-on-year growth rate was only 0.6%, far lower than the 20.3% growth rate in 2024. KAMA pointed out that the recovery of demand in the North American market and the continued hot sales of SUVs and hybrid vehicles have become the main driving force for exports. However, poor export performance outside North America and slowing demand for electric vehicles have led to a slowdown in overall growth. KAMA predicts that the export volume of Korean automakers may fall to 2.7 million vehicles this year, a year-on-year decrease of 3.1%. The slowdown in global economic growth, the deterioration of the international trade environment, and the policy proposal that the "future Trump administration" may restart general tariffs have added uncertainty to the export outlook.
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