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South Korea’s Automobile Production and Export Results in the First Half 2023

South Korea’s automobile production in the first half of 2023 was 2.19 million units, an increase of 23.5% compared to the same period last year. With the supply of parts such as semiconductors, wiring harnesses and airbag control units returning to normal, production in the first six months exceeded 2 million units for the first time since 2019, before the coronavirus pandemic.

The top two manufacturers were the driving forces of manufacturing, with Hyundai increasing output by 21.6% to 995,000 units, and Kia by 20.7% to 845,000 units. Additionally, GM Korea’s production went up by 71.6% to 213,000 units and KG Mobility’s by 44.1% to 69,000 units. Looking at production by vehicle type, SUV production increased by 30.8% to 1.36 million units, continuing high-pace growth from the previous year. Passenger cars rose by 9.7% to 561,000 units, showing a relatively moderate expansion.

Graph: South Korea: Production Volume of Automobiles and YOY Growth (January 2021-June 202 3
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