South Korea’s Automobile Production Results in 2023

South Korea's automobile production volume in 2023 increased by 13.0% from the previous year to 4,243,597 units following the normalization of automotive semiconductor and other parts supply. Production exceeded the 4 million level for the first time in five years since 2018. Hyundai and GM Korea both increased sales by more than 200,000 units from the previous year. In addition, vehicle exports increased significantly by 20.3% to nearly 2.8 million units, accounting for approximately 65% of all production.