South Korea's car exports reached record high in February

South Korea's car exports reached a record high in February, increasing by 17.8% compared to last year. This growth was driven mainly by strong demand for hybrid vehicles, according to data released by the Ministry of Trade, Industry and Energy. The total value of vehicle exports for February hit $6.07 billion. This is the first time exports surpassed $6 billion in February. Approximately 233,000 cars were exported, marking an increase of 17.3% year-on-year. The number of cars produced also rose by 17.1% to 352,000 units. Hybrid car exports saw an impressive jump of 61.7%, with 39,489 units shipped, valued at $980 million. However, exports of electric vehicles (EVs) declined by 2% to 23,151 units. By region, shipments to Asian countries surged by 42.3% to $641 million. Exports to the Middle East increased by 38.2% to $480 million. The European Union saw a rise of 22.6% in exports, totaling $806 million, while shipments to the United States grew by 14.8% to $3.18 billion. On the domestic front, automobile sales in South Korea rose by 14.8% to 133,000 units. EV sales nearly quadrupled after the government introduced a new subsidy plan. The ministry plans to support ongoing growth despite potential trade uncertainties related to U.S. auto tariffs.