South Korea’s Used Passenger Car Exports Reach Record Levels in 2023, Driven by Hybrid Models

SEOUL - In 2023, South Korea witnessed a record high in the export of used passenger cars, particularly fueled by the increasing global demand for eco-friendly hybrid vehicles. This information was revealed in data released on Sunday.

According to Yonhap News Agency, the total value of outbound shipments of used passenger cars reached a staggering $4.44 billion last year, representing a 66 percent increase from the previous year. In terms of the number of units sold, this translates to 555,549 cars, marking a 68 percent rise over the same period.

The composition of these exports was predominantly gasoline cars, which constituted 67.5 percent of the total. Diesel automobiles followed with a 30.3 percent share, while hybrid models accounted for 1.3 percent. Notably, exports of hybrid cars also set a new record in 2023, with their value climbing by 82 percent year-on-year to $124.2 million. The number of used hybrid vehicles sold internationally saw a 63 percent increase, amounting to 7,115 units.

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