In February, South Korea’s automobile production decreased by 13.6% year on year to about 300,000 units. The decrease was because electric vehicle sales slowdown in both domestic and foreign markets as well as the drop of production and shipping activities due to the Lunar New Year holidays in February.

During the same month, the automobile exports decreased by 11% from the same month of 2023 to about 199,000 units. Among them, the electronic vehicles exports dropped by 19.9% from last February to about 24,000 units.