(SEJONG=NEWSIS) Car exports reached a record high in 2014 due to high sales of recreational vehicles (RV).

According to a report on the major performance of the automobile industry in 2014 by the Ministry of Trade, Industry & Energy on January 11, Korea produced 4.525 million cars in 2014, a 0.1 percent increase from the previous year.

Domestic car sales reached 1.658 million vehicles in 2014, a 7.6 percent increase year-on-year. While car exports decreased by 0.9 percent, at 3.061 million vehicles, the amount of exports reached a record high, at USD 48.9 billion.

By company, Hyundai exported 1.876346 million vehicles in 2014, a 1.3 percent increase from the same period last year, due to the rise in sales of its Avante, Accent, Grandeur and new Genesis.

Kia exported 1.712485 million vehicles in 2014, a 7.1 percent increase year-on-year, thanks to its leading models, including the Morning, K3, K7, the new Carnival and the new Sorento.

Despite weak sales of its compact cars, GM Korea sold 629,230 vehicles in 2014 due to the increase in sales of its other models, including the Malibu, Trax and Captiva.

Ssangyong sold 140,259 vehicles in 2014 due to the increased sales of the Korando family brand, and Renault Samsung sold 152,138 vehicles in 2014, a 17.4 percent increase, following its sharp increase in sales of the QM3.

The production of cars also increased in 2014 – by 0.1 percent year-on-year, with 4.525 million vehicles. Domestic sales rose by 7.6 percent thanks to the launch of new cars, reduced special consumption tax and increase in demand for RVs.

By region, Korea’s exports to the United States and the Middle East have increased while exports to Eastern Europe and Latin America have decreased due to the economic recession.

oj1001@newsis.com