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Korean automobile industry

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  • Korean automobile industry
  • Korea Automobile Manufacturers Association


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Title Korean automobile industry
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Material Type Reports
Publisher

Seoul,South Korea : Korea Automobile Manufacturers Association

Date 2014
Pages 55
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Trade
Industry and Technology < Manufacturing
Territorial Development < Transport/Logistics
Holding Korea Automobile Manufacturers Association
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Abstract

The Korean Auto Industry in 2013 did not perform well in both domestic sales and exports due to the global economic downturn. Domestic automobile production in 2013 dropped by 0.9% resulting in 4,521,429 units due to poor domestic sales as well as production shortfalls caused by labor strikes. Domestic sales in 2013 declined for the second consecutive year by 1.9% resulting in 1,383,358 units due to lingering economic uncertainty, shrinking of consumer confidence coupled with burdens over household debt, supply shortages caused by union strikes against major manufacturers, and a lack of new models. Owing to global economic uncertainty and production shortfalls that occurred consequent to the labor problems, exports in 2013 fell by 2.6% to 3,089,283 units for the first time since the global financial crisis in 2009. Despite the struggling economy, sales of imported vehicles jumped by 20.3% to 161,877 units reaching a record high thanks to the introduction of mid/small-sized models, the tariff reduction effects of the Korea-EU/US FTAs, and high popularity of European passenger cars with diesel engines. Overseas production for Hyundai-Kia in 2013 jumped to 13.0% to 4,108,055 units, triggered by an increase of production of local plants in China, USA, India, Slovakia, Czech, Russia, Brazil, and Turkey, as a result of the introduction of new models and local-oriented models