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Auto Mobile - February 15, 2024

S. Korea’s Automobile Industry Shrinking

S. Korea’s Automobile Industry Shrinking 1

South Korea’s vehicle industry is shrinking, with production, home intake, and exports were consistently declining amid the international economic slowdown, intensifying competition, and complicated work moves.

Domestic vehicle manufacturing and call for decline by way of zero.Eight percent and 0.3 percent inside the first quarter of this yr compared to a year in advance, consistent with the Ministry of Trade, Industry, and Energy (MOTIE) on April 17. Auto exports accelerated 2.Four percent in the third area. However, manufacturing, demand, and exports all reduced in March.

The range of vehicles produced in home factories totaled 954,908 inside the first sector. Hyundai Motor Co., Kia Motors Corp. And SsangYong Motor Co. Saw their car output grow; however, partial strikes by using Renault Samsung Motors Corp workers. They dragged down the overall figure by using zero—eight percentage from 12 months in the past. Domestic demand stood at 413,701 devices, down 3 percent, over the identical duration. Sales of imported cars dropped 21—four percent.

Industry Shrinking

Automobile exports reached 587,690 devices in the first zone. Outbound shipments went up through 2.4 percentage in phrases of volume and 4.7 percent in terms of price, led via environment-friendly automobiles, including electric cars, recreation software vehicles, and compact automobiles,

However, production, domestic demand, and exports declined in March — 5.5 percentage, 5.7 percent, and 3. Three percent, respectively. This turned due to the autumn within the variety of running days from 21 to 20 and the partial moves at Renault Samsung Motors.

The number of vehicles produced in South Korea became 343,327 in March, down 5. Five percentage from a year in advance. SsangYong Motor turned into an exception as it showed a 21.1 percent growth in production. Hyundai Motor noticed its manufacturing decrease via 0.7 percent, Kia Motors 6.4 percentage, GM Korea eight. Four percent and Renault Samsung Motors forty.4 percent. Renault Samsung’s output tumbled due to 12 days of partial strikes out of 20 working days. It accounted for forty-seven percentage of the industry’s general output reduction.

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