Korea's annual auto production, exports slowed for third straight year
- 5 years ago
The Korean government released provisional figures for December and 2018 for the country's automobile industry... and it shows auto production decreased for the third straight year last year.
Kim Ji-yeon explains why.
Preliminary data released by the Ministry of Trade, Industry and Energy on Friday shows the number of auto units produced in Korea has decreased for the third consecutive year in 2018... to just over four-million.
That's a drop of more than 2-percent from the previous year.
The ministry says the abrupt shutdown of GM Korea's plant in Gunsan last February... and slowing exports, as well as demand in the domestic market, are the main reasons for the contraction.
Increases in auto exports to some regions like the European Union and Russia... were not enough to offset falls in exports to the U.S., Korea's biggest auto market,... which were down six-and-a-half-percent during the 11 months leading up to November 2018... compared to the same period the previous year.
For the month of December last year, auto production increased by more than 24-percent compared to the same period the previous year, mainly due to a base effect,... to record more than 356-thousand-940 units.
Auto exports for December also increased by nearly 23-percent due to increased sales of new models including the Hyundai Palisade, the largest SUV model by Korean automaker Hyundai Motors, which was released last November.
Also a surge in foreign demand for eco-friendly cars has played a part in boosting exports in December.
The Korean government announced earlier this week that it plans to help produce 6-point-2-million units of fuel cell electric vehicles and 12-hundred refilling stations by 2040... in a major push to develop hydrogen technology.
Kim Ji-yeon, Arirang News.
Kim Ji-yeon explains why.
Preliminary data released by the Ministry of Trade, Industry and Energy on Friday shows the number of auto units produced in Korea has decreased for the third consecutive year in 2018... to just over four-million.
That's a drop of more than 2-percent from the previous year.
The ministry says the abrupt shutdown of GM Korea's plant in Gunsan last February... and slowing exports, as well as demand in the domestic market, are the main reasons for the contraction.
Increases in auto exports to some regions like the European Union and Russia... were not enough to offset falls in exports to the U.S., Korea's biggest auto market,... which were down six-and-a-half-percent during the 11 months leading up to November 2018... compared to the same period the previous year.
For the month of December last year, auto production increased by more than 24-percent compared to the same period the previous year, mainly due to a base effect,... to record more than 356-thousand-940 units.
Auto exports for December also increased by nearly 23-percent due to increased sales of new models including the Hyundai Palisade, the largest SUV model by Korean automaker Hyundai Motors, which was released last November.
Also a surge in foreign demand for eco-friendly cars has played a part in boosting exports in December.
The Korean government announced earlier this week that it plans to help produce 6-point-2-million units of fuel cell electric vehicles and 12-hundred refilling stations by 2040... in a major push to develop hydrogen technology.
Kim Ji-yeon, Arirang News.