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| (Photo provided by Hyundai Motor Company) |
Last year, domestic automobile production was the lowest in 16 years. Although domestic sales increased due to the corona 19 crisis, exports fell sharply. Exports were the lowest in 17 years since 2003.
According to the Korea Automobile Industry Association (KAMA) on the 24th, last year’s domestic automobile production decreased by 11.2% from the previous year to 3.56848 units. This is the lowest since 2004 (346,9464 units).
Last year, domestic sales recorded 1.161,360 units, an increase of 4.7% from the previous year, thanks to the individual consumption tax cut policy and the launch of new cars. This is the highest number ever. On the other hand, exports were 1,88,6831 units, down 21.4% from the previous year, the lowest since 2003 (181,4938 units). This is because the overseas car market is almost paralyzed by Corona 19.
By company, Hyundai Motor Company and Kia are evaluated to be superior to other companies with a single-digit decline. Hyundai Motors produced 16.8411 units last year, down 9.4%, and Kia’s 1.3 million,7254 units, down 9.9%.
The production decline of GM Korea, Renault Samsung Motors, and Ssangyong Motors was remarkable. GM Korea has 3,54,800 units, the minimum for 16 years since 2004 (300,000,346 units). It decreased by 13.4% compared to the previous year (400,000 units).
GM Korea suffered a production disruption last year due to a shortage of parts inventory for Trail Blazers, and the US market was paralyzed by Corona 19, reducing its factory operations. In addition, in the process of wage and collective bargaining, the union held a partial strike for a total of 15 days, resulting in a total loss of 25,000 vehicles.
Renault Samsung Motors has 11,630 units, the minimum for 17 years since 2003 (80,906 units). It decreased by 30.5% from the previous year (16,497 units). This is because exports declined by 77.7% from the previous year due to the end of consignment production of Nissan logs last year and the aftermath of Corona 19. Domestic sales grew 10.5%, but failed to achieve the 100,000 target.
Ssangyong Motors produced 106836 units last year, down 19.7% from the previous year (13,2994 units). It was the minimum for 10 years since 2010 (87,000 units). Ssangyong Motor is the only one of the five domestic automakers to see a decline in domestic and overseas sales.
The annual domestic automobile production has been below 4 million units in 10 years in 2019 and has remained at the 3 million level for the second consecutive year.
Reporter Lee Hyo-jeong [email protected]
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