Domestic car production last year, minimum in 16 years… 11% reduction

Domestic car production last year, minimum in 16 years… 11% reduction

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Input 2021.01.24 09:57

Due to the coronavirus outbreak, domestic automobile production was the lowest in 16 years last year.
Exports were the lowest in 17 years since 2003.

According to the Korea Automobile Industry Association (KAMA) on the 23rd, last year’s domestic automobile production was 3.56848 units, down 11.2% from the previous year. This was the lowest since 2004 (346,464 units).

Last year, domestic sales increased 4.7% from the previous year to 1.161,360 units, the highest ever. Exports fell 21.4% from the previous year to 1.88 million 6831 units, the lowest since 2003 (181,4938 units).



Workers are inspecting semi-finished cars at the design line of Hyundai Motor’s Asan plant. /Chosun DB

By company, three foreign automakers saw a significant decline. GM Korea has 3,54,800 units, the lowest in 16 years since 2004 (300,000,346 units). It decreased by 13.4% compared to the previous year (400,000 units).

Renault Samsung Motors has 11,630 units, the minimum for 17 years since 2003 (80,906 units). It decreased by 30.5% compared to the previous year (164,974 units). Ssangyong Motors sold 1,06836 units last year, down 19.7% from the previous year (132,994 units). It was the minimum in 10 years since 2010 (87,000 units).

Hyundai Motor Company (005380)Wow Kia Motors (000270)The decremented width recorded one digit. Hyundai Motor Company produced 1.168,411 units last year, a decrease of 9.4%, and Kia Motors decreased by 9.9% to 1.3 million units.

The domestic annual automobile production has fallen below 4 million units in 10 years in 2019 and has remained at the 3 million level for the second consecutive year.

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