South Korea’s automobile industry recorded an 11-year low in terms of production as it declined by 20pc in H1 2020 due to COVID-19 pandemic that hurt exports as well.
According to latest data released by Korea Automobile Manufacturers Association (KAMA) on Sunday, leading auto manufacturer Hyundai Motor along with four other automakers produced a total of 1.63mn units in H1, down by 19.8pc compared to the prior year’s output. This figure has been marked as the lowest since 1.53mn vehicles were made in the first half of 2009.
Korean automakers witnessed a 33.4pc decline in auto exports as only 826,700 units were exported in the first half – lowest since 2002. However, the country’s domestic automobile sales were nearly 802,500 units, largest since 2016.
Hyundai has seven domestic and 10 overseas plants whose combined annual capacity reaches 5.5 million units. Hyundai’s first-half production fell 17 percent on-year to 742,370 units. The company has taken measures to curb the negative impact on vehicle sales in global markets.