May 08, 2024

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[THE INVESTOR] Korea is unlikely to regain its status as the world’s fifth-largest automaker from India which has been increasing the production of vehicles at a rapid pace, an industry report said on April 26.

Korea was the fifth-largest producer for 11 years from 2005 until 2015 before slipping to the sixth last year when India churned out 4.48 million vehicles.

Korea produced 4.22 million units last year, down 7.2 percent from 4.55 million the previous year.

Unlike the saturated Korean market, India’s vehicle production will likely rise to 5.5 million units by 2023, according to the report by the Korea Trade-Investment Promotion Agency.

By Alex Lee and newswires (alexlee@heraldcorp.com)