April 27, 2024
Automobiles
Korea’s car production slips in Q1
[THE INVESTOR] Korea’s auto production in the first quarter fell to the lowest level in seven years, data showed on May 31.
Korea produced close to 1.05 million vehicles from January through March, down 2.8 percent from the same period last year, numbers provided by the Korea Automobile Manufacturers Association showed. This is the lowest since 2010 and the worst performance among the world’s top 10 car manufacturing countries.
The only other nations among the 10 whose auto output fell were the US (2.1 percent) and Canada (2.5 percent).
Exports fared worse. While domestic demand grew slightly to 374,451 units in the quarter from 368,492 a year ago, overseas shipments dropped from 653,205 last year to 628,172 this year, KAMA’s information said.
Korea became the world’s fifth-largest maker of cars in 2005 and retained the ranking until 2015 when it fell behind India.
By Alex Lee and newswires (alexlee@heraldcorp.com)
Korea produced close to 1.05 million vehicles from January through March, down 2.8 percent from the same period last year, numbers provided by the Korea Automobile Manufacturers Association showed. This is the lowest since 2010 and the worst performance among the world’s top 10 car manufacturing countries.
The only other nations among the 10 whose auto output fell were the US (2.1 percent) and Canada (2.5 percent).
Exports fared worse. While domestic demand grew slightly to 374,451 units in the quarter from 368,492 a year ago, overseas shipments dropped from 653,205 last year to 628,172 this year, KAMA’s information said.
Korea became the world’s fifth-largest maker of cars in 2005 and retained the ranking until 2015 when it fell behind India.
By Alex Lee and newswires (alexlee@heraldcorp.com)
