Autos are parked to be exported on the port of Hyundai Motor in Ulsan, Feb. 11. Yonhap
Korea ranked seventh on this planet when it comes to home car output final yr, an business affiliation stated Monday, down one notch from a yr earlier resulting from a drop in output amid an financial slowdown.
The nation’s home automobile manufacturing fell to 4.13 million items in 2024 from 4.24 million a yr in the past as native consumption slowed, in line with a report launched by the Korea Vehicle & Mobility Affiliation (KAMA).
Excessive inflation and excessive rates of interest weighed on client sentiment in 2024, driving down car gross sales within the home market, the KAMA report stated.
„A mixture of sluggish home demand and potential U.S. tariffs on car shipments to america will doubtless proceed to weigh on native manufacturing,“ a KAMA official stated by telephone.
He referred to as on the federal government to offer carmakers with extra tax advantages for native manufacturing of next-generation autos and facility investments to attenuate the influence of declining manufacturing on associated industries.
China, america, Japan and India have been the highest 4 automobile manufacturing international locations final yr, with 31.28 million items, 10.56 million, 8.23 million and 6.01 million, respectively, the report stated.
The world’s general car manufacturing fell 0.5 % to 93.95 million items final yr, marking the primary on-year decline since 2020, when the corresponding determine plunged 15.4 % because of the COVID-19 pandemic. (Yonhap)
