Seoul:South Korea’s automobile production, exports and sales all decreased last month due to suspension of operation at some factories and global automotive chip shortages.
However, exports exceed $4 billion for three consecutive months with strong sales of eco-friendly vehicles.
According to the ‘Automobile Industry Trends in January 2022′ report released by the Ministry of Trade, Industry and Energy on the 15th, automobile production last month was amounted to 271,054 units, down 13.7% year-on-year.
The decrease of production was affected by the suspension of operation at Hyundai Motor’s Asan plant, GM Korea’s Changwon plant, and Bupyeong plant to build production facilities for new cars.
The Ministry of Industry said, “It is analyzed that the production decline was highly affected by Hyundai Motor and GM Korea’s factory shutdown, which account for about 53.3% of total domestic automobile production.”
By company, Hyundai and Kia produced 119,621 units and 115,941 units, down 16.7% and…