Jung-hee Kim, Gounee Yang

Global Economic News

SOUTH KOREA’S automobile production, exports and sales all decreased in January due to suspension of operation at some factories and global automotive chip shortages.

According to the Ministry of Trade, Industry and Energy, automobile production last month dropped 13.7 percent year on year to 271,054 units. But exports exceed US$4 billion for three consecutive months with strong sales of eco-friendly vehicles.

The decrease of production was due to suspension of operation at Hyundai Motor’s Asan plant, GM Korea’s Changwon plant and Bupyeong plant to build production facilities for new cars.

By company, Hyundai and Kia produced 119,621 units and 115,941 units, down 16.7 percent and 0.5 percent year on year, respectively. GM Korea and Ssangyong Motor produced 13,130 and 7,561 units, down 65 percent and 21.7 percent, respectively.