Korean passenger car production increased by 1.3% in the first half of 2019
- Korean passenger car production increased by 1.3% in the first half of 2019, while it had fallen by 2.0% over the full year 2018. This slight trend reversal is mainly due to the success of new models that have broadened the range of Korean manufacturers, such as the Hyundai Kona and Kia Stonic.
- In the first six months of 2019, South Korea produced 1.85 million passenger cars, compared to 1.82 million units in the same period of the previous year.
- This slight rebound in Korean production follows three years of decline, which was due both to a decline in production volume for the Hyundai-Kia group, which suffered from increased international competition, and to a decline in production volume for GM Korea (formerly Daewoo), which suffered from the halt in sales of the Chevrolet brand on the European continent. The situation is going to get worse for the GM group's subsidiary because production of the Opel Karl and Mokka models is scheduled to stop in the coming months.
- Since 2015, Korean production has fallen below 4 million units per year (3.65 million in 2018) and with the decline in world markets, the development of Hyundai-Kia group transplants outside Korea and the continued decline of GM Korea, it is likely that this volume will never be reached again, especially since the Renault-Samsung brand is also facing major difficulties, which we have mentioned in previous analyses.
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