South Korean media: Last year, South Korea's automobile production fell to the seventh place in the world, while China took an overwhelming first place!
On April 8th, South Korean media "The Korea Herald" published an article stating that last year, South Korea ranked seventh in the world in automobile production. Due to weak domestic demand, its ranking dropped by one position.
According to the report of the Korea Automobile Mobility Industry Association (KAMA), China, the United States, Japan, and India have maintained the top four positions for four consecutive years. The total production of these four countries accounts for 59.7% of the global total automobile output. Germany ranks fifth, and Mexico ranks sixth. South Korea ranks seventh. South Korea's automobile production was 4.13 million units, a year-on-year decrease of 2.7%. Last year, South Korea's domestic sales were only 1.63 million units, reaching the lowest level since 2013. It is analyzed that due to weak domestic demand, South Korea lost the sixth place globally to Mexico. The next eighth to tenth places are Brazil, Spain, and Thailand respectively.
The Korea Automobile Mobility Industry Association diagnosed that the South Korean automotive industry faces challenges both domestically and internationally, including limited domestic demand and intensifying global competition, threatening the industrial foundation. Given the limited potential demand in South Korea's domestic automobile market, even if domestic demand recovers this year compared to last year, the effect of expanded production will not be significant.
On the other hand, thanks to the combination of government-led policies to stimulate domestic demand and encourage exports, China's production reached 31.28 million units, an increase of 3.7% year-on-year, maintaining an overwhelming advantage and ranking first globally for 16 consecutive years.
Original source: https://www.toutiao.com/article/1828818875416576/
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