DETROIT — Korea is facing one of its most difficult crisis since the Korean War, Mong Gyu Chung, vice chairman of Hyundai Motor Co. Ltd., tells an automotive industry gathering here. Unemployment continues to rise and domestic demand still is declining. Last year, the domestic auto market shrank by more than 50%. By last May, more than 10% of first-tier parts suppliers either defaulted on payments or filed for bankruptcy. In 1997, Korean automakers produced 1.5 million vehicles. In 1998, ...

Premium Content (PAID Subscription Required)

"Korea auto industry drives toward recovery" is part of the paid WardsAuto Premium content. You must log in with Premium credentials in order to access this article. Premium paid subscribers also gain access to:

  All of WardsAuto's reliable, in-depth industry reporting and analysis
  Hundreds of downloadable data tables including:
  •   Global sales and production data by country
  •   U.S. model-line inventory data
  •   Engine and equipment installation rates
  •   WardsAuto's North America Plant by Platform forecast
  •   Product Cycle chart
  •   Interrelationships among major OEMs
  •   Medium- and heavy-duty truck volumes
   •  Historical data and much more!


For WardsAuto.com pricing and subscription information please contact
Amber McLincha by email: amclincha@wardsauto.com or phone: (248) 799-2622
 

Current subscribers, please login or CLICK for support information.