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, ...
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