Vehicle production in South Korea 2012-2018, by type

The South Korean automobile industry has long been an indicator of the country's economic growth, exponentially growing for decades. This growth was quite evident in the number of vehicles produced per year, which peaked at around 4.66 million in 2011. Since then, annual production remained stable at around 4.5 million vehicles per year, before production began to decline in 2016.

Automobile production trends

South Korea's automobile production has been in decline for the past few years, with total annual production just above four million vehicles in 2018. This was lower than Mexico's production figures, with the result that Mexico overtook Korea as the 6th-ranking automobile producing country in the world. In contrast, in 2012, Korea was the 5th-ranking in the world and the number of passenger vehicles produced alone surpassed four million.

What is causing the decline in production?

One cause for the declining production figures could be the stagnant demand for passenger vehicles. While the production of commercial vehicles has by and large remained stable, passenger vehicle production fell from almost 4.2 million in 2012 to under 3.7 million in 2018; the difference is over 500 thousand automobiles.

The decision by GM Korea, the Korean subsidiary of the American General Motors, to shut down its Gunsan plant has also negatively impacted domestic production. GM Korea has long suffered financially and fell into capital impairment in late 2017. Furthermore, labor disputes, such as the long-running strikes by Renault Samsung's labor union, are worsening the situation. For example, the strikes and resulting production delays have also led Japan's Nissan to reduce its order of 100,000 cars placed on Renault Samsung's plant to just 60,000.

Number of vehicles manufactured in South Korea from 2012 to 2018, by type

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Sources

Release date

September 2019

Region

South Korea

Survey time period

2012 to 2018

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Statistics on "Automotive industry in South Korea"

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