On 17th Oct. I read the news article that
“Hyundai Motor is in shock of low performance and GM Korea is in morass of deficit. “
What means – Korea Automotive business field is in crisis.
(Original news link: http://news.hankyung.com/article/2018101758661)
In case of Hyundai car, the sales to China and USA was too poor.
Additionally, the currency rate doesn’t help this situation at all.
Hyundai is expecting significant decrease on business profit.
Kia Motor also had the worst performance in third quarter.
Ssangyong and GM Korea are constantly loosing money due to frustrated exports.
Ssangyong last year lost is 65,300,000,000 KRW (about 60 mil. USD), and the first half of this year lost is already 38,700,000,000 KRW(about 35 mil. USD)
The expected annual lost of GM Korea is about 1 trillion KRW(about 887mil USD). Gunsan factory shutdown affected a lot and performance is too bad.
Korea Car industry is going backward. From 2005 to 2015 Korea was 5th country on manufacturing cars, but in 2016 – 6th, in 2017 – less than Mexico(7th).
Global car market share also become 8th(4.6%) from 5th(5.6% 2013)
About 8,000 of auto part companies are near to be bankrupted.
People are worry more because of possibility of “Trump Custom bomb”