TapTechNews August 23rd news, according to Yonhap News Agency, the Korea Automobile Mobile Industry Association (KAMA) released statistical data on the 22nd. The production of Korean complete vehicle manufacturers in July decreased by 17.6% year-on-year to 291,000 units, and the monthly production dropped below 300,000 units for the first time in nearly 23 months.
According to the types of vehicles, the production of passenger cars decreased by 16.8% year-on-year to 269,942 units; the commercial vehicles including buses and trucks decreased by 26.2% year-on-year to 20,968 units.
According to the manufacturers, the production of Hyundai Motor decreased by 16.5% year-on-year to 128,961 units; Kia decreased by 6.5% year-on-year to 126,598 units; GM Korea decreased by a sharp 52.6% to 19,885 units; KGM (TapTechNews note: the original SsangYong Motor) decreased by 28.8% to 7,736 units; Renault Korea decreased by 26.7% to 6,948 units.
Industry insiders said that the sluggish Korean economy last month dampened consumer confidence, individual manufacturers had strikes, and some factories entered the summer vacation mode and suspended business from the end of July, resulting in a reduction in the overall production.