À̹ÌÁö È®´ë South Korea retained its seventh-place ranking among the world¡¯s top 10 car manufacturing countries last year for a fourth consecutive year last year amid weaker domestic and global car demand, data showed Monday.
According to data released by the Korea Automobile Manufacturers Association (KAMA), South Korea produced 3.95 million vehicles last year, down 1.9 percent from the previous year. But its market share in the world edged up from 4.1 percent in 2018 to 4.2 percent in 2019 after other major car producing countries saw bigger decline in output.
China was found to produce the largest number of vehicles in 2019, with 25.71 million units, down by 7.5 percent from the previous year, followed by the United States (down 3.7 percent), Japan (down 0.5 percent), Germany (down 8.1 percent), India (down 12.7 percent) and Mexico (down 3.1 percent).
À̹ÌÁö È®´ë Among the top 10 countries, only Brazil and Spain saw their output increase last year.
South Korea also narrowed the gap with Mexico in auto output to 22,000 cars last year from 72,000 cars in 2018.
South Korea lost a chance of regaining its sixth spot last year because some Korea-based auto makers grappled with a production disruption from protracted labor disputes while the country¡¯s largest automaking duos Hyundai Motor and Kia Motors averted a strike for the first time in eight years with their labor unions agreeing to accept the lowest wage increase in a decade, said KAMA chairman Jung Man-ki.
Measures to address Korea¡¯s stiff labor market conditions and bold tax benefits for local car makers will be necessary to enhance their competitiveness, Jung added.
By Lee Jong-hyuk and Minu Kim
[¨Ï Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]