The Korea Automobile Manufacturers’ Association (Kama) expects automotive production to cross the six-million mark for the first time in 2008.
While the country’s Ministry of Knowledge Economy has promised the government’s policy support to the automotive industry, Kama say more support from the government is needed for research and development so local OEMs do not lose out in the race for eco-friendly and high-tech cars.
In April 2008, automotive products accounted for 10% of the country’s total exports, according to a Reuters report. Last month, combined sales for South Korea’s five vehicle manufacturers rose to almost 500,000 units, 9% more than the industry sold in April 2007.
Overseas sales for the five OEMs reached 385,000 vehicles last month, up 8% versus April 2007.