Sub visual - Car is Art, KOREA is Advancing

Monthly Statistics

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Korean Automobile Industry (Feb. 2020)
Date 2020-03-30 Section
Attachments (Feb.2020)The Korean Automobile Industry.pdf

In February, the Korean auto industry was hit hard by COVID-19 outbreak, which led to disruptions to production and damaged consumer confidence.

 

1. Domestic sales fell sharply by 21.6% year-over-year in February despite extra selling days(17days->20days), which in turn reduced the daily average sales rate by 33.3% year-over-year. The outbreak of COVID-19 negatively affected overall consumer demand and caused temporary vehicle supply shortages. 

 

2. Exports dropped by 25.0% year-over-year in February due to disrupted vehicle production and decreased shipments of the OEM models from GM Korea and Renault Samsung.

 

3. Production was reduced by 26.4% year-over-year in February. This was fueled by component shortages from China and the worsened effect of the virus in Korea which in turn caused the temporary closure of most vehicle plants.
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