South Korea ranked seventh in the world in terms of domestic vehicle output last year, an industry association said, down one notch from a year earlier due to a drop in output amid an economic slowdown.
The country’s domestic car production fell to 4.13 million vehicles in 2024 from 4.24 million a year prior as local consumption slowed, according to a report released by the Korea Automobile & Mobility Association.
High inflation and high interest rates weighed on consumer sentiment in 2024, driving down vehicle sales in the domestic market, the KAMA report said.
China, the United States, Japan and India were the top four car manufacturing countries last year, with 31.28 million, 10.56 million, 8.23 million and 6.01 million vehicles made, respectively, the report said.
The world’s overall vehicle production fell 0.5 percent to 93.95 million units last year, marking the first on-year decline since 2020, when the corresponding figure plunged 15.4 percent due to the COVID-19 pandemic. (Yonhap)
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