South Korea’s Automobile Production Results in 2022

South Korea’s automobile production in 2022 increased by 8.5% from the previous year to 3,756,491 units. Although the year-on-year decline that continued from 2016 stopped in 2022, production has been below 4 million units for four years in a row. In 2020-2021, exports were sluggish due to the corona crisis, and semiconductor shortages caused production to drop to around 3.5 million units. However, in 2022, the shortage of semiconductors eased in the second half of the year, and exports increased. As a result, production recovered to 95% of the 2019 level.