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South Korea’s Vehicle Production Dropped 1.3% to 3.46 Million Units in 2021
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South Korea's vehicle production fell 1.3% year-on-year to 3,462,499 units in 2021, going down for the third consecutive year. Insufficient supply of semiconductors was the primary reason for declining production. South Korea’s passenger vehicle production dropped 1.5% to 3,162,850 units, while commercial vehicle production inched up 1.6% to 299,649 units. Hyundai and Kia increased production thanks to the gradual recovery of CBU exports. In contrast South Korea’s third largest automaker GM Korea dropped 37% due to poor domestic and overseas demand.