South Korea’s Automobile Production Declines 11% to 3.51 Million Units in 2020, Dropping to 2009’s Level

South Korea's automobile production in 2020 fell 11.2% from the previous year to 3.51 million units. It dropped to the level of 2009 (3.51 million units) when production was affected by the Lehman Shock. In South Korea, domestic demand was robust in 2020 against the backdrop of the spread of the new coronavirus was curbed at an early stage, and sales were boosted by the reduction of the individual consumption tax on automobiles introduced in March 2020. As a result, sales of domestically produced vehicles rose 5.0% to 1.59 million units. However, due to the pandemic, the market environment of overseas destinations deteriorated, CBU exports shrinking 21.4% to 1.88 million units. Consequently, automobile production was reduced by double digits.