The Korean Auto Industry Reaches Maturity and Internationalizes, 2005–2019

A.J. Jacobs

Chapter Chapter 3 in The Korean Automotive Industry, Volume 2, 2023, pp 59-94 from Springer

Abstract: Abstract “The Korean Auto Industry Reaches Maturity and Internationalizes, 2005–2019,” chronicles the evolving development context for the Korean Auto Industry and its automakers from 2005 through 2019. It begins with a section outlining production and sales trends in the reorganized sector between 2005 and 2007. Thereafter, two sections supply the reader with some background on the 2008–2009 Great Recession, and on its major impacts on the Korean auto industry. The chapter then turns to the post-recession period of 2011–2015, when domestic production hit an all-time high and HMC accelerated its overseas expansion. This is followed by an examination of a unique period for the industry, when domestic sales grew, and exports and total vehicle production contracted. This 2016–2019 period also saw the shuttering of GMK Gunsan, the first major vehicle plant closure in the nation’s history. The conclusion then summarizes trends in the Korean auto industry between 1997 and 2019 and provides tie-ins to the case studies in Chapters 4 – 15 .

Date: 2023
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DOI: 10.1007/978-3-031-36453-2_3

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