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2023 | OriginalPaper | Chapter

16. Conclusion and Outlook: Korea’s Automakers, 2020 and Beyond

Author : A.J. Jacobs

Published in: The Korean Automotive Industry, Volume 2

Publisher: Springer International Publishing

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Abstract

This chapter, “Conclusion and Outlook: Korea’s Automakers, 2020 and Beyond,” closes the manuscript by providing some important updates for Korea’s five automakers between 2020 and 2022, and by offering the author’s perspective regarding their near-term prospects at home and abroad. This discussion follows the order of the book’s chapters, GMK, followed by Hyundai-Kia in Korea and overseas, and then Ssangyong Motor and RSM.

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previous chapter The Peak and Valleys of Renault Samsung Motors, 2010–2019

KAMA (1996‐2022), F&I Tools (2023). For the annual data listed in this chapter, see Tables 2.2–3.3 and subsequent chapter tables.

HMC (2020‐2022), Kia (2020‐2022).

Ibid.

Ibid. KRW and Euro to U.S. Dollar exchange rates utilized in this chapter were obtained from FRED (2022).

Ibid.

CI (2020‐2023), KH (2020‐2023), KJ (2020‐2023), KT (2020‐2023).

Ibid.

KAMA (1996‐2022).

Ibid.

CI (2020‐2023), KH (2020‐2023), KJ (2020‐2023), KT (2020‐2023).

Ibid.

KAMA (1996‐2022).

KAMA (1996‐2022), CI (2020‐2023), KH (2020‐2023), KJ (2020‐2023), KT (2020‐2023).

CI (2020‐2023), HMC (2020‐2023), KH (2020‐2023), KJ (2020‐2023), KT (2020‐2023).

HMC (2020‐2022).

Kia (2020‐2022).

HMC (2020‐2023), Ward’s (2020‐2022).

Ward’s (2020‐2022).

Ibid.

HMC (2020‐2023), Ward’s (2020‐2022).

HMC (2020‐2023), KH (2020‐2023).

Ibid.

ACEA (2022).

KAMA (1996‐2022), HMC (2020‐2022, 2020‐2023), Ward’s (2020‐2022). The 2019 figure came from Ward’s rather than KAMA (178,000 units).

HMC (2020‐2022, 2020‐2023), Kia (2020‐2023), Ward’s (2020‐2022). The HMMR and ZAZ plants were closed after Russia’s invasion of Ukraine.

HMC (2020‐2023).

KMS (2020‐2022). The company’s trade name was shortened to Kia Slovakia s.r.o. in May 2021. The last fourth-generation Sportage was built at the plant on January 5, 2022.

Ibid.

KMS (2020‐2022), SARIO (2021).

KMS (2020‐2022).

KAMA (1996‐2022), HMC (2020‐2022, 2020‐2023), HMMC (2020‐2022).

HMC (2020‐2023), HMMC (2020‐2022).

Ibid.

Czech Invest (2022).

HMC (2020‐2023), KH (2020‐2023). HMC finally decided to start officially laying off Russian workers in December 2022. Russia’s February 2022 invasion also created widespread shortages of automobile wire harnesses, of which Ukraine was a major producer.

HMMC (2020‐2022).

For more on possible European locations, see, Jacobs (2019).

KAMA (1996‐2022), CI (2020‐2023), HMC (2020‐2022, 2020‐2023), KH (2020‐2023), KJ (2020‐2023).

KAMA (1996‐2022), HMC (2020‐2022, 2020‐2023), Ward’s (2020‐2022). The Xcent was discontinued in 2020 and replaced by the Grand i10/Aura sedan on January 21, 2020.

KAMA (1996‐2022), Kia (2020‐2022, 2020‐2023).

HMC (2020‐2022, 2020‐2023), KH (2020‐2023), Kia (2020‐2022, 2020‐2023), KJ (2020‐2023), KT (2020‐2023).

Ibid.

KAMA (1996‐2022), HMC (2020‐2022), Kia (2020‐2022).

HMC (2020‐2022), Kia (2020‐2022). HMC’s Hyundai Commercial Vehicle division also had two plants in Sichuan Province: the 160,000-unit Sichuan Hyundai Motor Company (SHMC) Truck in Ziyuan; and the 10,000-capacity SHMC Wenjiang Bus Plant in Chengdu, see HCV (2023).

HMC (2020‐2023).

HMC (2020‐2022, 2020‐2023), KH (2020‐2023), KJ (2020‐2023), KT (2020‐2023). According to KJ (2020‐2023), vehicles already had rolled off the line on January 13.

Ibid.

KAMA (1996‐2022), HMC (2020‐2022, 2020‐2023), Ward’s (2020‐2022).

HMC (2020‐2022, 2020‐2023), KH (2020‐2023), KJ (2020‐2023).

KJ (2020‐2023), Ward’s (2020‐2022), THACO (2022).

Ibid.

HMC (2020‐2022), Kia (2020‐2022), Ward’s (2020‐2022).

HMC (2020‐2022, 2020‐2023).

KAMA (1996‐2022), HMC (2020‐2022, 2020‐2023), Ward’s (2020‐2022).

Ward’s (2020‐2022).

Ibid. Hyundai-Kia’s kit plants in Algeria were closed by a corruption scandal.

KH (2020‐2023).

KAMA (1996‐2022), HMC (2020‐2023), Kia (2020‐2022).

CI (2020‐2023), KH (2020‐2023), KJ (2020‐2023), KT (2020‐2023).

Ibid.

KAMA (1996‐2022), KH (2020‐2023), KJ (2020‐2023), KT (2020‐2023).

KH (2020‐2023), KJ (2020‐2023), KT (2020‐2023).

Ibid.

KAMA (1993–2022).

CI (2020‐2023), KH (2020‐2023), KJ (2020‐2023), KT (2020‐2023).

Ibid.

KAMA (1996‐2022), KH (2020‐2023), KJ (2020‐2023), KT (2020‐2023), Ward’s (2020‐2022).

Ibid.

CI (2020‐2023), KH (2020‐2023), KJ (2020‐2023), KT (2020‐2023).

Ibid.

Ibid. Founded in Gothenburg, Sweden in 2016, Lynk was created through a collaboration between Geely and its affiliate, Volvo Cars.

Ibid.

KAMA (1996‐2022), KH (2020‐2023), KJ (2020‐2023), KT (2020‐2023).

Ibid.

Calculated by author from Ward’s (2020‐2022), OICA (2022), World Bank (2023).

ACEA. (2022). New passenger car registrations by manufacturer. https://www.acea.auto. Last accessed 31 July 2022.

CI. (2020–2023). Articles on the Korean auto industry from Chosun Ilbo, 7 January 2020 to 23 April 2023. https://english.chosun.com/. Last accessed 25 Apr 2023.

Czech Invest. (2022). Sector databases: Automotive suppliers. https://suppliers.czechinvest.org/Aplikace/suppliers_ext.nsf/index.xsp. Last accessed 26 Aug 2022.

F&I. (2020–2022). Worldwide car sales buy manufacturer, 2019–2021. https://www.factorywarrantylist.com/car-sales-bu-manufacturer.html. Last accessed 8 Jan 2023.

FRED. (2022). Korean Won, U.S. Dollar and Euro Spot Exchange Rates (Not Seasonally Adjusted), Federal Reserve Bank of St. Louis. https://fred.stlouisfed.org/series/DEXTHUS. Last accessed 8 Dec.

HCV. (2023). Hyundai Commercial Vehicle global plants. https://trucknbus.hyundai.com/global/brand/facilities/global-plants. Last accessed 26 Apr.

HMC. (2020–2022). Hyundai Motor Company: Annual, business, and sustainability reports, 2020 to 2022, in English and Korean. HMC.

HMC. (2020–2023). Hyundai Motor Company press releases. https://www.hyundainews.com/, https://www.hyundai.com/worldwide/en/company/newsroom/. Last accessed 8 Mar 2023.

HMMC. (2020–2022). Hyundai Motor Manufacturing Czech News. https://hyundai-motor.cz/en/firemni-zpravodaj/. Last accessed 26 Aug 2022.

Jacobs, A. J. (2022). The Korean automotive industry, volume 1: Beginnings to 1996. Palgrave Macmillan.

Jacobs, A. J. (2019). The automotive industry and European integration: The divergent paths of Belgium and Spain. Palgrave Macmillan.CrossRef

KAMA. (1996–2022). Han’guk ui jadongcha san’eop [Korean automobile industry]. Annual reports from 1996 to 2022, in Korean. Korea Automobile Manufacturers Association.

KH. (2020–2023). Articles on the Korean auto industry in the Korea Herald, 7 January 2020 to 23 April 2023. http://www.koreaherald.com/. Last accessed 25 Apr 2023.

Kia. (2020–2022). Kia Motors annual, business, and sustainability reports 2020 to 2022, in English and Korea. Kia Motors.

Kia. (2020–2023). Press releases from Kia websites. https://www.kianewscenter.com/, https://press.kim.com/eu/n/home.html, and https://www.kiamedia.com/us/en. Last accessed 17 Apr 2023.

KJ. (2020–2023). Articles on the Korean auto industry in Korea JoongAng Daily, 7 January 2020 to 23 April 2023. https:/koreajoongang.joins.com/. Last accessed 25 Apr 2023.

KMS. (2020–2022). Kia Slovakia annual report, for 2019 to 2021. https://www.kia.sk/en/about-us/annual-reports. Last accessed 10 August 2022.

KT. (2020–2023). Articles on the Korean auto industry in the Korea Times, 7 January 2020 to 23 April 2023. https://www.koreatimes.co.kr. Last accessed 25 Apr 2023.

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SARIO. (2021). Automotive industry 2021. Slovak Investment and Trade Development Agency. http://www.sario.sk/en/invest/sectorial-analyses/automotive-industry. Last accessed 28 Aug 2022.

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Title: Conclusion and Outlook: Korea’s Automakers, 2020 and Beyond
Author: A.J. Jacobs
Publisher: Springer International Publishing
Book: The Korean Automotive Industry, Volume 2
Print ISBN: 978-3-031-36452-5

Electronic ISBN: 978-3-031-36453-2

Copyright Year: 2023
DOI: https://doi.org/10.1007/978-3-031-36453-2_16

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