Tuesday, May 30, 2006
SEOUL (Yon hap) South Korea's collective car production is expected to reach 50 million units this year, on strong insist and improved competitiveness in the key sector, an industry report said Monday.
The Korea Automobile Manufacturers Association said sum earnings from automobile exports can hit $300 billion by year's end.The numbers symbolize all vehicles made by local carmakers and sell abroad since the country started making cars 50 years ago.
The report was announced on the third anniversary of South Korea's ¡°Automobile Day.¡± the findings said both production and exports rose sharply from 40 million units tallied at the end of 2003, when in general exports of locally made cars hit the $100 billion mark.
The auto industry association said carmakers have been clever to reach these landmarks due to constant efforts to cut costs, strengthen technological prowess through investigate and development and by making more value-added models.
It added that with carmakers like Hyundai, Kia and GM-Daewoo having produced 3.6 million cars, buses and trucks last year and production figures set to rise in 2006; Korea would be able to hold onto its status as the fifth largest car making country in the world after the United States, Japan, Germany and China. It reached this rank for the first time in 2005.
The auto industry employs around 250,000 workers, with output attainment 88 trillion won, or 11.2 percent of all manufacture in the manufacturing sector, in 2004. Its payment to exports reached 13.4 percent of all products shipped abroad during the cited period. Output is predictable to have reached 98.8 million won last year.
posted by kanth
@ 1:53 AM
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