Korea expects vehicle production of 4.7 M and sales of 1.4 M in 2013
Hyundai/Kia's overseas production surpasses domestic production for the first time
In 2012, vehicle production in Korea decreased by 2.1% y/y to 4.56 million units. While domestic sales (excluding imported cars) fell to 1.41 million units, down 4.3% y/y, exports from Korea increased by 0.6% to 3.71 million, reaching a record high. According to the 2013 outlook that Korea Automobile Manufacturers Association (KAMA) announced in the beginning of the year, vehicle production in Korea will be 4.7 million (up 3.1% from 2012), sales in Korea will be 1.4 million (down 0.8%), and exports will be 3.3 million (up 4.1%).
In the Korean passenger car market, which has been shrinking, Hyundai Motor Group (Hyundai and Kia) maintains a share of over 70%. GM Korea also has a 10% share while Renault Samsung's share decreased from 8% to 4% and Ssangyong's share grew from 3% to 4%. Imported cars led by German brands increased in 2012, accounting for 10% of the passenger car market, up from 8% in 2011.
Hyundai Motor Group's overseas production surpassed domestic production for the first time as it ramped up its production in Russia, China and Brazil.
GM Korea plans to invest 8 trillion won over five years to expand production capacities and build six new models in Korea.
Renault Samsung has been experiencing sluggish sales in and outside Korea. The company will revive its business by starting the production of Nissan Rogue at its Busan plant from 2014 and raising its local content ratio to 80%.
Ssangyong, which was acquired by India's Mahindra & Mahindra in 2011, has launched its premium SUV Rexton in the Indian market. The Korean company said that it would continue to develop competitive models for global markets.
According to LMC Automotive's forecast disclosed in January 2013, the Korean light vehicle market (with a GVW of under 6 tons, including imports) in 2013 will stall at around 1.5 million units due to the fast aging population, high vehicle density and high household debt. The situation should significantly improve from 2014 onward although the increase will not exceed 3%. LMC Automotive anticipates that sales should reach 1.6 million units by 2016, and continue to retain around this level until 2019.
North American International Auto Show 2013 (2)
Hyundai exposes design future with the HCD-14 Concept
Kia moves upmarket with the new Cadenza
2012 sales in Korea decrease by 4.3% to 1.41 M; exports reach a record high of 3.17 M
In 2012, vehicle sales in Korea dropped by 4.3% y/y to 1.41 million units with shrunken consumer sentiment due to the stagnant economic conditions. Exports in the same year achieved a record high of 3.17 million units since the increase of exports to the U.S. and emerging countries outweighs the decrease of those to Europe due to the economic crisis. Vehicle production in 2012 fell by 2.1% to 4.56 million units owing to decreased domestic sales and the labor disputes during the third quarter of 2012.
On the other hand, imported car sales in 2012 grew by 31.4% y/y to 154K units, accounting for around 10% of the total passenger car sales. Individual consumption tax cut during a September-December period of 2012, reduction of tariffs under the Korea-US and Korea-EU Free Trade Agreements, and increased sales of imported small- and mid-sized cars as well as diesel-powered vehicles pushed up the sales of imported cars. German brands including BMW, Mercedes-Benz, VW and Audi ranked high in imported car sales. Especially imports of VW and Audi cars increased significantly to 18K units, up 47.9% y/y, and 15K units, up 46.2% y/y, respectively. Among Japanese OEMs, Toyota's imported car sales climbed to 11K units, twice as much as the previous year.
In the first two months of 2013, vehicle sales in Korea declined 2.8% y/y as the tax cut was over at the end of 2012 while exports dropped 5.1% y/y owing to the contracted EU market. As a result, auto production in Korea decreased by 0.7% y/y to 750K units. By contrast, imports during the same period increased 22.9% y/y.
Vehicle production, sales, exports and imports for Korea
|2008||2009||2010||2011||2012||2013 (Outlook)||Jan.-Feb. 2012||Jan.-Feb. 2013|
|Production in Korea||3,826,682||3,512,926||4,271,741||4,657,094||4,557,738||4,700,000||754,520||748,894|
|Sales in Korea||1,154,483||1,394,001||1,465,426||1,474,637||1,410,857||1,400,000||210,491||204,512|
|Exports from Korea||2,683,965||2,148,862||2,772,107||3,151,708||3,170,634||3,300,000||546,314||518,382|
|Imports to Korea||84,661||70,889||104,977||117,592||154,469||143,000||18,637||22,901|
|Source: KAMA (Korea Automobile Manufacturers Association)|
|(Note) 1.||Sales in Korea do not include imported cars.|
|2.||2013 outlook for production, sales and exports was announced by KAMA in the beginning of 2013 and that for imports was disclosed by KAIDA (Korea Automobile Importers and Distributors Association) at the end of 2012.|
Korea-US Free Trade Agreement comes into effect
|Korea-US Free Trade Agreement (FTA) took effect on March 15, 2012. The Agreement will eliminate tariffs in a phased manner on 94% of industrial and consumer goods within five years. In auto trade, the U.S. will eliminate its 2.5% tariff within five years while Korea reduced its 8% tariff to 4% immediately and will completely remove it within five years. The tariff on auto parts was eliminated immediately.|
(Note) In order to take advantage of the Korea-US FTA, Japanese OEMs have started to export U.S.-built cars to Korea. Toyota has begun to export the Sienna from November 2011, Camry from January 2012, and Venza from October 2012. Honda has started to export U.S.-made Odyssey, Pilot, Accord, and Crosstour to Korea from the end of 2012. Nissan has also been exporting Altima from the U.S. to Korea since October 2012.
Korean OEMs have production capacity of 5 M in Korea and 3.64 M overseas
In Korea, vehicle production capacity adds up to 5 million units, of which 3.3 million units are held by Hyundai Motor Group. In 2013, the Group plans to ramp up the capacity of Kia's Gwangju plant by 120K units. This is the first investment in more than a decade for the Group to increase its production capacity in Korea.
Hyundai Motor Group is the only Korean OEM that produces vehicles overseas on a full scale; its production capacity abroad amounted to 3.64 million units after Hyundai's third plant in China and first plant in Brazil started operations in June and September, 2012, respectively. The Group's overseas capacity will increase to 4.29 million units in 2015 when capacities are boosted at Hyundai's plant in Turkey and third plant in China and when the constructions are completed at Hyundai's commercial vehicle plant in China and Kia's third plant in China.
Vehicle production capacity in Korea by OEM
|Plant||Annual production capacity (1,000 units)||Models produced|
|Hyundai Motor||Ulsan||1,500||Hyundai Verna (Accent), Click (Getz), Veloster, Avante (Elantra), i40, Tucson, Santa Fe, Veracruz, i30, i30CW, Genesis, Genesis Coupe, Equus, Grand Starex (H-1), Porter, Mighty, In 2013, Maxcruz and ix35 Fuel Cell were added.|
|Asan||300||Hyundai Grandeur (Azera), Sonata, Sonata Hybrid|
|Jeonju||70||Hyundai buses, trucks|
|Kia Motors||Hwasung||580||Kia Forte (New Cerato), K5 (Optima), K5 Hybrid, K7 (Cadenza), Mohave (Borrego), Sorento, In 2012, K3 was added.|
|Gwangju||500→620 (2013)||Kia Sportage, New Carens (Rondo), AM, Soul, trucks, buses In 2013, capacity will be increased with an investment of 150 billion won.|
|Sohari||350||Kia Pride (Rio), Grand Carnival (Carnival/Sedona), Ray, In 2012, K9 was added.|
|GM Korea||Bupyeong||500||Alpheon, Chevrolet Aveo, Chevrolet Epica, Chevrolet Malibu, Chevrolet Captiva, In 2013, Buick Encore/Opel Mokka/Chevrolet Trax will be added.|
|Gunsan||300||Chevrolet Orlando, Chevrolet Cruze|
|Changwon||240||Labo (Mini Truck), Damas (Mini Bus), Chevrolet Beat/Spark (Matiz), In 2013, Spark EV will be added.|
|Ssangyong Motor||Pyongtaek||330||Chairman H, Chairman W, Rexton, Kyron, Actyon, Korando C, Korando Turismo (Rodius/Stavic), In 2012, Korando Sports was added.|
|Renault Samsung||Busan||300||SM3, SM5, SM7, QM5, SM3 Z.E., Renault Latitude, In 2014, Nissan Rogue will be added.|
|Annual capacity totals 4.999 million, with 3.3 million held by Hyundai Motor Group (3.42 million in 2013)|
|Source: KAMA Annual Report 2012 "Korean Automobile Industry", each OEM's website and others|
|(Note) 1.||Kia contracts out the production of the Kia Morning (Picanto) to a car assembler in Seosan City, which is not included in the above table.|
|2.||GM Korea suggested at the end of 2012 that it would not build its next-generation Chevrolet Cruze to be launched in 2014 at Gunsan plant where its current model is manufactured. It was reported that its production might be transferred to Opel's plant in Europe.|
|3.||According to media reports in February 2013, GM Korea will discontinue the production of the Damas minivan and the Labo pickup in 2014 since they will likely fail to meet the Korean emissions regulation.|
Hyundai Motor Group's overseas production capacity
|Annual production capacity (1,000 units)||Production volume in 2012 (1,000 units)||Outline|
|Hyundai Motor||India||600||641||The Santro, Eon, Accent, Sonata, Elantra, i10 and i20 are produced.|
|Turkey||100→200 (End of 2013)||86||The Accent, Matrix, i20, H-1, Starex and Lavita are produced. With an investment of USD 607 million, annual capacity will be raised to 200K units by the end of 2013 and the production of the i10 will be added.|
|China||900→1,000 (End of 2013)||856||Beijing Hyundai Motor' s plant. The Sonata, Elantra, Tucson, Verna, i30, ix35 and New Santa Fe are produced. A third plant started operations in June 2012. Its annual capacity is initially 300K units and will be boosted to 400K units by the end of 2013.|
|0→150 (1H of 2014)||-||A commercial vehicle plant operated by Sichuan Hyundai Motor, a 50-50 joint venture between Hyundai and Sichuan Nanjun Automobile. The plant is scheduled to start operations by the first half of 2014.|
|US||300||361||The Santa Fe, Sonata and Elantra are produced.|
|Czech Republic||300||303||The ix20, i30, i30cw and ix35 are produced.|
|Russia||200||225||The Solaris (Accent in Korea), which is developed for Russia, and the Kia Rio are produced. With strong sales of the Solaris, annual capacity was increased from 150K to 200K in the beginning of 2012.|
|Brazil||150||27||Operations started in September 2012. The HB20, a small hatchback designed for the Latin American market (Hyundai's first flex fuel model) is produced.|
|Kia Motors||China||430→ 630 (2014)→ 730 (2015)||481||The Cerato, Sportage, Rio, K2, K5, Soul, Forte and K3 are produced. Construction of a third plant started in June 2012 and its operations are scheduled to begin in the first half of 2014. Its annual capacity is initially 200K units and will be raised to 300K units in 2015.|
|Slovakia||300||292||The cee'd, pro cee'd, Sportage and Venga are produced.|
|US||360||358||The Sorento, Optima and Hyundai Santa Fe are produced. With an investment of USD100 million, annual capacity was increased from 300K to 360K units in January 2012.|
|Total annual capacity||3,640→4,290||3,630|
Source: Hyundai Motor Global Plant Sales, Kia Motors Plant Sales, Kia 2012 Business Results, Kia Press Release 2011.11.2/2012.1.3
Hyundai Motor Group aims to sell 7.41 million units globally, up 4% y/y, in 2013
Hyundai Motor Group's global sales (total shipments of vehicles manufactured in Korea and overseas) increased by 7.9% y/y to 7.13 million units in 2012. Domestic sales in Korea stalled at 1.15 million units, down 2.2% y/y, while exports from Korea grew 2.6% y/y to 2.35 million units. Shipments of vehicles produced overseas climbed by 15.5% y/y to 3.63 million units. As they accounted for 51% of total shipments, the Group's overseas production exceeded its domestic production in Korea for the first time.
In January 2013, Hyundai Motor Group predicted that its global sales for 2013 would rise 4% to 7.41 million units. The growth forecast is half the increase posted last year due to a stagnant global economy and reduced competitiveness caused by the strengthening won. Despite the ongoing economic malaise, Hyundai Motor Group plans to increase its sales with competitive models and their high quality.
Hyundai Motor's launch plan for 2013 includes the Maxcruz, a long-wheelbase variant of the Santa Fe, ix35 Fuel Cell, Avante Coupe and new Genesis/Genesis Coupe. Kia's release plan for the same year includes the K3 Koup and two redesigned MPVs: the new Carens and the new Soul.
Hyundai Motor Group's shipments (by vehicles produced in Korea and overseas)
|2009||2010||2011||2012||2013 (Plan)||Jan.-Feb. 2012||Jan.-Feb. 2013|
|Hyundai Motor||Vehicles produced in Korea||1,611,991||1,730,696||1,884,633||1,911,259||1,850,000||306,926||302,232|
|(thereof:) Domestic sales||701,469||657,897||682,228||667,496||668,000||98,820||97,683|
|Vehicles produced overseas||1,493,162||1,881,805||2,185,458||2,499,098||2,810,000||380,387||477,691|
|Kia Motors||Vehicles produced in Korea||1,142,038||1,400,293||1,580,998||1,588,735||1,600,000||278,480||261,539|
|(thereof:) Domestic sales||411,332||483,412||491,712||480,825||480,000||73,795||69,130|
|Vehicles produced overseas||391,568||729,655||957,022||1,130,765||1,150,000||172,327||204,560|
|Group total||Vehicles produced in Korea||2,754,029||3,130,989||3,465,631||3,499,994||3,450,000||585,406||563,771|
|(thereof:) Domestic sales||1,112,801||1,141,309||1,173,940||1,148,321||1,148,000||172,615||166,813|
|Vehicles produced overseas||1,884,730||2,611,460||3,142,480||3,629,863||3,960,000||552,714||682,251|
|Source: Hyundai Motor Sales Performance, Press Release 2013.3.4, Kia Motors Monthly Sales Performance|
|(Note) 1.||Domestic sales refer to sales in Korea. Exports mean exports from Korea, which do not include KD sets.|
|2.||Shipments of vehicles produced overseas refer to shipments of vehicles from overseas plants.|
|3.||Group total is a total of Hyundai Motor and Kia Motors.|
Hyundai Motor's new model launch plan (2012-2013)
|(Note) Launch time shows the time of launch in Korea unless otherwise stated. (This also applies to the following tables.)|
|New Santa Fe||April 2012||Hyundai Motor's leading SUV comes with a 2.0-/2.2-liter diesel engine. 2WD and 4WD versions are available. 2013 sales target for the model is a total of 385K units consisting of 50K of sales in Korea and 335K of overseas sales. It is dubbed Santa Fe Sport in the U.S.|
|Maxcruz||March 2013||This is the Santa Fe's long-wheelbase variant and a substantial replacement of the Veracruz. The model's wheelbase is 2,800mm long, 100mm longer than the Santa Fe. It accommodates six/seven passengers. 2WD and 4WD versions are available. The model comes with a 2.2-liter diesel engine and a six-speed automatic transmission. It is dubbed Santa Fe in the U.S. and Grand Santa Fe in Europe.|
|ix35 Fuel Cell||2013 (leasing) 2015 (retail sales)||The fuel cell vehicle has been produced in the Ulsan plant since February 2013. The model is based on the ix35 (dubbed Tucson in Korea), a crossover SUV. It is equipped with two hydrogen storage tanks (700 bar), a fuel cell system (100 kW) and a lithium polymer battery (24 kWh). Hyundai plans to build 1,000 ix35 Fuel Cell vehicles by 2015 for lease to public agencies in Europe. After 2015, Hyundai will begin marketing the model to consumers.|
|Avante Coupe||April 2013||This is a two-door coupe based on the Avante compact sedan. It was launched as the Elantra Coupe in the U.S. in the spring of 2012. The Korean version will be equipped with a 2.0-liter gasoline engine.|
|New Genesis||2013||This is a RWD full-size sedan. Hyundai unveiled the HCD-14 concept which hints at the future design of the Genesis at the Detroit Auto Show held in January 2013. The HCD-14 conveys a new design language called Fluidic Precision. The concept has an innovative style with almost vertical front and rear ends.|
|New Genesis Coupe||2013||This is a sports coupe which shares its platform with the Genesis sedan. Hyundai presented the HND-9 concept which previews the new Genesis Coupe at the Seoul Motor Show held in March 2013.|
Kia Motors' new model launch plan (2012-2013)
|K9/Quoris||May 2012||This is Kia's RWD high-end sedan which shares its platform with the Equus, Hyundai's flagship sedan. The model comes with a 3.3-/3.8-liter V6 gasoline engine. It will also be launched in China, other Asian markets and the U.S.|
|K3/Forte||Sep. 2012||This is a redesigned model of the Forte sedan, which is dubbed K3 in Korea. It is equipped with a 1.6-liter gasoline engine. The model will be released in the U.S. as the Forte as before in the second quarter of 2013.|
|K3/Forte Koup||2013||This is the new Forte Koup, a two-door coupe. The model made its debut at the New York Motor Show held in March 2013. It will be launched in the U.S. as the Forte Koup in the fourth quarter of 2013.|
|New Carens/Rondo||March 2013||This is a three-row seven-seat compact MPV. The model is equipped with a 2.0-liter gasoline/LPi engine. It was launched in Europe in the first quarter of 2013.|
|New pro cee'd||March 2013 (Europe)||This is a C-segment model designed for Europe. The pro cee'd is a three-door hatchback which is the third member of the second-generation cee'd family. Kia revealed the model at the Paris Motor Show held in September 2012.|
|New Soul||2H of 2013||This is a five-door compact MPV. The model premiered at the New York Motor Show held in March 2013. It has the same boxy style as the current model, but its body is larger with the wheelbase of 2570 mm (203 mm longer) and the overall width of 1800 mm (152mm wider).|
GM Korea plans to invest 8 trillion won by 2017 and aims to double its market share to 20%
In February 2013, GM Korea announced its mid-term plans to invest 8 trillion won over five years to enhance its manufacturing facilities, engine plants and design center. The automaker aims to double its Korean market share to 20% for the mid- and long-term.
GM Korea's production in Korea decreased by 3.1% y/y to 790K units in 2012. Its domestic sales in Korea increased by 3.6% y/y to 150K units while its exports from Korea stayed at the same level of 660K as in the previous year. GM Korea's launch plan for 2013 includes the new Captiva, a mid-size SUV; the Trax, a new small SUV and the Spark EV.
GM Korea's vehicle production, sales and exports for Korea
|2007||2008||2009||2010||2011||2012||Jan.-Feb. 2012||Jan.-Feb. 2013|
|Production in Korea||942,805||813,023||532,191||744,096||810,854||785,757||116,043||131,983|
|Sales in Korea||130,542||116,520||114,845||125,730||140,705||145,702||18,318||18,816|
|Exports from Korea||807,729||702,916||429,259||610,898||656,425||655,878||107,472||106,764|
Source: KAMA (Note) MPV stands for Multi Purpose Vehicle, which includes SUV and minivan (This also applies to the following tables).
GM Korea's new model launch plan under the Chevrolet Brand (2013)
|New Captiva||Feb. 2013||This is a mid-size SUV which accommodates up to seven passengers. It is equipped with a 2.0-/2.2-liter diesel engine. The model will also be launched in Europe.|
|Trax||Feb. 2013||This is a new small SUV with five seats. It is a sister model of Buick Encore/Opel Mokka, which is a global model based on the Aveo compact sedan. The model will be distributed in more than 140 countries including Europe.|
|Spark EV||Summer of 2013||This is an electric vehicle model of the Spark. The EV will be produced at the Changwon plant from the second quarter of 2013 for marketing in the U.S., Canada and Korea.|
GM Korea's mid-term plan: to invest 8 trillion won over five years (announced in February 2013)
|Goal||GM Korea aims to nearly double its Korean market share to 20% for the medium and long term.|
|Outline||(1) Reinforcement of the foundation for the Korean market, (2) Strengthening of the global design and engineering capabilities, (3) Enhancement of the global production capacities and (4) Increase of global CKD production|
|Production||GM Korea plans to boost its production capacity to manufacture six upgraded versions of GM models currently built.|
|Engines||In November 2012, GM Korea announced a plan to make major investment in its Bupyeong engine plant to produce high-performance fuel-efficient turbocharged four-cylinder gasoline engines. These engines will be equipped in the Chevrolet Trax compact SUV to be launched in the first half of 2013.|
|Design Center||In May 2012, GM Korea revealed a plan to invest 1.5 trillion won in its global design center in Incheon to double the size of the facility. The expanded design center will include new modeling studios, display spaces and areas for creative work. By 2013, the center will provide a state-of-the-art design work environment for more than 200 employees.|
(Note) 1 US dollar = 1,124 Korean won (as of early April 2013)
Renault Samsung to start production of Nissan Rogue at Busan plant from 2014
In 2012, Renault Samsung's vehicle production in Korea declined by 37.0% to 150K units. Its sales in Korea fell by 45.1% to 60K units while exports from Korea decreased by 31.5% to 90K units. It was reported that these significant slumps are due to shrinking demand in and outside of Korea as well as the automaker's slow launch of the new models.
As a part of the company reviving plan, Renault Samsung will start the production of the Nissan Rogue from 2014 at its Busan plant where operation ratio has been declining. The automaker plans to launch the QM3, a rebadged model of the Renault Captur, and the electric vehicle model of the SM3 in the second half of 2013. It aims to expand its Korean market share to 10% for the long term (4% in 2012).
Renault Samsung's vehicle production, sales and exports for Korea
|2007||2008||2009||2010||2011||2012||Jan.-Feb. 2012||Jan.-Feb. 2013|
|Production in Korea||177,742||187,947||189,831||275,269||244,260||153,891||35,645||21,553|
|Sales in Korea||117,204||101,981||133,630||155,697||109,221||59,926||12,065||7,980|
|Exports from Korea||54,971||95,043||56,175||115,783||137,738||94,383||19,362||9,340|
Renault Samsung's plans for reviving its business (announced in 2012-2013)
|Production of Nissan Rogue||Renault-Nissan Alliance will invest USD 160 million to revamp its Busan plant for the production of 80K units/year of the next-generation Nissan Rogue from 2014. The Alliance plans to maximize the Busan plant's productivity to turn the facility into one of the top manufacturing plants within the Alliance (announced in July 2012).|
|New model launch||Renault Samsung is scheduled to launch the QM3 compact crossover SUV, a rebadged model of the Renault Captur, and the SM3 Z.E., a full-electric sedan, in the second half of 2013.|
|Local content||Renault Samsung was procuring over 70% of its entire part supply from local vendors as of the end of 2012. The automaker plans to raise the local content ratio to 80% by the end of 2013 (announced in January 2013).|
|Customer service||Renault Samsung plans to establish 14 new customer service centers within 2013, expanding the after-sales service network to 500 centers all over Korea (announced in January 2013).|
|Market share||Aiming to expand its Korean market share to 10% for the long term, Renault Samsung will continue to place its top priority on quality (announced in July 2012).|
Ssangyong Motor launches its premium SUV Rexton in Indian market
Ssangyong Motor's vehicle production in Korea increased by 5.2% to 120K units in 2012. Its sales in Korea grew by 23.4% to 50K units while exports from Korea declined by 2.8% to 70K units. Domestic sales recorded significant growth through sales increase of Ssangyong's leading models such as the Korando C SUV and the Korando Sport pickup.
Ssangyong Motor plans to release the Korando Turismo (Rodius in Europe), a multi-leisure vehicle, in Korea and Europe in 2013. Mahindra & Mahindra, which acquired Ssangyong Motor in 2011, launched Ssangyong's high-end SUV Rexton in India in October 2012. Ssangyong suggested that it aims to expand its sales in India as a new destination for export.
Ssangyong's vehicle production, sales and exports for Korea
|2007||2008||2009||2010||2011||2012||Jan.-Feb. 2012||Jan.-Feb. 2013|
|Production in Korea||122,857||81,445||34,703||80,067||113,249||119,142||17,224||20,033|
|Sales in Korea||60,616||39,165||22,189||32,459||38,651||47,700||5,915||8,369|
|Exports from Korea||64,073||43,240||12,747||47,756||73,630||71,553||11,184||11,019|
Ssangyong Motor introduces Korando Turismo, a multi-leisure vehicle
|In February 2013, Ssangyong Motor introduced the Korando Turismo, an 11-seater multi-leisure vehicle (MLV), which replaces the former Rodius. The model offers the styling of an SUV, the driving comfort of a sedan and the practicality of an MPV. It has four rows of seats, providing several folding options; the second and third row seats can be folded as tables, and last three rows may be folded flat for a large cargo area of 3,240 liters. It is dubbed Rodius in Europe.|
Mahindra & Mahindra launches Ssangyong model in India
|In October 2012, Mahindra & Mahindra launched its Ssangyong Rexton, a high-end SUV, in India. The Indian company released it in Mumbai, which would be followed by launches in cities such as Delhi, Bangalore and others. The Rexton for the Indian market is equipped with a 2.7-liter diesel engine and a five-speed AT/MT. The Rexton is the first product under the Ssangyong brand to be launched in India since Mahindra acquired the Korean company in March 2011. The model is manufactured at Mahindra's Chakan plant in Pune, India. Some parts are procured from the suppliers in India while the other parts are imported from Korea.|
Production Forecast by LMC Automotive: Korean light vehicle production forecast
|(LMC Automotive、February 2013)|
According to LMC Automotive's forecast delivered in February 2013, light vehicle production in Korea will increase to 4.62 million units in 2013 and 4.71 million units in 2014, up around 2-3% y/y. After 2014, production volume is expected to hover around 4.7 million units until 2016 as future sourcing decisions lead to a continuation of Korean-brand assembly closer to current export markets such as Europe and the Americas.
Korean light vehicle production by make
|Sales Group||Global Make||2010||2011||2012||2013||2014||2015||2016|
|General Motors Group||Buick||0||6,691||6,890||5,370||34,153||29,381||24,116|
|General Motors Group Sub-total||744,088||810,854||785,757||860,362||860,524||901,065||922,730|
|Hyundai Group Sub-total||3,112,530||3,424,812||3,441,285||3,514,997||3,572,045||3,563,651||3,527,676|
|Renault-Nissan Group Sub-total||275,269||244,260||153,891||134,055||174,671||145,723||173,950|
|Source：LMC Automotive "Global Automotive Production Forecast (February, 2013)"|
|(Note) 1.||Data indicate figures of only small-size vehicles, including passenger cars and light commercial vehicles with a gross vehicle weight of under 6 tons.|
|2.||All rights reserved. Reproduction of any data will require permission of LMC Automotive.|
|3.||For more detailed information or inquiries of forecast data, please contact LMC Automotive.|
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