Korea's exports soared 45.6 percent in May, the sharpest growth since 1988 thanks to a rebound in mainstay export items including semiconductors, cars and petrochemical products.
The shortage of automobile semiconductors and the increasing price of raw materials are posing challenges not only to Korean automakers, but also to their first- and second-tier suppliers.
Hyundai Motor plant in Ulsan remains idle on Tuesday as production was halted on the shortage of automobile semiconductors.
A Hyundai Motor production plant in Ulsan on April 13. The Korean automaker halted its production line between April 12 and 13 due to a shortage of automobile semiconductors related to the power train controller unit.
Local automotive production rose 12.2 percent in the first quarter on-year as sales were strong at home and abroad. Domestic sales went up 11.3 percent, while exports rose nearly 17 percent.
Unionized workers at GM Korea said Wednesday that they will continue their partial strike this week for higher wages despite the company's statement that it may reconsider planned investments in its plants.
A man in his 50s recently visited a used-car dealership in Bucheon, Gyeonggi, after seeing a two-year-old Hyundai Santa Fe advertised online for 9.5 million won. Although the cheap price seemed suspicious, the dealership’s website looked legitimate.
Hankook Tire & Technology, the world's seventh-largest tiremaker by sales, said Thursday it has been supplying tires for Porsche's Taycan 4S model.
Korea Development Bank (KDB) has refused to throw SsangYong Motor the lifeline it desperately needs, pushing the cash-strapped company one step closer to its second restructuring in just over a decade.
The government on Monday announced a 300-billion-won ($248 million) loan guarantee program for small- and medium-sized companies in the automotive industry with low credit ratings. Hyundai Motor will chip in 10 billion won.