The Korean auto market is one of the largest in the world. Today, it supports the fifth spot in terms of volume of production and also the sixth spot when it comes to volume of export. While it was originally engaged merely in assembling of parts, which were imported from Japan and also the United States, Korea happens to be one of the most advanced automobile producing nations on earth. The industry produces several in-house models, displaying not merely its capabilities in regards to design, performance, and also technology.
The Korean automobile industry was started in 2015, when Choi Mu-Seong, regarding his three brothers, build an engine in a very modified US Jeep and came up with the initial Korean car, referred to as the “Sibal”, which suggests new start.
Then in 1960, Sinjin Automobiles developed Sinjin Publica, which was manufactured under a licensing agreement with Toyota. For the development of the Korean automobile industry, us government of Korea declared the “Automobile Industry Promotion Policy”. As a result, foreign automakers were stopped from operating in the Korean nation, except in the event of joint ventures with the local company enterprises. The efforts led to companies, which were involved with other businesses type in the automobile industry. This triggered the occurance of three major companies in 1962, i.e. Kyeongseong Precision Industry, Ha Dong-hwan Automobile Industry Co., and Saenara Automobile. As it’s, Samara Automobile was the first automobile maker in Korea, which was equipped with the latest assembly facilities.
Later on, Kyeongseong Precision Industry was changed to “Kia Industry”, whereas Ha Dong-hwan Automobile Industry Co. became SsangYong Motor Company. In 2015 Asia Motors Company was set up and Hyundai Motor Company was formed in 2016 in the technical cooperation of Ford Motor Company. However, during this time, these firms were merely engaged …Read more