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S.Korea's car production posts double-digit fall in Oct. on labor strikes

Xinhua, November 10, 2016 Adjust font size:

Auto production in South Korea posted a double-digit fall last month as labor unionists in major carmakers went on partial strikes, a government report showed on Thursday.

The country's carmakers produced 347,470 vehicles in October, down 14.2 percent from the same month of last year, according to the Ministry of Trade, Industry and Energy (MOTIE).

Key auto manufacturers, including top automaker Hyundai Motor and its affiliate Kia Motors, saw their manufacturing activity decline as labor strikes disrupted production.

The number of cars produced by Hyundai and Kia reached 144,677 units and 111,075 units each last month, down 17.9 percent and 21.8 percent compared with a year earlier.

GM Korea's car production declined 4.2 percent, but those for Renault Samsung increased 42.2 percent as the company was not affected by labor walkouts.

Combined auto exports by carmakers slumped 13.1 percent over the year to 216,931 vehicles in October. Hyundai's auto shipments declined 9.4 percent, with those for Kia tumbling 26.6 percent.

Car sales in the domestic market retreated 10.0 percent to 148,078 vehicles as the end of temporary tax cut for auto purchases weighed down on demand for new cars along with lackluster economic recovery.

The country's real gross domestic product (GDP) grew 0.7 percent in the July-September period from three months ago. Except for the construction investment and the fiscal spending, the real GDP fell 0.1 percent, boosting worries about the export-driven economy. Endit