Assembly line at Hyundai Motor Company’s car factory in Ulsan, South Korea, July 2006. Wikimedia Commons
Korea Herald-Oct 25
The Korean auto industry, once the locomotive of the national economy, is in trouble. One prime example is that the auto parts industry has asked for a package of more than 3 trillion won ($2.65 billion) in government financial assistance. The problems facing the car parts companies are so serious that some financial institutions are refusing rollovers and new loans to those in the “high-risk” group.
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First published in: Korea Herald