South Korean vehicle production increases 23.3% y/y in January; exports rise 17.1% y/y

Hyundai started a test run of its new, shorter shift system for two weeks at its factories in Ulsan and Asan

South Korean vehicle production rose 23.3% year-on-year (y/y) to 410,602 units in January, reports Yonhap English News. According to data from the Korea Automobile Manufacturers' Association (KAMA), all five South Korean automakers produced a combined total of 410,602 units in the month. Meanwhile, exports by the country's five automakers rose 17.1% y/y to 288,344 vehicles last month, according to the Ministry of Knowledge Economy. In terms of value, the figure was up 24.3% y/y to USD4.27 billion.