Coronavirus outbreak hurting S. Korean automakers

Coronavirus outbreak hurting S. Korean automakers


Hyundai Motor has suspended most
production here in the nation as the corona virus outbreak in China disrupted
supply of parts Seoul’s government as Chinese regional government to help
South Korean auto parts suppliers factories in China resume operations for
details let’s turn to our kim ji hee South Korea’s biggest automaker Hyundai
Motor Group is gradually suspending assembly lines at its domestic plants
due to difficulties receiving components from the company’s suppliers in China by
next Monday almost all of Hyundai Motor and Kia Motors production lines will be
at a standstill with the length of the suspension period depending on supply
lines from China many companies in China are currently operating at a limited
output due to the extent a holiday due to the corona virus outbreak amid the
worsening epidemic candy Motor Group has decided to provide over 840 million u.s.
dollars to its small or mid-sized suppliers in Korea with many auto mobile
businesses in South Korea preparing for big losses due to the epidemic the
Finance Ministry announced support measures on Friday to minimize
disruption to the country’s automobile sector finance minister hong lankey said
the ministry will come up with mid to long-term measures to tackle supply
shortages of auto parts he said the ministry will strengthen
consultations with regional Chinese governments to ask them to resume
operations of their auto parts plans he also stressed that his ministry is
mobilizing all private channels such as the South Korean embassy in China and
the Korea trade-investment promotion agency to ensure that the Chinese
factories are up and running again soon Hong said the government will work to
quickly bring auto parts into the country through a 24-hour emergency
import clearance system he added the ministry will quickly grant approval if
companies apply for an extension in working hours to expand domestic
production kim daehee arirang news