[Monitor] Auto industry in jeopardy

Multiple indices show the grave condition faced by the South Korean auto industry due to drastic declines in exports coupled with low domestic demand.

The Korea Automobile Manufacturers Association showed that in the first half of this year, a total of 1,324,710 domestic car brands were exported, the lowest in eight years. The drop was attributed to some 40 percent cut in the sales in China and GM‘s withdrawal from Europe that led to downsized exports by GM Korea.

Domestic sales also dropped by 4 percent from the previous year.