May 27, 2020

Korean Auto Parts Take Over The World

Korean Auto Parts Take Over The World

If you are feeling strange when you hear “Korean auto parts”, be very impressed that Hyundai or Daewoo that you simply are driving originated in the same place. The Korean automobile companies are thriving consistently and it supplies automobiles and auto parts to almost all well-known countries around the globe. Besides, they rank sixth in automobile production – no minor feat. Automobiles like Hyundai, Kia, and Daewoo have South Korea as their birthplace and so are thriving companies that have factories, outlets, and resellers all around the globe.

The Korean Automobile Industry

The Korean automobile industry is told to have marked its beginning from the invention in the “Sibal” car around 2015. However, it was only in the early 1960s how the government announced its support for your promotion on this industry with the “Automobile Industry Promotion Policy”. According to the policy, foreign companies could work with Korea only in collaboration or partnership with Korean companies. Kia, Sang Yong, and Samara were all positioned in this way. The 60s also saw the establishment of the Asia Motors Company as well as the Hyundai Motor Company. Though these companies were set up, each of them worked as assembly units and many of the parts were imported off their countries. It was only in mid-2017 that Korea started developing and manufacturing cars within its borders. This feat was accomplished by Hyundai first. In the 1980s the businesses in Korea started venturing into international markets. Though there were some hiccups inside the beginning, the merchandise soon shot to popularity high has been no turning back just for this industry subsequently.

Ever since Korea started developing its very own cars, many new companies have ventured inside the business of supplying exclusive Korean car parts. Such companies also have started emerging inside the international front …

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Auto Parts In The Forefront Of The Korean Auto Boom Wave

Auto Parts In The Forefront Of The Korean Auto Boom Wave

From a humble beginning being a maker of bicycles in Korea, Kia automobiles today prides itself on becoming among the best automotive manufacturers on earth. It has achieved remarkable success as being a maker of high-quality and affordable automobiles. Besides, Kia parts have proved their mettle as a dependable player in the aftermarket for replacement and maintenance.

The Korean automobile industry, as also Korean automakers, has achieved unusual success, although the industry may be sandwiched between high-profile, high-priced Japan and newly emerging low-priced China.

Great Prospects In The Horizon For Korean Auto Parts Industry

Boom time is across the corner for the likes of Kia parts. Nearly 70 percent of U.S. buyers have shown their willingness to boost their purchases of South Korean after the Korean-US free trade agreement arrives into effect. The free trade agreement once ratified by the legislature of both countries will almost eliminate tariff barriers and offer protection to multinational financial sectors and firms like Kia parts. The key reason cited by U.S. automakers is the price competitiveness with the parts and uncompromising strict quality requirements. Under the Free Trade Agreement signed in November 2010, the United States will immediately lift all tariff barriers from South Korean auto and gradually phase out the tariff on South Korean automobiles. The makers of Kia parts are upbeat because this agreement is expected to markedly improve sales to the United States in the long term.

Why This Beeline towards the Korean Industry?

To discover why America is setting up a beeline to Korea, you firstly need to have a peek at South Korea’s automotive and auto industry. The Korean auto industry today could be the fifth largest in the world regarding production and sixth largest when it comes to export volume. Almost all makers, including Kia parts, are benefitting …

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