Seoul sources have stated that India has overtaken South Korea as the world's fifth biggest producer of automobiles in the first seven months of this year, industry data has showed Sunday and it is the first time in 12 years that South Korea has lost the No. 5 spot and if the trend continues, South Korea would be in danger of losing the No. 5 spot on an annual basis this year.
It was stated that in the first seven months of the year, the country's accumulated auto production stood at 2.55 million units, fewer than 2.57 million units by India and last year, and South Korea's annual auto production stood at 4.55 million units, compared with 4.12 million units by India.
Meanwhile the Auto production in the second half of the year is expected to lose further steam as tax incentives ended and the union of Hyundai Motor is on an intermittent strike and during August, South Korea's auto production stood at 217,097 units, compared with 387,704 units by India.
Presently Hyundai Motor's management and union leaders struck a deal to raise the monthly base pay of an employee by 58,000 won (US$52) and each worker will also receive 350% of the base monthly payment and an additional 3.3 million won in performance incentives.
