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Turning Crisis into Opportunity: Is Korean Automobile firms in the new century leap forward?
Submitted by Myeong-Kee Chung, Hannam University on 1 févr. 2011 - 13:14
Type de publication:Conference Paper
Source:Gerpisa colloquium, Paris (2011)
Mots-clés:finacial crisis 2008-2009, trajectoires des firmes
The global automotive markets have sharply declines from the fall of 2008 in consequence of the financial crisis. Under extremely severe conditions, automobile makers run a race for survival in the global market. To respond to the crisis, automobile manufacturers must solve liquidity problems urgently and reduction in production cost. They also have implemented creative marketing strategies to entice reluctant consumers, even though it has not helped the catastrophic drop in sales.
There is no doubt that the automobile industry is going through a fundamental shift. A recession of worldwide automobile demands has been affected by financial crisis is prompting automobile manufactures to form alliances and shift on concentrating on the emerging market, which has withstood the slump amid economic growth and government subsidies. Nevertheless Korean automobile manufacturer cannot escape the global financial crisis; Korea major OEM makers Hyundai & Kia is not immune to global credit crunch.
In this context, my paper will look at current market situation and new trends in the Korean automobile industry and its future prospects. This paper also aims to provide preliminary understanding regarding the development pathway of Korean automobile makers in order to survival in the current global financial crisis. The paper is organized as follows. Part 1 analysis of the features of Korean market and describe Korean automakers performance in the periods of global crisis. Part 2 focuses on the new market trend, which is caused by Korean domestic economy condition after global financial crisis. The crisis leaded a structural change in automobile consumption downsizing. In last part, a detailed description of Korean automakers is presented to explain how the Korean firms compete in the financial crisis.