While auto sector thrives, gap widens between companies

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(The Korea Herald)

Hyundai Motor Group strides ahead, SsangYong struggles in liquidity crunch

South Korea’s automotive industry was one of the few sectors to weather the COVID-19 pandemic with few ill effects, managing to expand in 2020 with prospects for further strides amid market changes in 2021.

Not only did the pandemic encourage consumers to rely on personal cars for transportation, but the fast growth of electric vehicles and autonomous driving technology gave momentum to the industry at a time it was desperately needed.

But on a closer view, the rich-get-richer dilemma intensified as top-tier players benefited from the turn of the market while other businesses found themselves in hot water with financial problems or labor disputes.

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