A NEW ENTRY TO THE KOREAN AUTO INDUSTRY

Technology is improving every day. And as days pass, the number of new entrants is increasing significantly. Many of these entrants include automakers. The automaking industry is thriving and moving forward very quickly.

Since the environment is a real concern these days, many automakers are producing and manufacturing environment-friendly cars, embedded with catalytic converters. Some are producing completely electric cars that can be charged at charging stations placed all around. These improvements have been all around the world, but Korea has been on top of the list.

The carmakers make their name a global brand, have changed the condition of the nation completely and have earned a reputation for the country in the world. Korea has seen major changes in the automobile industry. Some newcomers to the Korean car markets are reportedly in conversation, and we’re going to look at it today.

In a three-way joint venture with South Korea’s Posco International and Curo Group Co., Zhejiang Geely New Energy Commercial Vehicles Group (GCV), the well established Chinese car manufacturer is planning to broaden Geely’s trade name, Farizone Car, and the new partnership will be the basis for the Korean expansion. Posco will thus serve as a strategic agent for the Chinese manufacturer and will launch and promote some new energy models not yet announced.

With the expansion in the Korean automobile industry in mind, a new competitor undoubtedly would affect sales in general and, we suspect, domestic companies will also launch competing models to avoid the losses. Nobody wants to be left behind in the technologically advanced world.

Therefore, the Korean automobile industry is at the beginning of a new chapter and we are expecting this to be great for the Korean car industry. These changes were much needed considering the rise in environmental issues these days.