EXECUTIVE INSIGHTS - THE KOREAN AUTOMOBILE-INDUSTRY - CHALLENGES AND STRATEGIES IN THE GLOBAL MARKET

This article deals with the current challenges and future strategies f or the Korean automobile industry in the global market. To understand its strengths and weaknesses, the trends of the world market for motor vehicles and the development of the Korean automobile industry are di scussed. In the first part, Korea's automobile production in the world market is examined. A brief overview of the production and consumptio n of automobiles is provided along with a description of the four-stag e development of Korean car production. In the second part, various fo rces of production are identified that affect Korean automakers' compe titiveness in the global market. Capital formation, labor relations, t he role of government, management style, production technology, resear ch and development, and workmanship are discussed briefly. Finally, in light of current observations, some of the challenges for the Korean automobile industry in the future are pointed out and some recommendat ions for automakers, labor, and the government are offered.