The Korea Times close
National
  • Politics
  • Diplomacy
  • Defense
  • Labor & Environment
  • Law & Crime
  • Health & Welfare
  • Embassy
  • Seoul & Provinces
  • Education
  • Foreign Communities
  • Obituaries
  • Multicultural Youth Award
Biz & Tech
  • Auto
  • IT
  • Game
  • Manufacturing
  • Retail & Food
  • Energy
  • Construction
  • Airlines
Finance
  • Policies
  • Economy
  • Markets
  • Banks
  • Non-banks
  • Economic Essay Contest
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
Lifestyle
  • Arts
  • Books
  • Travel & Cuisine
  • Trend
  • Fashion
  • Around Town
  • Fortune Telling
Entertainment
  • K-pop
  • K-dramas & Shows
  • Movies
  • Music
  • Performances
  • Asia Model Festival
Sports
  • Football
  • Golf
  • Baseball
  • Other Sports
World
  • Asia Pacific
  • Americas
  • Europe & Africa
  • SCMP
Video
  • On the Spot
  • Feature
  • News
Photos
  • Photo News
  • Darkroom
Community
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Biz & Tech
  • Auto
  • IT
  • Game
  • Manufacturing
  • Retail & Food
  • Energy
  • Construction
  • Airlines
Wed, January 20, 2021 | 22:57
Auto
Japanese carmakers suffer extended setback in Korea from trade row
Posted : 2020-06-28 10:17
Updated : 2020-06-28 10:17
Mail
Print Preview
Font Size Up
Font Size Down
A logo of Japan car manufacturer Nissan / Reuters
A logo of Japan car manufacturer Nissan / Reuters

Japanese automakers are suffering an extended slump in South Korea amid a protracted trade row between the two Asian neighbors and the coronavirus pandemic, industry sources said Sunday.

Honda Motor Co. suffered a sharp decline in its operating income to 1.98 billion won (US$1.64 million) between April 2019 and March 2020, down from an operating income of 19.6 billion won a year earlier, according to its audit report. Its sales also plunged 23 percent to 363 billion won over the cited period.

Its vehicle sales here also sank by 73 percent in the first five months of the year from a year earlier to 1,323.

Nissan Motor Co. also decided to pull out from South Korea 16 years after its landing here amid an extended slump with weak sales caused by lingering anti-Japan sentiment and the new coronavirus outbreak.

Nissan and its premium brand Infiniti logged 38 percent and 71 percent drops in sales, respectively, to 1,041 and 222 vehicles in the January-May period.

Toyota Motor Corp. and its luxury brand Lexus also were also stung by protracted slumps, with their vehicle sales dropping 57 percent and 64 percent, respectively, in the first five months of the year compared to a year earlier, industry data showed.

Last July, Japan tightened regulations on exports to South Korea of three high-tech materials critical for the production of semiconductors and displays.

In August, Japan also removed South Korea from its list of countries given preferential treatment in trade procedures.

South Korea views the moves as retaliation against 2018 Supreme Court rulings here ordering Japanese firms to compensate South Korean victims of forced labor during Japan's 1910-45 colonial rule of the Korean Peninsula. (Yonhap)


Japan opposes Korea's G7 participation
Japan has stepped up its efforts to prevent Korea from joining the G7 with Tokyo lobbying the United States to drop Seoul from its expansion scenario for the group of advanced econ...









 
WooriBank
 
  • Conflicts over noise in apartments on the rise amid pandemic
  • Lee's imprisonment forces Samsung into emergency mode
  • Moon's remarks on 'adoption cancellation' spark controversy
  • Inauguration parade
  • Moon's changing stance on Japan linked to North Korea engagement: experts
  • Calls growing for better system to prevent child abuse
  • Speed skater sues ex-teammate over mental damage following Olympic controversy
  • Government push for profit-sharing angers conglomerates
  • Biden-Harris inauguration is taking shape [PHOTOS]
  • Low-priced blue-chip companies in green sectors expected to enjoy rally
  • K-pop expands from entertainment to activism K-pop expands from entertainment to activism
  • Red Velvet's Irene to make silver screen debut in February Red Velvet's Irene to make silver screen debut in February
  • 'The Uncanny Counter' writer leaves show despite soaring ratings 'The Uncanny Counter' writer leaves show despite soaring ratings
  • Boy group Cravity features in Airbnb's 'Inside K-pop' program Boy group Cravity features in Airbnb's 'Inside K-pop' program
  • Netflix to roll out more original series based on Korean webtoons in 2021 Netflix to roll out more original series based on Korean webtoons in 2021
DARKROOM
  • Biden-Harris inauguration is taking shape [PHOTOS]

    Biden-Harris inauguration is taking shape [PHOTOS]

  • Second Trump impeachment

    Second Trump impeachment

  • Pro-Trump rioters breach the US Capitol

    Pro-Trump rioters breach the US Capitol

  • Our children deserve better (Part 2)

    Our children deserve better (Part 2)

  • Migrants hard hit by COVID-19: UN migration agency

    Migrants hard hit by COVID-19: UN migration agency

WooriBank
  • About Korea Times
  • CEO Message
  • Times History
  • Content Sales
  • Media Kit
  • Contact Us
  • Location
  • Privacy Statement
  • Terms of Service
  • Mobile Service
  • RSS Service
  • Ombudsman
  • hankookilbo
  • Dongwha Group
  • Code of Ethics
Copyright