SEOUL, Feb 13 ― South Korean car giant Hyundai Motor has increasingly relied on China to supply auto parts to its manufacturing hub at home in recent years. As the coronavirus spreads, its strategy could be backfiring. One of its main suppliers, Kyungshin, which has rapidly boosted capacity in...
Thursday, 13 Feb 2020 07:27 AM MYT
One of its main suppliers, Kyungshin, which has rapidly boosted capacity in China over the past two decades to capitalise on the country's lower labour costs and proximity to South Korea, has seen its operations hit hard by the epidemic. It has increased output at its factories in the United States, India, Cambodia and South Korea, according to three people with knowledge of the measures, who told Reuters the company was running its Korean plants around the clock.
The return to work by millions of people in China, where the coronavirus has killed more than 1,100 and infected over 44,000, has been marked by public fears over safety and mistrust of authorities. They have been able to swiftly supply not only Hyundai's Chinese factories, but increasingly its assembly lines back home.
About 170 South Korean first and second-tier parts suppliers run a total of around 300 factories in China, according to South Korean auto industry association data.
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