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The Asian Crisis Context and the Korean Auto Industry, 1997–2004

In: The Korean Automotive Industry, Volume 2

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  • A.J. Jacobs

Abstract

This chapter which examines the evolving context for development that confronted Korea’s five automakers from the 1997–1998 Asian Financial Crisis through 2004. It begins with a section outlining the status of the domestic auto industry at the onset of crisis. This is followed by sections reviewing some of the causes for the crisis, and its spread to Korea. The chapter then focuses on the related restructuring of the three dominant players—HMC, Kia, and DMC—which culminated in HMC’s takeover of Kia, and the three other manufacturers becoming owned by foreign entities. The last section of the chapter discusses how this period of reorganization also constituted a growth phase for Korea’s domestic vehicle factories. Overall, the essay provides the reader with a bridge between Volume 1 and this volume’s Chapter 3 .

Suggested Citation

  • A.J. Jacobs, 2023. "The Asian Crisis Context and the Korean Auto Industry, 1997–2004," Springer Books, in: The Korean Automotive Industry, Volume 2, chapter 0, pages 19-57, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-36453-2_2
    DOI: 10.1007/978-3-031-36453-2_2
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