South Korea has set a target of becoming the worldÂ’s fourth-largest automaker by 2015. Korea is currently ranked t sixth.
The South Korean Ministry of Commerce, Industry and Energy (MOCIE) has unveiled a plan to increase the annual automobile production by 95 percent to 7.6 million vehicles in 10 years. South Korean currently produces 3.91 million units annually.
According to the project, South Korea will capture 11 percent of the worldÂ’s auto production market in 2015, the MOCIE said in its joint seminar with the Korea Federation of Industries (FKI).
Korea needs to overtake China or Germany to achieve the goal. The United States is the biggest auto producer, followed by Japan, Germany, China and France.
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