According to the Korea Auto Industries Coop. Association (KAICA), the primary subcontractors of Hyundai Motor and Kia Motors, which numbered about 300, exported 9.66 trillion won worth of parts and components to foreign carmakers such as GM, Volkswagen, Ford, Nissan and Chrysler last year.
This figure is up 11 percent or 960 billion won compared to the previous year’s 8.7 trillion won and up 79 percent from 5.4 trillion won in 2011.
Of last year’s total, the exports of domestically-produced parts and components amounted to 4.29 trillion won, while those of foreign-produced parts and components stood at 5.37 trillion won.
Key factors behind the hike in exports by the subcontractors of Hyundai Motor and Kia Motors include the automakers’ active support to promote the subcontractors’ overseas entries and to improve their marketing and technology capabilities.