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Chip shortage cut S. Korea auto production by 20.9% in Q3 Updated: 2021-10-17 16:55:17 KST

The global shortage of semiconductors has hit production at South Korean automakers in the past three months.
According to the Korea Automobile Manufacturers Association, local carmakers in the third quarter saw production decline by almost 21 percent from the same period a year earlier, marking the biggest on-year decline since the global financial crisis of 2008.
Production had been rising this year, and the shortage was expected to ease by this month, but car factories in Southeast Asia in particular were hit by coronavirus lockdowns.
Reports say the shortage could force Korea's biggest automakers, Hyundai and Kia, to postpone the launch of new models.
The chip shortage is now expected to last until 2023, causing the production backup to get worse before it gets better.
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