“It’s time to prepare for the shock of a global demand contraction and European supply issues,” Industry Minister Sung Yoon-mo said in a meeting with parts supplier executives and industry associations, according to a readout from the ministry.
The ministry gave no details on how much liquidity support the government would provide or what form it might take. The assistance is part of 50 trillion won in emergency financing announced last week to boost the economy.Hyundai Motor closed its Montgomery, Alabama, assembly plant on Wednesday after an employee there tested positive for COVID-19. It also suspended production at its plants in the Czech Republic and India due to the coronavirus outbreak.
A trade ministry official said South Korean exports would deteriorate in April and May, after rising 10% year-on-year in the first 20 days of March. Car exports rose 13.7% in the period, customs agency data showed on Monday.