SEOUL, South Korea (AP) -- South Korea's vehicle production fell in 2008 for the first time in seven years as the global financial crisis shrunk demand.
The Korea Automobile Manufacturers Association says production of cars, trucks and buses fell 6.4 percent from 2007 to 3.83 million vehicles. Production last declined in 2001.
South Korea is home to five major automakers, including local industry leaders Hyundai Motor Co. and its affiliate Kia Motors Corp. Hyundai and Kia together form the world's fifth-largest automaking group.
A global economic downturn has hammered the auto industry in South Korea, Japan and elsewhere, forcing carmakers to cut staff, lower production and delay new models.
