Continuing with our series on the outlook for different sectors this year, today, we'll take a look at the prospects for the auto industry in 2012.
Korean automakers performed pretty well in both the domestic and overseas markets in 2011 but, the global auto-industry is expected to be much more competitive this year.
And now our Yang Ji-woo joins us in the studio to tell us more.
So Ji-woo could you tell us what we can expect from Korean automakers over the next 12 months[Reporter : ] Yes, Jin-joo, despite the ongoing global economic uncertainties Korean automakers ramped up production last year posting unprecedented overseas sales.
That came amid mounting concerns over the stability of big economies in Europe and China.
And with all three U.S. automakers vying for a bigger market share after undergoing major overhauls. and Japanese rivals rebounding from disasterous production disruptions Korean automakers can expect tougher competition ahead over the next 12 months.
Let take a closer look at the 2012 global auto industry.
The outlook for 2012 is not so bright for most automakers. as they are being hit hard by the ongoing eurozone debt crisis and lukewarm consumer demand.
[Interview : Jeremy Anwyl, Vice chairman
Edmunds.com] "We see competition actually increasing next year amongst car companies. For example, Toyota is going to be looking to pick up some lost shares. They really lost some ground over the last couple of years. They are going to want to regain some shares. Volkswagen is being very aggressive. Hyundai, I think, could be a spoiler in the marketplace."
Nevertheless the 2012 North American International Auto Show taking place in Detroit starting this week hints at the US auto industry recovery.
[Interview : Matthew Stover, Auto industry analyst
Guggenheim Securities] "I think to compare and contrast this year's show to two years ago, it's like two different worlds. Ford is in particularly good shape. If we would have been here 10 years ago, it would have been a story of trucks truck trucks."
Fuel efficiency is of particular importance to consumers in 2012 with many major car companies looking to meet the demand by rolling out more hybrid vehicles.
[Interview : Michael Lohschelller, CFO
Volkswage Group America
] "The year 2011 was for Volkswagen America a very successful year. We sold 444,000 thousand vehicles, which was a 23% increase over the previous year."
Robust sales in emerging markets as well as natural disasters disrupting Japanese automakers' production lines last year benefitted the Korean automakers in beefing up sales and achieving a breakneck speed of growth over the past few years.
However Korean automakers are expected to perform well thanks to their eye-catching designs and aggressive marketing strategies and Hyundai continues to grab attention with its Elantra model taking the title of the North American Car of the Year for 2012 at the Detroit Auto Show.
So, what are some of the main industry trends or technologies for this year[Reporter : ] Yes, Jin Joo, the auto industry in 2012 is all about down-sizing and fuel-efficiency. In light of rising gas prices and economic uncertainties consumers seek more efficient vehicles.
Global automakers such as Hyundai and BMW are aiming for better fuel economy.
They brought more fuel-efficient four-cylinder versions of their mid-size cars in global markets, to replace more thirsty six-cylinder engines.
Thank you
[Reporter : ] Thank you.
JAN 12, 2012
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Monday, May 28, 2012, (KST) 
