Shinjin Motors
| Industry | Automotive |
|---|---|
| Fate | Bought out |
| Founded | 1954 |
| Defunct | 1984 |
| Headquarters | South Korea |
| Products | Automobiles |
| Shinjin Motors | |
| Hangul | 신진자동차 |
|---|---|
| Hanja | 新進自動車 |
| Revised Romanization | Sinjin Jadongcha |
| McCune–Reischauer | Sinchin Chadongch'a |
Shinjin Motors or Sinjin Motors (Korean: 신진자동차, IPA: [ɕʰindʑin dʑadoŋtɕʰa]) is a defunct South Korean car manufacturer.
Founded in 1954, and the same bus manufacturer was "Shinjin Bus Manufacturing Company" is an independent company and is now a part of the Daewoo Bus Corporation.
The Shinjin Industrial Company started as a parts producer in 1954, branching into the automotive field in 1958 as a rebuilder for the U.S. Army, with actual assembly commencing in 1962.
The Government of South Korea enacted the "Automotive Industry Promotion Law" in 1962. Under this legislation, the importation of assembled automobiles was outlawed, subsidies were made available to assemblers who were also afforded tariff exemption on the importation of parts. Responsibility for deciding which firms would be authorized to undertake automobile manufacturing was held by the Minister of Trade and Industry, who at the time opted to appoint just one company for each product segment to maximize economies of scale. The minister initially favored the Sammi Corporation for passenger automobiles. Preference was shifted to Saenara Motors after the latter made alleged political contributions to the party recently established by the military government. Consequently, Saenara signed an agreement with Nissan who provided the company with technical assistance and a US$35 million loan to facilitate the construction of a factory in Bupyeong-gu, Incheon. Saenara Motors began importing duty-free Datsun Bluebird (310) semi-knock-down kits from Nissan in November 1962 at a cost of ₩130,000 per unit. The assembled cars were then retailed at ₩250,000—thus producing large profit margins that allowed Saenara to provide political donations to the government. Due to a shortage in foreign currency, the junta later forbid the firm from importing further kits, leading to the cessation of manufacture in May 1963, having built only 2,773 cars. Saenara collapsed that July, thus resulting in its ownership transfer under joint management by the ministry and Hanil Bank.
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