South Korea's Finance Minister Hong Nam-ki has promised swift assistance for local automakers as their production slowed on a sharp slowdown in the supply of Chinese parts in the wake of the novel coronavirus outbreak. 

In a meeting with reporters on Wednesday, Hong said countermeasures will come out this week or next week. Noting the outbreak’s potential to weaken the global automaking production chain, he said the ministry is reviewing various options to deal with the disruption.  

During a meeting earlier in the day with regional business representatives in Mokpo, South Jeolla Province, the minister said he expected the outbreak to have a significant impact on the South Korean economy and job market.  

Earlier this week, Hyundai Motor partially stopped production of its flagship models and Ssangyong Motor suspended its manufacturing lines for seven days as supplies from China dried up due to the outbreak.