Pyeonghwa Motors

Pyeonghwa Motors was officially founded by the Unification Church. The venture came during the period of the Sunshine Policy between North and South Korea, when sanctions on the country were not as tough. The venture was announced in 2000.

In 2002, around $55 million was set aside to build the factory, with which the first production line in Nampo was completed and the first Hwiparam was produced. The Premio and Pronto were later introduced in 2004.

In 2009, PM earned about $700,000 from the sale of 650 cars, with $500,000 remitted to South Korea. Park Sang-Kwon, Pyeonghwa Motors president, started talks to end investment in 2012.

The Unification Church officially transferred all investment to Pyongyang in 2013.

Production

Pyeonghwa holds the exclusive rights to car production, as well as the purchase and sale of used cars in North Korea. However, most North Koreans are unable to afford a car. Due to the very small market for cars in the country, Pyeonghwa's output is reportedly quite low; in 2003, only 314 cars were produced, despite the factory's capacity to produce up to 10,000 cars per year.

Further models and partnerships

In summer 2006, the North Korean government magazine Foreign Trade of the DPRK, which advertises North Korean products, published a photograph of a new luxury car produced by Pyeonghwa, the Junma, which appears to be a rebadged version of the South Korean SsangYong Chairman.

The Junma bears a strong resemblance to SsangYong cars, specifically the Chairman, which are favored by North Korean government officials. The chairman is based on an old Mercedes E-Class design.

In 2006, Pyeonghwa reached an agreement with Chinese manufacturer Brilliance China Auto to assemble its Jinbei Haise vans, which are based on an old version of the Toyota HiAce.