Yes, however the problem is not as common as it is with traditional paints like lacquers and enamels. The reason for this is because of the molecular structure of modern paints is much tighter, more dense than traditional paints like lacquers and enamels. This in-turn makes the pore structure tighter and denser. A dense molecule structure makes it difficult for water and other detrimental substances to get into the paint through pores and other microscopic surface imperfections where they cause oxidation and corrosion.

Most oxidation problems can be avoided with even minimal attention (i.e. regular washing and periodic waxing with a premium wax or paint protectant).