Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Intel’s blockbuster $15.3 billion acquisition of Mobileye
US-based chipmaker Intel has agreed to purchase Mobileye, an Israeli tech company that develops vision-based driver assistance systems, for $15.3 billion in a bid to gain a foothold in the growing market of autonomous driving technology, the firm said Tuesday. The chipmaker announced Monday it will acquire Mobileye for $63.54 per share, a 34 percent premium to Mobileye’s closing price Friday.The blockbuster deal marks Israel’s biggest acquisition, and Intel’s second-largest after its $16.7 billi
March 14, 2017
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Tesla Korea opens first showroom Wednesday
Tesla will officially launch its operations in South Korea on Wednesday, opening its first showroom at the Starfield Hanam shopping complex in Hanam, Gyeonggi Province. While customers cannot actually purchase vehicles at the showroom, visitors can inspect a display model of the company’s S 90D luxury vehicle, which will be the first model introduced to the Korean market. Vehicles can only be purchased through the company’s website, which allows for the customization of each vehicle. Shortly fo
March 14, 2017
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Imported commercial vehicle sales reach 323 in Feb.
A total of 323 imported trucks and other commercial vehicles were sold here last month, marking a sharp drop from a month earlier, data showed Tuesday.The February tally marked a 25.4-percent plunge from 433 units sold in January, according to the data from the Korea Automobile Importers and Distributors Association. (Yonhap)No comparable data was available from the previous year as KAIDA began compiling such data at the beginning of this year.By brand, Volvo Trucks topped the list with 133 vehi
March 14, 2017
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SUV market seems saturated amid record sales in recent years
Sales of sports utility vehicles that rose sharply in South Korea over the past few years are showing signs of market saturation, industry data showed Tuesday.SUV sales surged to 454,669 units last year, up from 452,200 the previous year, according to figures from the Korea Automobile Manufacturers Association.The 2016 figure represents a pronounced increase from 243,906 in 2010.The number of vehicles sold last year accounts for 33.8 percent of total passenger cars sold that reached 1,343,379 un
March 14, 2017
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Maybach Korea’s Songdo project faces delay over scandal
A plan to build the world’s first business center from ultra-luxury German carmaker Maybach in Songdo, west of Seoul, is facing possible delays over a political scandal the company has denied any involvement in.Maybach Korea, a local office of Daimler Group, has been facing market speculations that the project may have been consulted with by a close friend to Choi Soon-sil, the woman at the center of the influence-peddling scandal that led to the impeachment of former President Park Geun-hye. An
March 13, 2017
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Hyundai Motor wins two iF Design Awards
Promotional image for Hyundai Motor’s home charging system for the Ioniq Electric. (Hyundai Motor Company) Hyundai Motor has won two product design awards at this year’s annual 2017 iF Design Awards ceremony for its new typeface, “Hyundai Sans,” and the Ioniq Electric vehicle’s home charging system, the company said Monday. Germany’s iF Design Awards competition is judged by a panel of some 60 international experts in the fields of design, industry and architecture. This year’s winners’ ceremo
March 13, 2017
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Toyota, Lexus offer three-week service discounts
Toyota’s fourth-generation smart hybrid Prius (Toyota Korea) Toyota Korea announced it will carry out a commemorative service campaign this month for all Toyota and Lexus vehicles in celebration of the cumulative global sales of hybrid vehicles surpassing 10 million units, the company said Monday. The two brands’ official dealer service centers will offer customers a 10 percent discount (15 percent for more than two selections) on service and inspections of main hybrid batteries, hybrid auxilia
March 13, 2017
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BMW appoints director for new strategic planning team
BMW Group Korea announced Monday its plans to establish a strategic planning team and the appointment of Choi Il-yong as its director. Choi has 20 years of experience working as a specialist in business development and strategic planning in the field of information technology, according to BMW. He is slated to take up the post on April 3. He formerly worked for Samsung SDI, IBM Korea and SK Energy. Choi Il-yong (Yonhap) The new strategic planning team is expected to take charge of corporate str
March 13, 2017
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BMW Korea takes reservations for BMW i3 94Ah
BMW Korea, the local branch of the German luxury carmaker, has started taking reservations for the upgraded electric car BMW i3 94Ah, the company’s Seoul office said Sunday. The company highlighted the enhanced driving distance of the electric vehicle of up to 200 kilometers on a full charge powered by a 33 kilowatt-hour, 94 ampere-hour lithium battery. The BMW i3 94Ah. (BMW Korea)Three colors -- protonic blue, fluid black and mineral grey -- have been added to the color palette, the company sai
March 12, 2017
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Renault Samsung raises prices without official notification: reports
Renault Samsung Motors, the South Korean unit of French automaker Renault S.A., carried out a price hike of up to 750,000 won ($653) across six models without officially notifying customers, according to local reports Sunday. A total of six models -- the SM3, SM5, SM6, SM7, QM3 and QM6 -- underwent a price increase in line with the release of 2017 model-year vehicles, Yonhap News Agency reported. The firm increased the prices of the popular LE and RE trims of its flagship midsize sedan SM6 by up
March 12, 2017
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Auto output hits 7-year low this year
South Korea's vehicle production hit a seven-year low in the first two months of the year due to flagging demand in emerging markets, data showed Friday, sparking concerns over the industry's performance for 2017.The country's vehicle output reached 634,073 units in the January-February period, down 3 percent from the previous year and the lowest level since 2010, according to the data by the Korea Automobile Manufacturers Association.This photo, taken on Jan. 2, 2017, shows cars waiting to be l
March 10, 2017
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Hyundai Mobis feels the impact of THAAD
Hyundai Mobis, Korea’s biggest auto parts maker, alongside other small and mid-size auto parts companies, is facing the impact of THAAD-related tensions, industry figures showed Thursday.According to the Korea Stock Exchange, Hyundai Mobis closed at 240,500 won ($208) per share Wednesday, down 1.43 percent from a day earlier. The firm’s value dropped some 5 percent this week, following news that China has amplified pressure on Korean businesses that depend heavily on Chinese consumers and those
March 9, 2017
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Transport Ministry recalls 97,038 vehicles from 4 carmakers
The Ministry of Land, Infrastructure and Transport has ordered a recall of 97,038 vehicles across 17 models from Renault Samsung Motors, Jaguar Land Rover Korea, Forza Motors Korea and Mercedes-Benz Korea. According to the ministry’s press release Thursday, of the overall total, 94,069 Renault Samsung SM6 sedans are being recalled. The Transport Ministry also announced it plans to charge Renault Samsung Motors a fine of roughly 611 million won ($528,000) for violating safety standards.Renault S
March 9, 2017
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Hyundai, Kia aiming to up market share with new models
South Korea's top carmaker Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. are striving to boost their domestic market share with new models after suffering a setback last year due to underdogs' strong performances, industry sources said Thursday.The combined market share of Hyundai and Kia, the flagships of Hyundai Motor Group, ticked down to 65.4 percent in 2016 from 67.7 percent the previous year as their three smaller rivals performed better than expected.The downturn continued
March 9, 2017
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GM Korea cuts All New Cruze prices to catch up with competitors
GM Korea Co. said Thursday it has lowered the price of its new compact car amid the delay in the production and delivery of the vehicles to address defective airbag parts.The South Korean unit of USautomaker General Motors Co. cut the price range of the All New Cruze models to 16.9 million won ($14,616) and 23.4 million won, down from their earlier price range of 18.9 million won and 24.7 million won.(Yonhap)The original price tags were a bit higher than their competitors, Hyundai Motor Co.'s Av
March 9, 2017
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Hyundai seeks to revive Sonata legacy
Hyundai Motor, the nation’s largest carmaker, unveiled a face-lift of the current generation of the Sonata LF on Wednesday, with an aim to revive its once-dominant presence in the midsized sedan category here. The South Korean carmaker applied a dramatic twist to its existing design and added a list of smart features. Calling it Sonata New Rise, the carmaker plans to sell 92,000 units in the local market this year. Lee Kwang-guk, executive vice president of Hyundai Motor’s domestic sales divisio
March 8, 2017
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US vehicle emission ease to impact LG Chem
The Trump administration’s latest moves to ease vehicle emissions is expected to deal a blow to local companies involved in electric vehicles such as LG Chem, South Korea‘s leading electric vehicle battery maker, an industry expert said Wednesday.“It is likely that global automakers’ momentum to develop electric vehicles will weaken due to the US government’s decision (to ease regulations),” said Lee Choong-jae, an analyst from KTB Investment and Securities.Lee added that LG Chem, for one, will
March 8, 2017
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[News Focus] Driving closer to being a chore of the past
A mere three years from now, the public can expect to see fewer manually driven cars on the road. Autonomous technology has become the new wave of the future for the automotive industry, as worldwide sales of self-driving cars are forecast to reach annual sales of 20 million units by the year 2035, according to a report by the Korea Institute for Industrial Economics and Trade. “The smart car market will expand to a large extent as self-driving cars are expected to hit the road around 2020,” t
March 8, 2017
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Full-size cars gain popularity in Korea
Full-size sedans are fast gaining popularity among South Korean motorists with their sales overhauling those of midsize cars in recent months, data showed Wednesday.Domestic sales of full-size cars, including Hyundai Motor Co.'s Grandeur and Kia Motors Corp.'s K7, totaled 16,314 units in February, about 1,500 more than those of Hyundai's Sonata and other intermediate cars, according to the data from the Korea Automobile Manufacturers Association.Hyundai Motor Co.'s all new Grandeur full-size sed
March 8, 2017
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SK Networks may merge with AJ Rent-a-car
SK Networks, South Korea’s third-largest car rental provider, is rising as a possible buyer of AJ Rent-a-car, the country’s No. 2 car rental company, local reports said Tuesday.(SK Networks)Since last September, there have been speculations that AJ Networks -- a local construction device and IT equipment rental provider -- might sell 45.38 percent of shares in its rental service unit. “It is highly likely that that the proceeds from the LPG business disposal will be earmarked for rental car busi
March 7, 2017