Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Hopes rise for possible Gaza truce deal
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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S. Korea to issue travel ban on Haiti amid intensifying gang violence
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Leaders of S. Korea, Angola agree to boost economic, trade cooperation
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Hyundai Mobis Q2 profit jumps 13% on SUV sales
[THE INVESTOR] Hyundai Mobis on July 28 said that it posted a 13 percent increase in second-quarter operating profit from a year earlier, thanks to favorable currency rates and improved supply to sport utility vehicles. South Korea’s largest automotive parts supplier affiliated with Hyundai Motor Group reported the April-June operating profit of 784.7 billion won (US$696.2 million), compared with the 694.4 billion won from the same period last year. Hyundai Mobis’ Mabuk technical center in Yongi
July 28, 2016
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Hyundai Motor slips in US ranking
[THE INVESTOR] South Korea’s largest automaker Hyundai Motor slipped down in the US ranking of cars that measures the overall satisfaction of owning and driving cars. Hyundai Motor ranked ninth, down from second last year, among non-premium brands on the J.D. Power’s Automotive Performance, Execution and Layout Study, released on July 27. The result is based on responses from more than 80,000 purchaser and lessees of new vehicles who assessed the performance and design after 90 days of ownership
July 28, 2016
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Five Hyundai, Kia cars named segment leaders in U.S. survey
Five vehicle models produced by South Korean automaker Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. have been named best cars by U.S. consumers, the automakers said Thursday.In a survey conducted by J.D. Power and Associates, a U.S. marketing information service firm, the Hyundai Tucson was named the best small SUV, beating the Volkswagen Tiguan and all other competitors in the segment, according to Hyundai.The survey was conducted on those who purchased a new car between Novembe
July 28, 2016
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Prosecutors seek arrest warrant for ex-VW Korea chief
[THE INVESTOR] Prosecutors on July 27 filed for an arrest warrant for Park Dong-hoon, Volkswagen Korea’s former chief executive officer, over the German automaker’s emission rigging scandal. Park has been charged with fabrication of private documents, obstruction of justice and violation of the Clean Air Conservation Act. The 63-year-old headed the Korean unit from its initiation in 2005 to 2013 before moving to Renault Samsung Motors as sales chief. He took helm of the Korean unit of France’s R
July 28, 2016
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Korea's car exports sink 13.1% in Q2
Exports of South Korea-made cars sank 13.1 percent in the second quarter from a year earlier due mainly to contracted demand from emerging countries and intensified market competition, customs data showed Thursday.The total value of car exports reached $9.6 billion over the April-June period, down 13.1 from $11.1 billion tallied a year earlier, according to the data by the Korea Customs Service.Meanwhile, that of imports jumped 21.5 percent on-year to $3 billion from $2.4 billion over the cited
July 28, 2016
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Ssangyong, Jaguar cars recalled over safety and fuel efficiency issues
Ssangyong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., will recall over 2,600 units of its flagship Korando C sport utility vehicle sold here for faulty seatbelts that may be too loose to keep passengers safe, the transportation ministry said Thursday.The car is one of six vehicle models, including two types of two-wheeled vehicles and a commercial truck, from five separate manufacturers that failed government tests, according to the Ministry of Land, Infrastruct
July 28, 2016
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Kia Motors to launch new SUV to boost Chinese sales
[THE INVESTOR] Kia Motors, a Hyundai Motor's smaller affiliate said on July 27 it plans to roll out a new sport utility vehicle in China in response to stagnating car sales in the world’s second largest economy. “In China, we will unveil a new SUV, similar to Sorento, next year,” Han Chun-soo, Kia’s chief financial officer, said at the conference call after announcing the Q2 results. “Besides SUVs, we will also include compact cars and the K5 hybrid model in the new lineup to increase presence i
July 27, 2016
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Kia Motors Q2 profit up 18.5% on new car launches
[THE INVESTOR] Kia Motors posted an 18.5 percent increase in second-quarter operating profit, driven by newly launched cars and solid demand in its major markets including the US and Europe. South Korea’s second largest automaker on July 27 reported the April-June operating profit of 770.9 billion won (US$679.20 million), compared with the 650.7 billion won from the same period last year. It is the first time that the company’s operating profit has exceeded the 700 billion-won mark since the sec
July 27, 2016
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[Monitor] German car imports fall on Volkswagen scandal
Imports of German vehicles dropped for the first time in 13 years, apparently due to a large decrease in inbound shipments of Volkswagen and Audi cars mired in an emissions scandal, data from the Korea Automobile Manufacturers Association showed Tuesday.
July 26, 2016
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BMW’s self-parking system to be available in Korea
[THE INVESTOR] BMW’s latest self-parking system will become available in Korea possibly from November, with the Korean unit waiting for the final approval from the nation’s ICT Ministry. BMW Korea said on July 26 that the self-parking feature, called Park Assistant Plus, will be offered first in the flagship 7 Series sedan this year and then other models such as the smaller 5 Series in phases. The self-parking system -- the first of its kind globally -- allows owners to maneuver their 7 Series i
July 26, 2016
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Opposition party seeks to introduce US-style class action
[THE INVESTOR] Opposition parties are seeking the introduction of US-style class action in South Korea prompted by Volkswagen’s emissions scandal. On July 26, progressive heavyweight Rep. Park Young-sun of the main opposition The Minjoo Party of Korea submitted a proposal for the introduction of “class action act.” Rep. Park Young-sun(right) of The Minjoo Party of Korea proposes the introduction of class action act. / The Investor(Park Hae-mook) “Like the Volkswagen case, (cases in which) it is
July 26, 2016
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Kia Motors unveils new Carens
[THE INVESTOR] Kia Motors, South Korea’s second-largest automaker, released its new version of compact minivan Carens that features more power, dynamic exterior and affordable price tag on July 26. The new Carens, better known as Ronda in overseas markets, shares the same external dimension with the older model launched in June 2015. “We improved the design of the radiator grille, head lamps, rear lights and wheels to emphasize strong appearance and voluminous body,” a company official said. Kia
July 26, 2016
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Hyundai Motor posts 0.6% increase in Q2 operating profit
[THE INVESTOR] Hyundai Motor, the world’s fifth-largest carmaker, said it posted a second-quarter operating profit of 1.76 trillion won ($1.54 billion), up 0.6 percent on-year. Compared to the first quarter of 2016, operating profit rose 31.2 percent, the carmaker said Tuesday.Sales rose 8.1 percent to 24.67 trillion won -- the highest in terms of second-quarter figures. In total Hyundai sold 1,285,860 units during the cited period. “An improved sales mix, combined with increased car finance rev
July 26, 2016
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Credit appraiser considers rating cut of Volkswagen Financial Korea
[THE INVESTOR] Korea's local credit appraiser NICE Investors Service considers cutting credit ratings of Volkswagen Financial Services Korea, a unit of the troubled German carmaker caught in a recent emissions-rigging scandal. A Volkswagen store in Bangbae-dong, southern SeoulThe rating firm said on July 26 the company was included in its latest monitoring list for a possible credit downgrade, maintaining the current credit rating at “A+” for now. “Volkswagen Korea is likely to struggle with its
July 26, 2016
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Hyundai Motor posts 0.6% increase in Q2 profit
[THE INVESTOR] Hyundai Motor, the world’s fifth-largest carmaker, said it posted second-quarter operating profit of 1.76 trillion won (US$1.54 billion), up 0.6 percent on-year. From the first quarter of 2016, operating profit rose 31.2 percent, the carmaker said on July 26. Hyundai Motor Group headquartersNet profit for the second quarter fell 1.5 percent on-year to 1.76 trillion won. Sales, however, rose 8.1 percent to 24.67 trillion won. In total Hyundai sold 1,285,860 units during the cited p
July 26, 2016
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Hyundai Motor Q2 net shrinks 1.5% on weak global demand
South Korea's leading automaker Hyundai Motor Co. on Tuesday said its net income dropped slightly from a year earlier in the second quarter on a dip in exports and profitability.Net profit came to 1.76 trillion won ($1.55 billion) in the April-June period, down 1.5 percent from the same period last year, the company said in a regulatory filing.Sales surged 8.1 percent on-year to 24.68 trillion won, with operating profit gaining 0.6 percent to 1.76 trillion won.The on-year drop in net income was
July 26, 2016
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German car imports fall for first time in 13 years on VW scandal
[THE INVESTOR] The import volume of German-made cars in South Korea dropped for the first time in 13 years amid an emission-rigging scandal involving Volkswagen and Audi cars, industry data showed on July 26. The number of German vehicles imported in the January-May period came in at 51,736 units to reflect a 12.7 percent decrease from the same period in 2015, according to the Korea Automobile Importers and Distributors Association. Volkswagen cars are lined up at Pyeongtaek Port. / The Investo
July 26, 2016
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Imports of German cars drop on Volkswagen scandal
Imports of vehicles produced in Germany or by German automakers dropped for the first time in 13 years, apparently due to a large cut in inbound shipments of Volkswagen and Audi cars mired in an emissions scandal, industry data showed Tuesday.In the first five months of the year, imports of German vehicles came to 51,736 cars, down 12.7 percent from the same period last year, according to the data from the Korea Automobile Manufacturers Association.This marks the first on-year drop since a 7.2-p
July 26, 2016
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Toyota recalls 6,200 cars for defective airbags
Toyota is recalling over 6,200 cars sold in South Korea for defective airbags, the transportation ministry said Tuesday.The recall affects 6,209 units of three vehicle types -- the Prius, Prius PHV and Lexus CT200h -- that were produced between Feb. 26, 2009 and April 27, 2012 and sold here by Toyota Korea Co., the local unit of Japanese carmaker Toyota Motor Corp.The cars come with side airbags that deploy in some crashes.But due to some defective parts, the airbag and other components of the a
July 26, 2016
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Japanese hybrid cars replacing German diesel vehicles in Korea
Japanese hybrid cars are eating into German diesel cars’ share in the Korea’s foreign car market, following a series of emissions and mileage scandals, according to market analysts. The combined sales of German brands -- BMW, Mercedes Benz, Audi and Volkswagen -- declined by 9 percent in the first half year-on-year, with their market share going down 4.6 percent to 64.2 percent, according to the Korea Automobile Importers & Distributors Association.The fall was mainly led by the sales decline of
July 25, 2016