Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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Pandemic left Korea more depressed than before: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Medical feud leaves hospitals in financial crisis
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Samsung mocks Apple over iPhone alarm glitch
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Chip up cycle won’t stay long: SK chief
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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'Queen of Tears' riding high on Netflix chart
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Hyundai Mobis’ Q3 operating profit drops 15 percent
Hyundai Mobis, a parts maker within Hyundai Motor Group, posted 1.44 trillion won in operating profit, a 15.1 percent decrease from a year ago, the company said in a statement Friday.Between July and September, the parts maker saw 8.42 trillion won in revenue, a 3.9 percent drop on-year, with a net profit of 449.4 billion won, which also declined 6.8 percent over the same period.Sales dropped due to the lower production volume of vehicles in the last three months and the temporary suspension of
Oct. 26, 2018
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Incheon City mulls taking back GM Korea's vehicle test site
The Incheon Metropolitan City said Friday it is considering a move to take back the vehicle test site it provided to GM Korea Co. as it claims the carmaker violated a bilateral agreement.In GM Korea's shareholders meeting held last week, General Motors Co., the largest shareholder in the carmaker with a stake of 77 percent, approved its plan to spin off GM Korea's engineering and research divisions into a separate R&D corporation. The test site will be part of the new R&D company. (Yonhap)"The I
Oct. 26, 2018
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NPS holds 10 percent of shares in LG Innotek, Hanmi Pharma
The National Pension Service, operator of the state-run pension fund, holds stakes of 10.03 percent in LG Innotek and 10 percent in Hanmi Pharmaceutical, it said in a statement Friday.The pension operator’s stake in CJ CGV, the movie theater arm under food and retail giant CJ Group, has reduced to 9.9 percent from 10.72 percent, it added.(khnews@heraldcorp.com)
Oct. 26, 2018
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Kia posts Q3 operating profit of 117 billion won
Kia Motors, sister company of Hyundai Motor, posted an operating profit of 117.3 billion won for the third quarter, lower than market projections, the company said Friday. Kia generated 14.74 trillion won in revenue, and its operating profit has turned around from the 427 billion won deficit posted a year earlier.The market projection for the carmaker’s third-quarter operating profit was 300 billion won. (Herald DB)A day earlier, Hyundai Motor said it had brought in 288.9 billion won in operatin
Oct. 26, 2018
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Hyundai Motor suffers biggest-ever drop in quarterly profit
Hyundai Motor, Korea’s largest carmaker, has suffered the biggest-ever drop in quarterly earnings since adopting its current standards in 2010, with operating profit diving 76 percent on-year, the company said Thursday.The carmaker sold a total of 1.12 million vehicles around the world between July and September, posting 24.4 trillion won ($21.4 billion) of revenue and 288.9 billion won in operating profits, according to the statement.The company faced a significant drop in profit due to slowing
Oct. 25, 2018
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Hyundai Mobis develops ‘advanced adaptive driving beam’
Hyundai Mobis, South Korea’s auto parts supplier, has developed the “advanced adaptive driving beam” that ensures driving safety utilizing advanced driver assist systems as part of an effort to lead the future lamp market, the company said Wednesday.The AADB collects a wider range of information compared to the previous version, including information on car lanes using the camera, vehicles approaching from the back using radar, highways via navigation system, and other sources, the company expla
Oct. 24, 2018
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Jaguar I-Pace flaunts 480-km driving range
Ahead of the launch of the Jaguar I-Pace electric sport utility vehicle here by the end of the year, Jaguar boasted the SUV’s outstanding driving range in the 378-kilometer drive from London to Belgian capital Brussels in September, the company said Wednesday. Powered by its advanced 90-kilowatt-hour lithium-ion battery, the I-Pace has a maximum driving distance of 480 kilometers per charge and driving stability in freezing weather conditions of minus 40 degrees Celsius.In partnership with Posco
Oct. 24, 2018
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Prime minister proposes hydrogen buses for police
Prime Minister Lee Nak-yeon has made a proposal to replace police buses with fuel cell buses to promote the nation’s leading hydrogen technology.“I publicly propose to replace police buses that are often dubbed ‘henhouse cars idling at Gwanghwamun’ with hydrogen vehicles,” he said at a meeting of ministers. “Along with electric vehicles, (we) must actively develop hydrogen cars more.” A fuel cell bus powered by hydrogen (Hyundai Motor)Currently, the police operate 5,581 buses, according to the K
Oct. 24, 2018
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BMW to pre-emptively recall nearly 66,000 vehicles
BMW Group Korea will pre-emptively recall nearly 66,000 BMW and MINI vehicles to repair faulty parts, the transport ministry said Tuesday. The German carmaker's recall plan will start Nov. 26, with a total of 65,763 vehicles encompassing 52 different models to be checked by mechanics, the Ministry of Land, Infrastructure and Transport said in a statement. (Yonhap)This comes in addition to a recall of about 106,000 vehicles with fire-prone exhaust gas recirculation coolers and pipes. "As the risk
Oct. 23, 2018
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[Hydrogen Korea] Ulsan strives to become global hydrogen leader
The Korea Herald is publishing a series of articles on South Korea’s latest measures to support the hydrogen economy, the market drive for hydrogen-powered vehicles and the hurdles that stand in the way. This is the seventh installment. -- EdULSAN -- The southeastern city of Ulsan has long served as the backbone of South Korea’s industrial growth, and in its search of a new role in the era of the “fourth industrial revolution,” the city is betting big on hydrogen.Despite pervasive public indiffe
Oct. 22, 2018
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Panel blocks strike by GM Korea
As controversy persisted over GM Korea’s plan to spin off its research and development unit, the nation’s tripartite labor commission put the brakes on the labor union’s push for a strike in opposition to the move. State-run Korea Development Bank Chairman Lee Dong-gull, meanwhile, asked the automaker to explain its plan in detail, adding that it was not necessary to “prejudge whether the spinoff (was) good or bad.”The National Labor Relations Commission on Monday ruled that further dialogue was
Oct. 22, 2018
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Hankook Tire supplying tires to Volkswagen's Tiguan R-Line package
Hankook Tire Co., the world's seventh-largest tiremaker by sales, said Monday that it has begun to supply its ultra high-performance tires to Volkswagen's Tiguan R-Line package.Hankook Tire said it began to supply the all-season tire, the "Ventus S1 noble2," as original equipment tires to the Volkswagen sport utility vehicle in March this year.(Yonhap)The South Korean tiremaker has maintained a strategic partnership with the German carmaker since 2001, when it started outfitting the Jetta sedans
Oct. 22, 2018
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Hyundai’s i30 N sales accelerate in Europe
Hyundai Motor’s high performance vehicle i30 N set a new monthly sales record in Europe last month, the company said Sunday.The carmaker sold a total of 907 units in September, further raising the sales performance of the vehicle, which debuted last year. The figure takes the total for this year to 4,678, surpassing its annual goal of 2,800. i30 Fastback N (Hyundai Motor)Of all i30 vehicles sold in Europe, 15 percent were the high performance version of the hatchback, it added. The company is e
Oct. 21, 2018
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Renault Samsung launches vehicle-management mobile app
Renault Samsung, the South Korean branch of the French carmaker, has launched a membership-based mobile application for easier vehicle management, the company said Sunday.Named “My Renault Samsung,” the app offers online reservation and maintenance tracking systems as well as information on customer service and various promotional events held by the carmaker. In the near future, the company plans to adopt a mobile-payment system in connection with the app for vehicles that undergo maintenance se
Oct. 21, 2018
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[Herald Interview] Volvo CE president highlights Korea as global excavator hub
Mergers and acquisitions are approached carefully and reviewed in depth. While they can help make the company an industry leader, they can also destroy in the company by overloading it in debt.Volvo Construction Equipment Korea, which was created when the Swedish company purchased the construction equipment business from Samsung Heavy Industries in 1998, celebrated its 20th anniversary last week in a festive mood, looking back on the growth achieved.Volvo CE President Melker Jernberg who visited
Oct. 21, 2018
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Incheon to consider retrieving land from GM Korea over spin-off plan
The South Korean city of Incheon said Sunday it will consider retrieving land that it offered to General Motors Co.‘s local unit for use as a test track as the company pushes ahead with a plan to spin off its research division. GM Korea’s shareholders approved the split plan Friday, sparking concerns that the US carmaker may keep only its research facility in South Korea and eventually shut down its manufacturing facilities here. Incheon provided the 410,000-square-meter land to GM with a 30-yea
Oct. 21, 2018
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GM Korea R&D center spinoff vote sparks new round of disputes with KDB, labor union
GM Korea’s push to spin off its R&D center as a separate corporate body has fueled a new conflict with the state-run Korea Development Bank and unionized workers just seven months after they agreed on long-term cooperation this April.In the latest development, GM Korea’s shareholders will convene Friday afternoon to vote on the spinoff, following the Incheon District Court’s rejection of the injunction KDB filed to put off the vote.As the Korean carmaker’s second-largest shareholder, with a 17.0
Oct. 18, 2018
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Hyundai, Kia reviewing US Senate request to testify over engine fire
Hyundai Motor America and Kia Motors are reviewing a request from the US Senate to testify over engine fires in its vehicles, officials in Seoul said Thursday, quoting statements from their US branches. “Hyundai received the request to appear from the Senate Commerce Science & Transportation Committee and is currently reviewing it,” the company said.“Hyundai actively monitors and evaluates potential safety concerns, including non-collision fires, with all of its vehicles and acts swiftly to reca
Oct. 18, 2018
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Hyundai, Kia reviewing US request to testify on engine fires
Hyundai Motor Co. and Kia Motors Corp., South Korea's two biggest carmakers by sales, said Thursday they are reviewing a US request to testify in regards to engine fires in their cars next month.Hyundai and Kia's US operations received the request from the Senate Commerce Committee to appear at a hearing on Nov. 14 on reports of engine fires in their vehicles. Management is "currently reviewing" the request, a Hyundai spokesman said over the phone. Global headquarters of Hyundai Motor Co. and
Oct. 18, 2018
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Hyundai partners with French firms for hydrogen drive
Hyundai Motor has signed a memorandum with French energy firms to expand the sale of hydrogen fuel cell vehicles, the company said Wednesday.Under the agreement, the South Korean carmaker will partner with Air Liquide SA and Engie to promote the use of FCEVs and hydrogen refilling stations across France.The agreement came after Hyundai announced a plan to export 5,000 FCEVs to France by 2025.Hyundai Motor President Chung Jin-haeng (left), Engie President for hydrogen business Michele Azalbert (c
Oct. 17, 2018