Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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Jeju expo to present long-range EVs, seek global partnership
Businesses, experts and government representatives from around the world will gather on the nation’s southern resort island of Jeju this week to discuss the future of electric vehicles and seek global partnership for universal standardization.The fifth annual International Electric Vehicle Expo kicks off Wednesday through Sunday at Jeju Convention Center, presenting evolving technologies of green vehicles and new business opportunities for participants, the organizers said Monday.“This year’s ex
April 30, 2018
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GM CFO says S. Korean unit to turn around next year
General Motors Co.'s Chief Financial Officer Chuck Stevens said the agreement reached last week by the carmaker's South Korean unit will lay the foundation for a turnaround next year, GM Korea Co. said Monday. In a conference call to talk about its first-quarter results, Stevens said GM Korea will be able to reduce costs by $400-$500 million a year by shutting down one of four car assembly plants in Korea and reorganizing the overall workforce.He said GM Korea, under a package of restructuring m
April 30, 2018
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[Feature] Middle-aged riders reduce Korea's stigma of motorcycles
Yangpyeong rest area on the outskirts of Seoul bustles with middle-aged male and female bikers amicably conversing with each other as they prepare for the next leg of the ride. It is a scene quite new for South Korea where perceptions toward bikers had been foreign, if not only associated with the young and the restless.Motorcycles, commonly thought of as a means of transportation for deliverymen in Korea, have mostly been considered a mere nuisance in heavy traffic with their zigzagging maneuve
April 29, 2018
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Hyundai to cancel $892m shares to improve shareholder value
Hyundai Motor, South Korea’s No. 1 automotive company, shared plans to cancel 8.65 million shares of its stock, which equates to 960 billion won ($892.8 million), in a bid to restore shareholder value, the company said Friday. This is the first time in 14 years that Hyundai has cancelled shares. In 2004 it cancelled 1.2 million shares. (Yonhap)Hyundai disclosed through DART that it would cancel 4.41 million common stock and 1.28 million preferred stock it currently owns on July 27, and retire 2.
April 27, 2018
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After spinoff, Hyundai Mobis to focus on future mobility, M&As
Amid market concerns of Hyundai Mobis’ share value declining over a corporate governance reform drive that plans to spin off its lucrative after-sales business, the auto parts maker said Thursday it will invest heavily into future mobility technology and seek mergers and acquisitions opportunities overseas.While setting its annual growth rate at 8 percent, the company said it will reach 44 trillion won ($40.7 billion) in sales by 2025 from the estimated 25 trillion won for this year.A quarter of
April 26, 2018
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GM, Seoul government agree to invest $7.1 billion in local unit
US auto giant General Motors and the Seoul government agreed to inject a combined $7.1 billion to save the ailing local unit, the company said Thursday.GM has also agreed to sustain operations here for over 10 years, and grant the state-run Korea Development Bank veto rights.GM will conduct a $2.7 billion debt-equity swap on GM Korea on top of $4.4 billion investments here, while KDB will take part by investing 800 billion won, according to the share ratio.GM President Dan Ammann (left) speaks d
April 26, 2018
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GM expedites negotiation ahead of Q1 2018 earnings conference call
Two days since GM Korea and the union narrowly avoided court protection, GM headquarters is speeding up its push to reach an agreement with the South Korean government for funds, in a bid to complete negotiations before Thursday evening, when its first quarter earnings conference call will be made.GM has reportedly, for the most part, agreed to accept the government’s request to stay in Korea for over 10 years along with reviving the state-run Korea Development Bank’s veto rights.KDB is GM Korea
April 25, 2018
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What’s behind Elliott’s demand on Hyundai Motor?
Less than a month after Hyundai Motor Group received a letter of congratulations from Elliott Advisors on its corporate governance reform plan, another letter arrived at the South Korean carmaker on Monday evening, demanding plan B. Via its subsidy in Hong Kong, the US activist hedge funds said the nation’s second-largest conglomerate should merge Hyundai Motor and its parts making affiliate Hyundai Mobis, and ditch its plan of spinning off Mobis’ module manufacturing and after-sales parts busin
April 24, 2018
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SK E&C expands globally as advanced developer
SK Engineering & Construction is strengthening its position as a leading global developer on a series of successful contracts overseas, with the latest one from Kazakhstan, the company said Tuesday.Amid intensifying competition in the market, SK Engineering & Construction is gradually transferring its business from the traditional engineering, procurement, and construction-centered to taking on an advanced role as a developer for sustainable growth and higher profitability.Since the early 2000s,
April 24, 2018
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KDB, GM set to sign initial funding deal for US carmaker's Korean unit this week
General Motors Corp. and the state-run Korea Development Bank, the two biggest shareholders of GM Korea Co., are set to sign an initial funding agreement this week to help GM's Korean unit stay afloat, the two companies said Tuesday. The KDB is expected to sign a preliminary agreement with GM by Friday to extend a fresh loan worth 500 billion won ($464 million) to GM Korea, a KDB official told Yonhap News Agency over the phone. GM is also expected to sign on to the funding deal with the KDB late
April 24, 2018
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GM Korea, union reach tentative deal, avoids court protection
GM Korea and the labor union reached a dramatic agreement just an hour before the extended deadline on Monday afternoon, narrowly escaping court receivership and taking a step toward restructuring the local unit.Although the carmaker has avoided “the worst,” hurdles lie ahead in the coming days with GM headquarters and the government calling on each other to bring viable support programs. After the prolonged standoff due to conflicting stances on job security of 680 workers at Gunsan factory, th
April 23, 2018
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Fate of GM Korea hangs in balance despite new deadline
Despite the new deadline set to give the labor and the management of GM Korea a second chance to restart, the fate of the nation‘s third-largest carmaker was still in the dark Sunday as the two failed to narrow differences. The two parties had failed to narrow down differences in job security of 680 workers remaining at the Gunsan plant during the previous wage talks last Friday, the initial deadline. The company‘s board of directors are expected to vote on court receivership on the new deadline
April 22, 2018
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FTC chief calls Hyundai Motor’s reform plan ‘most desirable’
A plan by South Korean auto giant Hyundai Motor Group to spin off and merge affiliates as part of its corporate governance reform drive, is “the most desirable” case for conglomerates here attempting voluntary restructuring method under state pressure, the head of antitrust watchdog said.In a meeting with foreign press in Seoul on Friday, Kim Sang-jo, chairman of the Fair Trade Commission said the carmaker’s announcement of the owner family paying 1 trillion won ($935 million) came “unexpectedly
April 22, 2018
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Hyundai Motor affiliates to add more overseas engineers
Hyundai Motor Group's three major affiliates are looking overseas to hire from a pool of international talent as the South Korean conglomerate moves to strengthen its engineering workforce, the conglomerate said Friday.The three affiliates are Hyundai Motor Co., Hyundai Mobis Co. and Hyundai Steel Co. Hyundai Mobis is the country's biggest auto parts manufacturer and focuses on developing future vehicle technologies. (Hyundai Motor)The world's fifth-biggest automaking group plans to hold the 8t
April 20, 2018
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Hyundai Mobis to self-develop autonomous driving tech in US, Korea, Germany
Hyundai Mobis, the auto parts making unit of Hyundai Motor Group, will start developing level-3 and 4 self-driving systems through its autonomous vehicle dubbed M.Billy in the US later this month, followed by Korea and Germany, the company said Thursday.The company’s latest move is aimed at taking the lead in bolstering future mobility technology with the firm’s enhanced role in the move upon Hyundai Motor Group’s structural overhaul last month.M.Billy will contain 25 sensors self-developed by M
April 19, 2018
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Renault Samsung Motor’s SM6 boasts premium options
Renault Samsung Motor, the South Korean unit of French carmaker Renault, said Thursday its popular SM6 midsize sedans come with various premium options drivers can choose from, giving it a competitive edge in the segment.“Due to size and price it is appropriate to offer a variety of options for midsize sedans, which are mostly used as family cars or for business purposes. Owners of SM6 can install different high-tech and sophisticated options,“ the company said. Renault Samsung Motor‘s 2019 mode
April 19, 2018
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Hyundai overtakes BMW in Europe, Kia sales also grow
The number of cars South Korean auto giants Hyundai and Kia sold in Europe grew last month despite declining auto sales in the region, data showed Thursday.According to the European Automobile Manufacturers Association, the number of newly registered cars in March fell 5.3 percent on-year, falling for the first time since 2014. Hyundai Motor, meanwhile, sold a total of 60,663 units, a 3.6 percent increase from the same month last year. Its sister company Kia Motors sold 56,725 units, a 4.8 perce
April 19, 2018
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Volkswagen Korea to introduce 5 new models this year
Volkswagen Korea, the local unit of the German carmaker, has introduced its new lineup for 2018 -- three sedans and two sport utility vehicles -- seeking to regain its No. 3 position in the imported car market, the company said Wednesday.The five models are: the new Tiguan midsize SUV, Tiguan Allspace, Arteon four-door coupe, Passat midsize sedan and Passat GT.“The all new model lineup is made up of sedans and SUVs, based on high customer demand in the market,” said Volkswagen Korea Managing Dir
April 18, 2018
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FCA Korea releases new Cherokee, maps out Jeep-centered strategy
Fiat Chrysler Automobiles Korea rolled out a face-lifted version of the Jeep Cherokee midsize sport utility vehicle for the first time in four years, in line with the starting point of its business strategy to focus on the Jeep SUV brand, the company said Tuesday.“We will focus all efforts on selling SUVs through Jeep. This year we will change 90 percent of our network to Jeep-exclusive showrooms” emphasized Pablo Rosso, president of FCA Korea, in a media event held at the first Jeep showroom in
April 17, 2018
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Jaguar rolls out E-Pace, heating up competition for compact SUVs
Sparking competition in the imported compact sport utility vehicle market, Jaguar Land Rover Korea, the local importer and distributor of the UK-based carmaker, released its first compact SUV E-Pace here on Monday. Jaguar highlighted that the five-seater four-wheel SUV preserves the dynamic design and driving performance of its flagship sports car F-Type.The leaders in the imported compact SUV market in Korea are the Mercedes-Benz GLA, Land Rover Evoque and BMW Mini Countryman. Volvo Korea is al
April 16, 2018