Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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GM Korea to pay salary to assembly line workers this month
GM Korea Co., the South Korean unit of General Motors Co., said Monday it will pay monthly salaries to its employees this month despite a liquidity crisis. In a letter sent to employees, GM Korea President and Chief Executive Kaher Kazem said the company will provide part of the salaries due to its 11,000 assembly line workers on Tuesday and will make efforts to give the remainder before the end of the week, according to a company spokesman. Some 2,500 office workers receive their monthly salari
April 9, 2018
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Mercedes-Benz Korea pays fine for failing to meet green car quota
Mercedes-Benz Korea, the local unit of the German high-end carmaker, has paid a fine after being sued by the Ministry of Environment for failing to comply with a special act that binds carmakers to sell a certain portion of eco-friendly vehicles annually, the ministry said Monday.For the first time ever among local and import automakers, the ministry sued Mercedes-Benz Korea in August last year for failing to meet its annual green car sales quota.“Mercedes-Benz Korea sold roughly 400 units of gr
April 9, 2018
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Hyundai, Kia nab 6 prizes at Red Dot Design Award
Hyundai Motor, South Korea’s No. 1 automotive company, and its sister company Kia Motors swept six awards at the Red Dot Design Award this year, the companies said Monday. Arranged by Germany’s Design Zentrum Nordheim Westfalen, the Red Dot Design Award is one of the three most recognized design awards alongside the iF Design Award and IDEA Design Award. Out of the six awards, the two automakers won a combined five awards for transportation design. Five models of Hyundai and Kia that won the tra
April 9, 2018
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GM Korea facing serious challenges amid liquidity shortfalls
The South Korean unit of the US auto giant GM Motors is currently facing difficulties paying its workers and subcontract companies as it faces a serious liquidity crunch, industry watchers said Sunday.According to corporate sources, Kaher Kazem, the CEO of GM Korea, recently organized a staff meeting, where he claimed that the company may soon fail to secure funds to pay subcontractors for auto parts, which could lead to the suspension of production for some models. The suspension may induce GM
April 8, 2018
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Audi Volkswagen Korea vows to restore trust
After spending the last two years resolving issues related to emissions in the aftermath of “dieselgate,” Audi Volkswagen Korea, the local distributor of the German carmakers, is now devoted to regaining drivers’ trust by transforming itself, the company said Friday.“We know we have disappointed many people who have placed their trust in Audi Volkswagen Korea. I wish to take this opportunity to express my sincere apology,” said Rene Koneberg, group managing director of Audi Volkswagen Korea, in
April 6, 2018
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LS Cable invests W10b in Vietnam for copper rod expansion
A regional unit of South Korean cable maker LS Cable and System has invested about 10 billion won ($9.5 million) in its subsidiary in Vietnam to expand copper rod production, the company said Thursday. The investment by LS C&S Asia will expand the production capacity of its copper rod plant in Vietnam to 100,000 tons a year. LS VINA, a local production unit in the Southeast Asian country, currently manufactures 27,000 tons of copper rod a year. Copper rods are used for electrical or electronic-r
April 5, 2018
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Facelifted Range Rover unveiled in Seoul
A face-lifted Range Rover series was released in South Korea on Thursday, in a bid to keep the popularity of the British luxury SUV afloat. The new Range Rover Sport is the latest in the line in five years, equipped with all-round light-emitting diode headlights, a V6 supercharger engine and stone massage functions for both front and back seats. Kim Jung-yong, product manager at Jaguar Land Rover Korea, said the local importer and distributor of the British carmaker aims to sell 1,800 vehicles a
April 5, 2018
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[Newsmaker] FSC chief plays down concerns on Elliott’s return
Amid growing speculation on US activist hedge fund Elliott Management’s move towards Hyundai Motor Group, the chief of the nation’s top financial regulator on Thursday urged stakeholders not to react “sensitively,” stressing this time seems different from the group’s previous battles with Samsung.“There’s no need to sensitively respond to Elliott’s move this time,” said Choi Jong-ku, chairman of the Financial Services Commission, at a conference in Seoul.Referring to a series of legal battles in
April 5, 2018
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Kumho Tire to raise brand value on independent management
Upon its sell-off to China’s state-run tiremaker Qingdao Doublestar, Kumho Tire vowed to bolster its brand value through autonomous management in efforts to normalize its business, the company said Thursday.Kumho Tire, South Korea’s No. 2 tiremaker by sales, ended a standoff with its labor union on April 1, with the union agreeing to accept foreign investment, therefore preventing the ailing company from filing for court receivership.During a visit to Korea to persuade the union and the public l
April 5, 2018
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Hyundai, Kia car sales in US drop 6% on-year in March
Sales at Hyundai Motor Co. and its affiliate Kia Motors Corp. in the United States declined six percent on-year last month, industry data showed Wednesday. (Yonhap)Hyundai, including its premium brand Genesis, and Kia sold a combined 112,185 vehicles in the US in March, down from 118,694 units the same month a year earlier, according to the companies' data. The data showed Hyundai's sales dipped 11 percent on-year to 61,540 units. The sharp decline was mainly due to the sales of two of Hyundai'
April 4, 2018
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Elliott Advisors call for detailed roadmap of Hyundai
Elliott Advisors, a unit of US activist hedge fund Elliott Management, said Wednesday it holds more than a $1 billion stake in Hyundai Motor Group and urged the country’s leading automotive group to share detailed plans to improve the balance sheets and returns to shareholders.This comes a week after Hyundai Motor Group’s announcement for a grand governance reform to streamline its complex cross-sharing structure in response to mounting pressure from the government. (Yonhap)While welcoming Hyund
April 4, 2018
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Ford Korea rolls out flagship 2018 New Mustang
Ford Sales and Service Korea launched Wednesday the flagship 2018 New Mustang, boasting upgraded driving performance with aims to step up performance in the local auto market.“We hope the new Mustang will attract previous customers alongside drivers seeking an exciting driving experience on enhanced performance, technology and design,” said Ford Korea CEO Jung Jae-hee during a launch event in southern Seoul.Mustang was ranked the best-selling sports car worldwide between 2015 and 2016 by market
April 4, 2018
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Kia launches all-new K9, aims to sell 15,000 units
Kia Motors, the sister company of Hyundai Motor, rolled out a fully changed version of its K9 flagship sedan with the aim of dominating the local large size sedan market, targeting Mercedes’ E-class as its rival, the company said Tuesday.“I am confident that customers will be able to experience Kia on a whole new level through the newly launched K9,” said Kia Motors CEO Park Han-woo at the media event held in Gangnam, southern Seoul. “Completing the second generation lineup of K-series models, t
April 3, 2018
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Ailing Kumho Tire at a crossroads as deadline nears
Cash-strapped tiremaker Kumho Tire Co. was at a crossroads Friday as the deadline approached for the labor union's agreement to the planned sale of a majority stake to a Chinese investor.The main creditor Korea Development Bank has warned Kumho Tire that it will face court receivership unless the labor union decides to accept the stake sale to China's Qingdao Doublestar Co. by the end of the day. According to industry sources, creditors' voluntary agreement on financial support for Kumho Tire en
March 30, 2018
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Hyundai streamlines governance structure for M&As, build up core business
Hyundai Motor Group's plan to streamline its governance structure among affiliates will pave the way for future mergers and acquisitions and help it focus on its mainstay car manufacturing business, local analysts here said Thursday. (Yonhap)On Wednesday, the country's biggest carmaker announced it will spin off the module manufacturing and after-sales parts business of auto parts maker Hyundai Mobis Co. and merge it with logistics firm Hyundai Glovis Co. to enhance the cross-shareholding struct
March 29, 2018
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[Newsmaker] Hyundai Motor Group to carry out grand governance structuring
Hyundai Motor Group on Wednesday announced long-awaited plans to overhaul its governance structure in a move to bolster future growth and shareholder value amid growing pressure from the government for the country’s leading automotive group to overhaul its complex cross-sharing holding structure by the end of this month.As the first and major step, changes will be made to the auto group’s business structure.The board members of the group’s auto parts making unit Hyundai Mobis and logistics affil
March 28, 2018
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SsangYong Motor’s Tivoli retains No. 1 spot in compact SUV market
SsangYong Motor, the local unit of Indian automaker Mahindra & Mahindra, stood firm as the No. 1 best-selling automaker in the compact sport utility vehicle segment last year on the continued popularity of Tivoli, the company announced Wednesday.A total 55,280 units of the Tivoli SUV were sold here last year, compared to 45,021 units sold in 2015 when the model was launched.Tivoli marks the first model released after SsangYong’s the merger with Mahindra & Mahindra.SsangYong Motor underlined desi
March 28, 2018
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South Korean auto workers blast revised trade deal with US
Unions at South Korea's two-largest automakers, Hyundai Motor Co. and Kia Motors Corp., have blasted plans to revise a free trade deal with the United States, saying the amended deal will prevent local automakers from entering the fast-growing US pick-up truck market. "It is a humiliating deal that accepts Trump's strategy to preemptively block South Korean pick-up trucks," Hyundai Motor's labor union said in a statement. (Yonhap)As part of talks on revamping a free trade deal that took effect
March 27, 2018
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[Newsmaker] Tire Bank joins bid for Kumho Tire, questions raised over financial resources
With four days left until the deadline creditors of Kumho Tire have set for the labor union to agree on injecting foreign capital to save the ailing company, midsized South Korean tiremaker Tire Bank on Tuesday officially announced its willingness to buy Kumho Tire.The abrupt entrance of the Daejeon-based tiremaker into the picture has further complicated the sale of Kumho Tire, with experts casting doubts over the financial capacity of Tire Bank in coming up with 646.3 billion won ($603.9 milli
March 27, 2018
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BMW’s new 6-Series Gran Turismo brings new level to sedans
BMW Korea, the local unit of the German luxury carmaker, on Tuesday highlighted the comfortable driving experience and sporty design of the BMW new 6-Series Gran Turismo.“The new 6-Series Gran Turismo has been reborn as a completely new model. Like that of a large size flagship sedan, its design and performance has been pulled up to another level,” BMW Korea said in a statement.It was launched here in September 2017.The new model offers the most spacious storage room among similar BMW sedans due
March 27, 2018