Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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GM Korea freezes wages of 500 workers ahead of plant shutdown
GM Korea Co., the South Korean unit of General Motors Co., froze the base wages for 500 executives and team leaders early this year in a drive to cut costs ahead of a local plant shutdown, the company said Wednesday. As the 500 workforce does not belong to GM Korea's 13,000-member union, the company didn't need to seek an agreement for its actions. The company also asked them to reduce the use of corporate cards, according to GM Korea. The move came before GM announced on Feb. 13 it would shut o
Feb. 28, 2018
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BMW’s new X4 gets muscular, sportier look
BMW unveiled its second-generation new X4 midsize sports activity coupe after four years, boasting an eye-catching sporty design and driving performance, the company said.The event took place in Germany last week, before its world premiere at next month’s 2018 Geneva Motor Show.Adjustments have been made to the car body to create a more dynamic look.The length, width and wheel base of the SAC has been extended by 8.1 centimeters, 3.7 cm and 5.4 cm, respectively, to 4.75 meters, 1.92 m and 2.86 m
Feb. 26, 2018
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Hyundai Rotem wins W62.1b order in Canada
Hyundai Rotem, a tank and train-making affiliate of Hyundai Motor Group, won a 62.1 billion won ($57.7 million) order to supply a total of 24 cars for driverless trains to the Richmond Airport Vancouver Line, the company said Monday.The cars produced at Hyundai Rotem’s factory in Changwon, South Gyeongsang Province, will be shipped to Canada by 2020. The driverless trains will cover a distance of 18.5 kilometers, connecting Vancouver International Airport and the city. They will transport up to
Feb. 26, 2018
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Due diligence on GM Korea set to begin later this week
The state-run Korea Development Bank will begin its due diligence on GM Korea Co., the South Korean unit of General Motors Co., later this week after the US carmaker demanded financial support from its second-largest stakeholder, government officials said Sunday. Last week, GM and the Seoul government began talks to discuss ways to turn its loss-making unit, GM Korea, around after the US.carmaker announced its plan to shut one of its four car assembly plants in the country by May. GM also said i
Feb. 25, 2018
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GM postpones maturity date, withdraws push for Bupyeong factory as collateral
General Motors on Friday postponed the due date for the 700 billion won ($650 million) it had loaned to the South Korean unit and withdrew its demand for the Bupyeong factory to be designated as security, the company said. During GM Korea’s board meeting held at its plant in Bupyeong, Incheon, GM deferred the maturity date until the inspection into the firm’s financial status ends, the company said. The payment was initially due this month. All eyes were also set on whether GM would continue to
Feb. 23, 2018
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Jaguar Land Rover Korea aspires to sell 18,000 units this year
Jaguar Land Rover Korea said Friday it will aim to sell 20 percent more vehicles this year than it did in 2017, amounting to some 18,000 units.“Last year, Jaguar Land Rover Korea sold over 10,000 units for two years in a row. We have a slew of models, including electric vehicles, in line to be introduced to Korean drivers this year. We will also extend the number of service centers to become a customer-centered brand,” said Baek Jung-hyun, the managing director of Jaguar Land Rover Korea during
Feb. 23, 2018
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[Herald Interview] GM could ditch more plants: lawmaker
GUNSAN, North Jeolla Province -- As controversy persists over the decision by General Motors to pull out of Gunsan, a lawmaker representing Gunsan said that the US carmaker could ditch more factories in Korea to press the government.“After all, the company is pressurizing the government … If the answers are not enough to satisfy them, the next step could be made,” said Rep. Kim Kwan-young of the Bareun Future Party in an interview with The Korea Herald on Wednesday, a day after he met Barry Engl
Feb. 22, 2018
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[FROM THE SCENE] Despite closure, Gunsan GM workers anchor hopes on normalization
GUNSAN, North Jeolla Province -- Jeon Byung-sun, 53, recalls six years ago when GM’s Gunsan factory was running 24 hours a day.“The factory boomed 5-6 years ago when we produced 1,200 units of Lacetti and Rezzo combined. The factory ran 24 hours. Back then Gunsan was a cash cow for GM,” said Jeon, a worker at GM’s Gunsan plant. Despite the proud memories he has, Jeon couldn’t believe it when he first heard from his colleagues last week that the US carmaker will shut down the plant, saying that t
Feb. 22, 2018
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Hyundai aims to sell 90,000 Santa Fe SUVs in Korea this year
Hyundai Motor Co. said Wednesday that it aims to sell 90,000 units of its all-new Santa Fe sport utility vehicle (SUV) in the domestic market this year by capitalizing on rising demand for recreational vehicles.The target was announced by the carmaker at the official launch event for the vehicle and comes as the South Korean carmaker needs the new SUV to bolster sales not only at home but in key overseas markets like the United States.Hyundai didn‘t provide its target sales figure for global mar
Feb. 21, 2018
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Tension escalates as GM raises stake with gov.
A day after a surprise visit to the parliament, General Motors moved fast to find a compromise with the Seoul government in the form of a trillion-won support plan.The company suggested a meeting with the trade minister this week, amid growing speculation over the US carmaker’s plans.The Ministry of Trade, Industry and Energy confirmed Wednesday morning that Barry Engle, president of GM International, has requested a meeting with Minister Baek Ung-kyu before returning to the US on Thursday. But
Feb. 21, 2018
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Hyosung to build spandex factory in India
South Korean textiles giant Hyosung will construct a spandex factory in India by 2019 as part of its global expansion strategy, the company said Tuesday. The latest agreement was made last week when Cho Hyun-joon, Hyosung chairman and CEO, met with Indian Prime Minister Narendra Modi in Mumbai, India, following a meeting with Vietnamese Prime Minister Nguyen Xuan Phuc in Vietnam earlier this month.“India is one of the world’s largest textile markets, and we expect the consumer market size to gro
Feb. 20, 2018
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All eyes on GM’s new product allocation
General Motors’ decision to shut down its assembly plant in Gunsan, North Jeolla Province, last week has fanned questions regarding the fate of the remaining two factories in the Bupyeong district of Incheon and Changwon, South Gyeongsang Province. Barry Engle, president of GM International, urged GM Korea and stakeholders to show progress in ongoing discussions by the end of February, “as we are at a critical juncture of needing to make product allocation decisions.”“GM’s new model assignment w
Feb. 19, 2018
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Tension escalates over inspection into GM Korea
Tension is escalating over the South Korean government’s inspection into GM Korea, following the automaker’s decision to shut down a factory here last week. State-run Korea Development Bank, the second-biggest stockholder of the local unit with 17.02 percent shares, is currently looking into GM Korea’s management, including high-interest loans levied by the US headquarters. The country‘s financial watchdog Financial Supervisory Service is examining GM Korea’s research and development expenses, w
Feb. 18, 2018
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Kia unveils all new K3, aims to sell 150,000 globally
Kia Motors, the sister company of Hyundai Motor, released its fully changed sedan K3 on Tuesday, highlighting its increased fuel efficiency.The first fully change model in six years has a 1.6-liter gasoline engine and a fuel economy of 15.2 kilometers per liter, a 10 percent increase from its previous model. Kia Motors’ Pierre Leclercq, head of Styling, gives a presentation on the All New K3 at Walkerhill Hotel in Gwangjin-gu, Seoul, Tuesday. The K3, the first full-change model in six years, com
Feb. 13, 2018
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Kumho Tire’s concept tire wins iF Design Award
South Korea’s tire-maker Kumho Tire has won in the “concept” category of Germany’s iF Design Award 2018, the company said Tuesday. iF Design Award that boasts 65 years of history is organized by Germany’s International Forum Design, and is often dubbed as the Oscar of the design industry, along with Red Dot Design Award and IDEA Design Award.Some 6,400 pieces were submitted from 54 countries to be reviewed by 63 judges selected from different parts of the world to evaluate the design’s appeal in
Feb. 13, 2018
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Renault Samsung Motors sets modest goal for 2018
Amid intense competition in Korea’s auto market, Renault Samsung Motors, the South Korean unit of French carmaker Renault S.A., set a modest goal for this year to sell 270,000 units.Its goal to sell 100,000 units here and ship 170,000 units remains unchanged from last year’s sales of 276,808 units. Carmakers, however, usually pitch an annual sales target that is about 10 percent higher than expected performance.“Customers are at the core of Renault Samsung Motors’ business goal for this year and
Feb. 13, 2018
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Posco signs memorandum with GE for smart factories
Posco, South Korea’s top steelmaker by sales, inked a memorandum of understanding with US-based conglomerate GE to develop a hybrid smart factory platform aimed at heightening efficiency of steel mills, the company said Tuesday.The hybrid smart factory platform PosFrame+ is to be a combination of steelmaker’s PosFrame smart factory platform alongside GE’s representative smart factory solution Asset Performance Management.“Developing smart technology for facilities will serve as a momentum-trigge
Feb. 13, 2018
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GM to shut Gunsan plant, raising fears of complete withdrawal
General Motors’ made a widely anticipated decision to permanently close its plant in Korea’s southwest on Tuesday, prompting the Seoul government to express regret and up the pressure on it to normalize its business here. The move is the first concrete action that points to GM’s speculated upon withdrawal from the country.Calling it the “first step for necessary restructuring,” GM Korea said it would stop production and close its plant in Gunsan, North Jeolla Province, by the end of May. GM’s Gu
Feb. 13, 2018
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SsangYong to export G4 Rexton to India
SsangYong Motor has signed a product license deal with parent company Mahindra and Mahindra to start production of the G4 Rexton, a large premium sport utility vehicle, in India, the company said Monday.The assembly of the South Korean carmaker’s latest SUV will start within the second half of the year at Mahindra and Mahindra’s Chakan plant in Maharashtra, western India. Under the deal that expires on Dec. 31, 2023, SsangYong Motor will exports parts for the G4 Rexton in kits for them to be ass
Feb. 12, 2018
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[Newsmaker] Has Korea become too much for GM Korea?
Old rumors of GM Korea’s potential pullout from South Korea recently resurfaced, following moves and comments made by the automaker’s global management.Last week, General Motors International President Barry Engle visited Korea, following a trip last month, although the details of his meetings here were not disclosed. GM CEO Mary Barra, meanwhile, also called Korea a challenge last week during a public conference call with industry analysts, eluding to potential changes and restructuring. All th
Feb. 12, 2018