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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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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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, Kia’s China market share show first on-year rise
[THE INVESTOR] Hyundai Motor Group’s share of the Chinese market rose in May from a year ago aided by rising SUV sales. According to industry data, the combined market share of Hyundai Motor and Kia Motors came in at 9.2 percent in May, rising 0.2 percentage points compared to the same month last year. The data showed that the two carmakers sold 150,450 units, excluding small commercial vehicles, in May. Compared to May 2015, the figure is an increase of 16.6 percent. Much of the rise was accoun
June 30, 2016
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Combined market share by Hyundai, Kia edges up in China
The combined market share by Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. edged up in China in May from a year ago, industry data showed Thursday.Data compiled by the China Passenger Car Association showed that the two South Korean carmakers sold a combined 150,450 units in May, accounting for 9.2 percent share in the world’s largest auto market.The figures represent a 0.2 percentage point increase from a year earlier. It marked the first time that the combined market share by Hy
June 30, 2016
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VW has no plans to compensate Korean consumers
[THE INVESTOR] With German automaker Volkswagen AG deciding to pay US owners of defective vehicles as much as US$ 10,000 per car, Korean consumers are furious over the lack of similar compensation measures for them.Volkswagen decided to pay a total of US$ 14.7 billion to settle emission cheating claims with owners of 475,000 affected vehicles in the US on June 28 (local time). In response to this settlement, Audi Volkswagen Korea reaffirmed that it has no plans to compensate Korean consumers, be
June 29, 2016
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Prosecutors to summon ex-VW Korea chief on July 5
[THE INVESTOR] Prosecutors will summon Park Dong-hoon, former head of Audi Volkswagen Korea, on July 5, to question him over the automaker’s emission scandal. Seoul’s Central District Prosecutor’s Office on June 29 said it will bring Park as a key witness to the case over VW cheating pollution emissions test for defective units. During investigation, if prosecutors find out Park took part in the scandal or ordered others to manipulate documents of emission and noise level tests, his status could
June 29, 2016
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Hyundai planning Genesis marque electric cars by 2020
[THE INVESTOR] Hyundai Motor is planning to launch electric vehicles under its luxury marque Genesis in 2020.According to Hyundai Motor on June 29, the company plans to add electric cars to the Genesis lineup as part of its eco-friendly vehicle strategy. On June 29, a local daily reported that Hyundai Motor is eyeing the high-end electric vehicle market. Genesis G90.An unnamed high-level official of Hyundai Motor was quoted by a local daily as saying that the company is planning to launch high-p
June 29, 2016
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Concerns grow for diesel-heavy Ssangyong
[THE INVESTOR] Ssangyong Motor is likely to be the most affected in sales by the increased public concern over diesel vehicle’s impact on air pollution, as well as the government’s push to curb diesel-fueled cars as part of measures to counter fine dust in the country, local news reported on June 28. From January to May this year, a total of 40,946 cars were sold by Ssangyong Motor, the Korean unit of Indian auto giant Mahindra & Mahindra. Among them, 31,237 units, or 76.3 percent, were diesel-f
June 29, 2016
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Hyundai Genesis sponsors major US golf tournament
[THE INVESTOR] Hyundai Motor announced on June 28 that it will sponsor a major PGA tournament in Los Angeles from next year with its entry-level luxury brand Genesis. The tournament, held at the Riviera Country Club, will be named the Genesis Open from 2017, the carmaker said. The tournament will be organized by Tiger Woods Foundation. The tournament being sponsored by Hyundai Motor is one of the major events in the PGA tour, where golf legend Jack Nicklaus made his professional debut. It also s
June 28, 2016
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Hyundai Motor sees Brexit as threat, not opportunity
Hyundai Motor, South Korea’s largest carmaker, views Britain’s departure from the European Union as an imminent threat and not an opportunity to outpace its Japanese rivals that are expected to suffer from surging yen and tariff walls.“Internally, we view that threats from the faltering European economies are larger than opportunities presented from the stronger yen sparked by Brexit,” a source at the company told The Korea Herald. “This is because we have seen the European market as stable and
June 28, 2016
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Imported green cars showed meager sales in South Korea
[THE INVESTOR] Despite the recent expansion of the imported car market in South Korea, sales did not grow so fast. A total of 1.01 million imported cars were sold from January 2010 to May 2016, according to the Korea Automobile Importers and Distributors Association on June 26.But among them, only 41,466 units, or 4 percent, were eco-friendly vehicles. Out of the 26 carmakers selling imported cars, 15 did not sell eco-friendly cars at all.Only 0.4 percent of sales from BMW, the No.1 seller here,
June 28, 2016
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Hyundai Motor Group heads for group-wide strike on July 22
[THE INVESTOR] Hyundai Motor Group’s labor union is set to take industrial action on July 22.One June 27, Hyundai Motor’s union said that the negotiations led by the Metal Workers’ Union broke down and a group-wide strike will take place on July 22. According to the unions, the talks fell apart after group companies rejected their call for the seventh round of talks. The Metal Workers’ Union is a subgroup of the hardline umbrella union Korean Confederation of Trade Unions. The unions of carmaker
June 28, 2016
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Prosecutors to summon former VW Korea head
[THE INVESTOR] Prosecutors will soon summon Park Dong-hoon, former head of Audi Volkswagen Korea, to question him over the automaker’s emissions scandal, local news reported. Park, who is currently the chief executive of Renault Samsung, headed Volkswagen Korea from its initiation in 2005 to 2013 until he moved to Renault Samsung. Former head of Audi Volkswagen Korea Park Dong-hoon. He is now the CEO of Renault Samsung.Prosecutors have found out that Audi Volkswagen Korea manipulated documents
June 27, 2016
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Hyundai, Kia eye green car expansion abroad
[THE INVESTOR] South Korea’s major automakers are seeking to expand sales of their eco-friendly vehicles to other countries this year, local news reported Monday. Hyundai Motor plans to sell its Ioniq Hybrid in the U.S. and European markets in the second half of this year. Hyundai’s latest green car boasts fuel efficiency of 22.4 kilometers per liter and it is likely to compete with the Toyota Prius, the market leader of hybrid vehicles. Ioniq Electric, the automaker’s first electric vehicle und
June 27, 2016
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Korea-US FTA triples auto imports from US
[THE INVESTOR] The number of automobiles imported from the US has more than tripled since the Korea-US free trade agreement took effect. According to local automotive industry data, the number of vehicles imported from the US went from 13,669 units in 2011 to 49,096 units in 2015, rising by a factor of 3.6. The Korea-US FTA took effect in 2012. In terms of value, automobile imports in 2011 came in at about US$363 million. The figure for last year came in at over US$1.24 billion. In comparison, K
June 27, 2016
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VW faces another suit over emissions:South Korea
[THE INVESTOR] South Korean Customers of Volkswagen’s gasoline-powered vehicles have filed a suit against the German carmaker and its local unit over its manipulation of emissions tests, a lawyer said on June 27.Jason Ha, who represents 26 owners of the Golf 1.4 TSI at Barun Law, said he filed the suit, demanding the firm and its local unit refund the cost of their cars.The latest legal action came three days after prosecutors arrested an executive of Audi Volkswagen Korea for installing softwar
June 27, 2016
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Volkswagen face another suit from gasoline model owners over emissions
More than two dozen owners of one of Volkswagen's gasoline-powered vehicles filed a suit against the German carmaker and its local unit Monday over its manipulation of emissions tests, a lawyer said.Jason Ha, who represents 26 owners of the Golf 1.4 TSI at Barun Law, said he filed the suit, demanding the German carmaker and its local unit refund the cost of their cars. (Yonhap)The latest legal action came three days after prosecutors arrested an executive of Audi Volkswagen Korea for installing
June 27, 2016
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Hyundai, Kia eye green car expansion abroad
[THE INVESTOR] South Korea’s major automakers are seeking to expand their eco-friendly vehicles to other countries around the world this year, local news reported on June 26. Hyundai Motor plans to sell Ioniq Hybrid in the US and European markets in the second half of this year. Hyundai’s latest green car boasts a fuel efficiency of 22.4 km per liter, which is likely to compete with Toyota Prius, the market leader of hybrid vehicles. Ioniq Electric, the automaker’s first electric vehicle in the
June 27, 2016
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Mercedes Benz to roll out 4 luxury cars
Mercedes Benz said Sunday it was set to roll out four luxury models later this year, after garnering attention at the Busan Motor Show earlier in the month.“We plan to unveil the full lineup of dynamic, young roadsters and modern, luxury Cabriolets in the second half of this year, with an aim of meeting high-end consumers’ needs,” said an official at Mercedes Benz Korea. The new S-Class Cabriolet, the first convertible variant of the Mercedes-Benz luxury flagship, will enter the Korean market al
June 26, 2016
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New Audi A4: lighter but futuristic
The Audi A4, one of the German carmaker’s best-selling sedans, has made a big return. Keeping its Quattro tradition, the latest model features savvy high tech elements inside and out. It’s bigger and lighter too. New Audi A4 (Audi Korea)The all new Audi A4, a full changed model in eight years, revised the platform of its predecessor and used lighter components instead, losing nearly 100 kilograms in weight. The carmaker used high-strength steel, magnesium frame for backseats, module cross member
June 26, 2016
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Hyundai, Kia gear up to make splash in global green car markets
South Korea's major automobile manufacturers are all set to make a big splash in global eco-friendly vehicle markets in the coming months, local industry sources said Sunday.Hyundai Motor Co. plans to begin the sale of the Ioniq hybrid in the United States and Europe in the latter half of this year.It boasts a combined fuel economy rating of 22.4 kmpl. Many expect fierce competition with Toyota's top-selling Prius hybrid.Hyundai will also put its Ioniq pure-electric vehicle on sale in foreign ma
June 26, 2016
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GM Korea CEO warns employees over corruption
[THE INVESTOR] GM Korea chief executive James Kim warned that any employee found to be taking part in illegal activities will be dealt with sternly.“Any illegal activities or customs concerning the company will be dealt with sternly,” Kim said in an email sent to employees on June 23.GM Korea chief executive James Kim. “Remember that the actions of an individual can create negative situations for the entire organization,” Kim said, calling on GM Korea employees to focus on further raising domest
June 24, 2016