Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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Pandemic left Korea more depressed than before: report
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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Imported car sales grow in March
Sales of imported cars in Korea grew 8.1 percent in March from a year ago, on benefits of an extended tax cut, data showed Wednesday.According to the Korea Automobile Importers and Distributors Association, a total of 24,094 foreign cars were registered last month, compared to 22,280 units last year. Sales in March also surged 53.7 percent from 15,671 units in February, it added.Sales of foreign cars may have recovered due to the government extending its tax cut program for new car owners until
April 6, 2016
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Sales of used cars in Korea hit record high in February
Transactions of used cars in Korea hit a record high in February, government data showed Wednesday, amid a protracted economic slump.A total of 283,875 second-hand cars were registered in February, marking the largest number in any past February results, according to the data compiled by the Ministry of Land, Infrastructure and Transport.For the first two months of the year, total registrations of used cars reached 572,599, up from 542,225 units tallied over the same period last year.The number
April 6, 2016
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GM Korea to keep importing Impala sedan
GM Korea said Tuesday that it has decided to continue importing Chevrolet’s premium sedan Impala instead of producing them here. “We decided to keep importing Impala to respond to the needs of clients, who want premium value of imported sedans, and to consider the company’s car portfolio under the government’s strict regulations on carbon emissions,” the company said in a statement.Chevrolet’s premium sedan Impala (GM Korea)The automaker said in order to maintain cost competitiveness, importing
April 5, 2016
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Hyundai to seek ties with tech giants for connected car
Hyundai Motor Group, the world’s fifth largest automaker in sales, said Tuesday it will seek more tie-ups with global tech giants to take a lead in the heated competition for the development of a connected car, while driving its own research and development activities. “The group will seek more collaboration with leading global information technology and networking companies to develop its ‘hyper-connected and intelligent car’ concept, while increasing investment in its R&D activities,” the comp
April 5, 2016
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Hyundai, Kia see China sales drop in March but downward pace slows: data
Korea's top two carmakers--Hyundai Motor and its smaller affiliate Kia Motors-- saw their sales in China decline in March, but the downward pace slowed significantly, showing signs of a possible rebound from a long-haul slump, company data showed Tuesday.The two companies sold a combined 148,599 cars in China last month, down 6.9 percent from a year earlier, according to the preliminary data obtained by the English division of Yonhap News Agency. This marked the third straight month that sales i
April 5, 2016
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Hyundai Motor's Genesis sales in U.S. spike in March
Hyundai Motor, Korea's top automaker, saw its sales of the Genesis luxury sedan spike over 30 percent on-year in March in the United States, heating up competition mostly driven by German brands, industry data showed Tuesday.According to the data, Hyundai Motor sold 3,197 units of the Genesis DH in the U.S. last month, up 32.4 percent from a year earlier. The model will be renamed the G80, and will be launched anew later under the automaker's recently separated luxury brand Genesis. Hyundai Gene
April 5, 2016
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Car in transit to smart device: Hyundai CEO
Hyundai Motors America CEO David Zuchowski has forecast that a car will eventually evolve into a smart device combining the know-how of both tech firms and automakers. “We need to embrace technology like everybody else is,” Zuchowski said in a recent interview with CNBC. David Zuchowski, CEO of Hyundai Motors America (Hyundai Motors America)He shared insights on the changing landscape of the auto industry. In the face of growing competition from tech giants, such as in the area of self-driving c
April 4, 2016
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Model 3 to trigger `big bang’ of EVs in Korea
The unprecedented global attention to preorders of Model 3, the first mass-market model of luxury electric vehicle maker Tesla Motors, is forecast to spur the EV market in Korea. About 198,000 customers globally, including Koreans, put down a deposit of $1,000 to preorder Model 3 in the first two days since Tesla unveiled its low-priced, but high-performance and well-designed electric family sedan in the U.S. on Thursday. The image of Tesla’s first mass-market model Model 3 Tesla MotorsThe init
April 3, 2016
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‘New car effect‘ lifts domestic car sales in March
Domestic car sales by the five Korean carmakers soared 17 percent to 148,888 units in March from the same period last year, bolstered by the “new car effect” and the extension of tax cut benefits on car purchases by June, data compiled by each company said. But the five companies with production lines here -- Hyundai, Kia, General Motors Korea, Renault Samsung and Ssangyong Motor – saw their overseas sales drop 4.3 percent on-year last month, the data showed. When it comes to domestic sales, the
April 3, 2016
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Honda Korea targets 20% share in motorcycle market
Japanese automaker Honda Motor unveiled its new dual-sport motorcycle Africa Twin and concept trike Neowing here, targeting a greater share of the Korean market. “We are aiming to sell 16,000 units this year to grab a 20 percent share in the local market,” said Seo Jung-min, an executive of Honda Korea, at the launch of the Seoul Motorcycle Show 2016, held on March 31. Honda’s dual-sport motorcycle Africa Twin (Honda Korea)Honda was the third-largest player in the segment with a 17 percent marke
April 3, 2016
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Tesla to enter Korea with Model 3
Tesla’s CEO hinted on Twitter on Friday that the U.S. luxury electric vehicle maker will enter the Korean market with the new Model 3, which is the firm’s first mass-market brand. (Elon Musk's Twitter)In reference to the countries where preorders of the 2017 Model 3 will be available, Tesla CEO Elon Musk made it clear that Korea is one of the seven countries.There have been rumors over the entry of Tesla into the Korean market since last December when the EV maker reportedly signed a contract f
April 1, 2016
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GM Korea's March sales up 3.4%
GM Korea Co., the local unit of U.S. carmaker General Motors Co., said Friday that its sales in March grew 3.4 percent from a year earlier, driven by strong demand from the domestic market.The carmaker said in a press release that it sold 56,144 units last month, compared with 54,305 units a year earlier.Its domestic sales rose 27.6 percent on-year to 16,868 units, with sales of its Spark city car spiking nearly 90 percent to a record high of 9,175 units.The company's overseas shipments, however
April 1, 2016
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Audi Korea says payment of tax refunds to Korean customers under way
The local unit of Audi, the luxury brand of German carmaker Volkswagen, said Friday that it is in the process of paying tax refunds to its customers, dismissing criticism over its alleged refusal to follow the government's changed tax policy, which recently led to some lawsuits demanding compensation. In its emailed statement, Audi Korea said that it has notified all of its dealerships here about the government's decision to extend a tax cut for new car purchases and that they are paying refund
April 1, 2016
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AmorePacific chief sees more growth potential in China
The head of AmorePacific Co., South Korea‘s top cosmetics company, has reaffirmed his commitment to the Chinese market, saying he sees more room for growth among middle-class consumers there.“By 2020, the middle class population is expected to reach 500 million, and its size and influence will greatly expand in the next decade,” AmorePacific CEO Suh Kyung-bae was quoted as saying during a monthly meeting with senior company officials earlier this month.AmorePacific has been showing stellar perfo
March 31, 2016
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Lotte Rental holds most rental cars in Asia
Lotte Rental, the car rental service unit under Lotte Group, said Thursday that it had the most cars of any Asian rental firm, including Japan’s Toyota Rent-a-Car. Compared to the Japanese company’s 110,000 units, Lotte boasts 130,000 units as of last year, ranking first in Asia and sixth globally, according to the Korean car rental association. Lotte Rental’s promotion poster Lotte RentalLotte said it aims to rank fourth globally by 2020. Lotte has retained its No. 1 position domestically, hav
March 31, 2016
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[Photo News] BMW's new maxi scooters
BMW’S NEW MAXI SCOOTERS -- BMW Korea unveiled its new maxi scooters C 650 Sport and C 650 GT at the opening of the 1st Seoul Motorcycle Show in Coex on Friday. Prices start from 15.9 million won ($13,900) and 16.5 million won, respectively. (BMW Korea)
March 31, 2016
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Government to support self-driving cars
(Yonhap)The government plans to establish a new team under the Transportation Ministry to exclusively support self-driving and eco-friendly cars, according to officials Wednesday. The ministry said it plans to create a high-tech auto technology division in May at the latest, with the aim of backing the autonomous and eco-friendly vehicle industry, which is still at a nascent stage here. “We plan to separately manage autonomous car technologies, which have so far been supervised together with oth
March 30, 2016
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Mercedes-Benz Korea slapped with W50b in additional corporate tax: report
Tax authorities in Seoul have slapped Mercedes-Benz Korea with an additional corporate tax of 50.1 billion won (about $43 million), according to a local news report on Tuesday.Citing unnamed industry sources, Yonhap News reported that the National Tax Service notified the German carmaker’s Korean unit of its decision to impose the additional tax after its recent tax investigation into the company.In response, the carmaker has requested a review of the legality of the imposition before taxation,
March 29, 2016
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Mercedes-Benz Korea to face prosecution probe
The Korean Transportation Ministry has filed a complaint against the Korean unit of German carmaker Mercedes-Benz with the prosecution on charges of having installed automatic transmissions without proper authentication procedures, officials said Tuesday. The ministry said it filed a complaint with the Seoul District Prosecutors’ Office against Mercedes-Benz Korea’s chief Dimitris Psillakis, accusing him of violating the automobile management act and clean air conservation act. The carmaker fail
March 29, 2016
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Kia Motors aims to sell 40,000 hybrid SUV Niro this year
Kia Motors launched its first hybrid compact sport utility vehicle Niro on Tuesday, targeting sales of 40,000 units worldwide this year. “We have set a goal of selling 18,000 units of Niro domestically and 20,000 cars globally, targeting young singles and couples in their 20s and 30s,” said Kim Chang-sik, executive vice president of domestic sales, at the launch of Niro in Seoul. Kia Motors president Park Han-woo (right) and executive vice president Kim Chang-sik pose at the launch of compact S
March 29, 2016