Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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'Queen of Tears' riding high on Netflix chart
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Chip up cycle won’t stay long: SK chief
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Hyundai Motor posts 0.6% increase in Q2 profit
[THE INVESTOR] Hyundai Motor, the world’s fifth-largest carmaker, said it posted second-quarter operating profit of 1.76 trillion won (US$1.54 billion), up 0.6 percent on-year. From the first quarter of 2016, operating profit rose 31.2 percent, the carmaker said on July 26. Hyundai Motor Group headquartersNet profit for the second quarter fell 1.5 percent on-year to 1.76 trillion won. Sales, however, rose 8.1 percent to 24.67 trillion won. In total Hyundai sold 1,285,860 units during the cited p
July 26, 2016
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Hyundai Motor Q2 net shrinks 1.5% on weak global demand
South Korea's leading automaker Hyundai Motor Co. on Tuesday said its net income dropped slightly from a year earlier in the second quarter on a dip in exports and profitability.Net profit came to 1.76 trillion won ($1.55 billion) in the April-June period, down 1.5 percent from the same period last year, the company said in a regulatory filing.Sales surged 8.1 percent on-year to 24.68 trillion won, with operating profit gaining 0.6 percent to 1.76 trillion won.The on-year drop in net income was
July 26, 2016
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German car imports fall for first time in 13 years on VW scandal
[THE INVESTOR] The import volume of German-made cars in South Korea dropped for the first time in 13 years amid an emission-rigging scandal involving Volkswagen and Audi cars, industry data showed on July 26. The number of German vehicles imported in the January-May period came in at 51,736 units to reflect a 12.7 percent decrease from the same period in 2015, according to the Korea Automobile Importers and Distributors Association. Volkswagen cars are lined up at Pyeongtaek Port. / The Investo
July 26, 2016
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Imports of German cars drop on Volkswagen scandal
Imports of vehicles produced in Germany or by German automakers dropped for the first time in 13 years, apparently due to a large cut in inbound shipments of Volkswagen and Audi cars mired in an emissions scandal, industry data showed Tuesday.In the first five months of the year, imports of German vehicles came to 51,736 cars, down 12.7 percent from the same period last year, according to the data from the Korea Automobile Manufacturers Association.This marks the first on-year drop since a 7.2-p
July 26, 2016
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Toyota recalls 6,200 cars for defective airbags
Toyota is recalling over 6,200 cars sold in South Korea for defective airbags, the transportation ministry said Tuesday.The recall affects 6,209 units of three vehicle types -- the Prius, Prius PHV and Lexus CT200h -- that were produced between Feb. 26, 2009 and April 27, 2012 and sold here by Toyota Korea Co., the local unit of Japanese carmaker Toyota Motor Corp.The cars come with side airbags that deploy in some crashes.But due to some defective parts, the airbag and other components of the a
July 26, 2016
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Japanese hybrid cars replacing German diesel vehicles in Korea
Japanese hybrid cars are eating into German diesel cars’ share in the Korea’s foreign car market, following a series of emissions and mileage scandals, according to market analysts. The combined sales of German brands -- BMW, Mercedes Benz, Audi and Volkswagen -- declined by 9 percent in the first half year-on-year, with their market share going down 4.6 percent to 64.2 percent, according to the Korea Automobile Importers & Distributors Association.The fall was mainly led by the sales decline of
July 25, 2016
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Korea holds hearing on Volkswagen Korea's emissions scandal
South Korea's government held a hearing on German carmaker Volkswagen's emissions scandal Monday before finalizing a decision that can revoke the certifications of dozens of its vehicle models implicated in the scandal.The Ministry of Environment conducted the hearing at the National Institute of Environmental Research in Incheon, west of Seoul, which was attended by Johannes Thammer, the chief of the automaker's South Korean unit, and several other company officials. Earlier this month, the min
July 25, 2016
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Renault Samsung to produce next-generation engines for Renault, Nissan cars
[THE INVESTOR] Renault Samsung Motors said on July 25 it will produce next-generation engines for Renault and Nissan vehicles at its Busan plant. The Korean unit of France’s Renault Group had been competing with other overseas plants of the Renault-Nissan Alliance, including those in China and Japan, to host the strategic partner firms’ new engine production facilities. Renault-Nissan Alliance’s 1.6-liter GDI turbo MR engine (left) and 2.0-liter GDI MR engine that will be produced at Renault Sam
July 25, 2016
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Volkswagen Korea attends public hearing
[THE INVESTOR] The Ministry of Environment held a public hearing on July 25, attended by Audi Volkswagen Korea.The hearing -- which was held at the National Institute of Environmental Research -- is to offer Volkswagen’s Korean unit a chance to explain itself regarding the ministry’s recent decision to ban the sales of 79 models of Audi and Volkswagen cars that cheated on emission tests, and also cancel their registration here.The decision, however, has yet to go into effect and will be finalize
July 25, 2016
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Kia Motors takes legal action against union leaders
[THE INVESTOR] Kia Motors has filed criminal complaints against the leaders of its labor union over the alleged illegal strikes. According to the carmaker, a complaint has been filed against union leader Kim Sung-rak and five other union officials for taking Kia’s union into the nationwide strike organized by the Korean Metal Workers’ Union. The metal workers’ union is a subgroup within the hardline Korean Confederation of Trade Unions. The company claims that its union did not follow legal proc
July 25, 2016
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BMW 5 Series Pro touts advanced safety features
Reflecting the growing need for safer vehicles, the Seoul office of German carmaker BMW has released a special edition of its best-selling model 5 Series that features advanced safety functions designed to prevent possible accidents.The BMW 5 Series Pro Edition which hit the local market in April has adopted the carmaker’s premium option named Driving Assistant Plus that includes the camera-based Lane Departure Warning and Approach and Pedestrian Warning systems with City Brake Activation, BMW K
July 24, 2016
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Hyundai Motor to open Genesis brand stores nationwide
[THE INVESTOR] Hyundai Motor plans to open some 10 Genesis brand stores nationwide in its latest upscale push as a luxury car maker. The first store is expected to open at Shinsegae Group’s new shopping center Starfield Hanam in Gyeonggi Province in September. The venue is also rumored to have hosted the nation’s first store of the iconic electric car maker Tesla. Other stores are also said to be located in posh districts in Seoul and major cities around the country. Genesis sports sedan G80Hyun
July 22, 2016
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Korea reports first auto trade deficit with China
For the first time, Korea is running a trade deficit of automobiles with China due to Korean firms‘ increased production in China and the entry of Chinese low-cost players in Korea, a report said Friday. As of the end of May, Korea’s trade deficit with China in the auto sector stood at $2 million, the first auto trade deficit with the neighboring country, the state-run Korea Institute for Industrial Economics & Trade said. Cars destined for export overseas stand parked at a port in Korea. (Yonha
July 22, 2016
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POSCO ICT to supply home charging stations for GM Bolt
[THE INVESTOR] POCSO ICT will supply home charging stations for General Motors’ first full-electric compact Chevrolet Bolt that debuts in September, the IT solutions unit of POSCO said July 22. The Korean firm recently signed a deal with GM Korea, the Korean unit of the US auto giant, it said. POSCO ICT’s EV charging stationUnder the deal, the company also plans to build the charging stations at GM Korea’s some 120 after-sales centers, sales stores and other key locations such as large supermar
July 22, 2016
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Volkswagen halts sales of nearly 80 models in Korea
[THE INVESTOR] Audi Volkswagen Korea has decided to stop selling certain vehicles that cheated on emission tests in South Korea, local news reported Thursday. The Korean unit informed local dealers of its decision to suspend from Monday the sales of 79 models of cars, including top-selling ones such as the Volkswagen Golf, Jetta and the Audi A4. Volkswagen GolfThe Ministry of Environment had earlier issued an order to ban sales and cancel the registration of VW’s diesel and gasoline engine vehi
July 22, 2016
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Volkswagen Korea to halt sales of cars in emissions scandal
German carmaker Volkswagen has decided to voluntarily suspend sales of its vehicle models implicated in an emissions scandal in South Korea, market sources said Friday.In a recent letter to local dealers, Audi Volkswagen Korea, the South Korean unit of the German carmaker, said it will stop delivering 79 models of 34 vehicle types starting next week.The country's environment ministry earlier said it might revoke its certification of the 79 vehicle models, based on the outcome of a prosecution in
July 22, 2016
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Seoul raises subsidies for EV owners
[THE INVESTOR] The Seoul City government announced on July 21 that it will raise the subsidies for electrical vehicle owners by 2 million won (US$ 1,758) to boost sales. A resident who purchases a new electric vehicle will now receive 18.5 million won in assistance, up from 16.5 million won, the Seoul Metropolitan Government said. Hyundai Motor EV Ioniq / Hyundai MotorCorporate buyers will get 14 million won, up from 12 million won, while rental and leasing firms will earn 18.5 million won, a hi
July 21, 2016
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Auto market to contract for first time in 3 years
Overall auto sales in South Korea this year is projected to decline for the first time in three years, a report said Thursday.According to a research center under Hyundai Motor, the country‘s largest carmaker, the local car market grew 9 percent in the first half year-on-year thanks to a consumption tax cut and a series of market debuts of vehicles by local carmakers.However, the market would see a significant decline in the latter half of the year with customers feeling less likely to buy cars
July 21, 2016
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Vehicle seat belt alarms to be mandatory
[THE INVESTOR] Seat belt alarms are to become mandatory for all seats in passenger vehicles, the Ministry of Land, Infrastructure and Transport said on July 21. The ministry said that following the global standard change it will make regulatory changes to make seat belt alarms for all seats mandatory in vehicles produced in South Korea. According to the ministry, the United Nations Economic Commission for Europe is set to make the changes to international standards in November.Although the stand
July 21, 2016
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Hyundai, Samsung, Ssangyong rolling out summer edition cars
[THE INVESTOR] Automakers are rolling out special edition cars for the summer, according to the industry on July 21.Hyundai Motor, South Korea’s largest automaker, recently released a special edition of its midsize sedan Sonata, which will go on sale until October. The special edition is installed with ventilated seats and a dual air conditioning system for driver and passengers to enjoy the cool ride under the scorching sun. The new Sonata features automatic defogging system to detect fog and m
July 21, 2016