Most Popular
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[Weekender] Geeks have never been so chic in Korea
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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NewJeans members submit petitions over court injunction in Hybe-Ador conflict
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[News Focus] Mystery deepens after hundreds of cat deaths in S. Korea
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S. Korea's exports of instant noodles surpass $100m for 1st time in April: data
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[Herald Interview] Byun Yo-han's 'unlikable' character is result of calculated acting
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US military commander in S. Korea during Gwangju uprising dies
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[KH Explains] Why Korea's so tough on short selling
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[Photo News] Seoul seeks 'best sleeper'
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US expert says N. Korea might ignore Trump if he returns to White House
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Hyundai Mobis increases investment for self-driving technology
South Korean auto parts supplier Hyundai Mobis is striving to gain an upper hand in driverless technology, for which it will increase the ratio of investment in research and development to 10 percent of its auto parts revenue by 2021 from the current 7 percent, the company said Monday.It will also roughly double the number of professionals in autonomous driving from 600 people to over 1,000 in the cited period.“Among the technology Mobis is working on, we are particularly focusing our attention
Nov. 5, 2018
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Hyundai's Genesis models surpass 200,000 units in global sales
Sales of Hyundai Motor Co.'s premium Genesis marque have surpassed a cumulative 200,000 units three years after its official launch, industry data showed Sunday.According to the data, the total sales of Genesis vehicles reached 206,882 as of the end of October, touching the 200,000 mark for the first time since November 2015, when Hyundai Motor launched the sub-luxury brand. (Yonhap)With global sales of 555 units of Genesis cars in the first year, 58,916 units were sold in the following year and
Nov. 4, 2018
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Carmakers flock to Daegu for greener, self-driving auto industry
DAEGU -- With the aim of turning the former textile-industry city into an epicenter for the future car business, the Daegu city government held an international exposition on green and self-driving vehicles Thursday, with automakers and parts makers joining the drive. The second Daegu International Future Auto Expo, which kicked off for a four-day run jointly hosted by Daegu City and the Korea Academy for Automotive Engineering, attracted the participation of 248 companies from 22 countries at E
Nov. 1, 2018
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[From the Scene] Aiming for a rebound, Hyundai focuses on creativity, innovation
HWASEONG, Gyeonggi Province -- Amid fears that the nation’s largest carmaker might be losing momentum, engineers at Hyundai Motor’s research and development center flaunted their creative and innovative ideas for cars of the future in front of executives seeking breakthroughs.Pitching products that ranged from stair-climbing personal mobility devices to air pumps to clear water away from side mirrors, 12 teams of young engineers competed in the annual R&D idea festival, suggesting new possibilit
Oct. 31, 2018
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Hankook Tire Q3 net profit down 30.9% on costs, weak sales
Hankook Tire Co., the world's seventh-largest tiremaker by sales, said Monday that its third quarter net profit fell 30.9 percent from a year earlier on increased costs and weak sales.For the three months ending Sept. 30, net profit reached 118.9 billion won ($104.1 million), down from 171.9 billion won a year earlier, the company said in a statement. (Herald DB)The tiremaker said the decline in net profit could be blamed on weak sales in global markets and an increase in operating costs at the
Oct. 29, 2018
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Local auto parts suppliers hit hard by reeling auto industry
Lackluster sales at South Korean carmakers is taking a toll on local parts suppliers, with a growing number of them recording operating losses and seeking debt workout programs.Amid concerns that struggles at local carmakers would have a profound impact on local small and midsize parts suppliers, the government has stepped in to provide special credit guarantees worth 1 trillion won. (Herald DB)According to data from the Korea Auto Industries Cooperative Association, out of 89 listed first-tier
Oct. 29, 2018
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Hyundai conducts executive reshuffle after earnings shock
Apparently seeking a change after the earnings shock last week, Hyundai Motor carried out a major reshuffle of its executives on Monday.The South Korean carmaker promoted Thomas Schemera, executive vice president of its high-performance vehicle division, to head its product planning and strategy division. The former BMW M executive is now in charge of setting the direction for technology development and product planning in light of the fast-changing market and innovations in technology, the comp
Oct. 29, 2018
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[Behind the Wheel] All New Jeep Compass gets urban touch
Upon stepping into American classic sports utility vehicle brand Jeep, one cannot help but feel the urge to become a little bit more adventurous. The brand that symbolizes such boldness, however, gets a softer tone with the Jeep Compass, a midsized model in its SUV lineup, especially in its latest version. The All New Jeep Compass that reached the local market in July has gotten an urban touch with modern, young design elements. But it has kept its daredevil spirit inside. The Tighershark MultiA
Oct. 29, 2018
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Hyundai Motor to raise $100m for hydrogen startups
Hyundai Motor is joining forces with a Chinese engineering institute to raise around $100 million for an investment fund for startups with innovative ideas on hydrogen technology and infrastructure building, the company said Monday.The South Korean carmaker and the Beijing-Tsinghua Industrial R&D Institute signed a memorandum of understanding Friday, agreeing to establish a “Hydrogen Energy Fund.” The fund will be managed by Hyundai Motor and Yield Capital, an investment unit under the Chinese e
Oct. 29, 2018
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GM CEO Mary Barra to visit Korea soon
General Motors CEO Mary Barra is planning a visit to South Korea soon to meet with stakeholders, a response to controversy over the US auto giant’s decision to spin off its research and development center as an independent entity.In a letter addressed to the carmaker’s labor union last week in response to its request for a meeting, Barra reiterated the significance of the spinoff and the carmaker’s long-term commitment to its operations in Korea.“With regard to General Motors’ long-term plans, w
Oct. 29, 2018
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Hyundai Mobis’ Q3 operating profit drops 15 percent
Hyundai Mobis, a parts maker within Hyundai Motor Group, posted 1.44 trillion won in operating profit, a 15.1 percent decrease from a year ago, the company said in a statement Friday.Between July and September, the parts maker saw 8.42 trillion won in revenue, a 3.9 percent drop on-year, with a net profit of 449.4 billion won, which also declined 6.8 percent over the same period.Sales dropped due to the lower production volume of vehicles in the last three months and the temporary suspension of
Oct. 26, 2018
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Incheon City mulls taking back GM Korea's vehicle test site
The Incheon Metropolitan City said Friday it is considering a move to take back the vehicle test site it provided to GM Korea Co. as it claims the carmaker violated a bilateral agreement.In GM Korea's shareholders meeting held last week, General Motors Co., the largest shareholder in the carmaker with a stake of 77 percent, approved its plan to spin off GM Korea's engineering and research divisions into a separate R&D corporation. The test site will be part of the new R&D company. (Yonhap)"The I
Oct. 26, 2018
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NPS holds 10 percent of shares in LG Innotek, Hanmi Pharma
The National Pension Service, operator of the state-run pension fund, holds stakes of 10.03 percent in LG Innotek and 10 percent in Hanmi Pharmaceutical, it said in a statement Friday.The pension operator’s stake in CJ CGV, the movie theater arm under food and retail giant CJ Group, has reduced to 9.9 percent from 10.72 percent, it added.(khnews@heraldcorp.com)
Oct. 26, 2018
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Kia posts Q3 operating profit of 117 billion won
Kia Motors, sister company of Hyundai Motor, posted an operating profit of 117.3 billion won for the third quarter, lower than market projections, the company said Friday. Kia generated 14.74 trillion won in revenue, and its operating profit has turned around from the 427 billion won deficit posted a year earlier.The market projection for the carmaker’s third-quarter operating profit was 300 billion won. (Herald DB)A day earlier, Hyundai Motor said it had brought in 288.9 billion won in operatin
Oct. 26, 2018
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Hyundai Motor suffers biggest-ever drop in quarterly profit
Hyundai Motor, Korea’s largest carmaker, has suffered the biggest-ever drop in quarterly earnings since adopting its current standards in 2010, with operating profit diving 76 percent on-year, the company said Thursday.The carmaker sold a total of 1.12 million vehicles around the world between July and September, posting 24.4 trillion won ($21.4 billion) of revenue and 288.9 billion won in operating profits, according to the statement.The company faced a significant drop in profit due to slowing
Oct. 25, 2018
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Hyundai Mobis develops ‘advanced adaptive driving beam’
Hyundai Mobis, South Korea’s auto parts supplier, has developed the “advanced adaptive driving beam” that ensures driving safety utilizing advanced driver assist systems as part of an effort to lead the future lamp market, the company said Wednesday.The AADB collects a wider range of information compared to the previous version, including information on car lanes using the camera, vehicles approaching from the back using radar, highways via navigation system, and other sources, the company expla
Oct. 24, 2018
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Jaguar I-Pace flaunts 480-km driving range
Ahead of the launch of the Jaguar I-Pace electric sport utility vehicle here by the end of the year, Jaguar boasted the SUV’s outstanding driving range in the 378-kilometer drive from London to Belgian capital Brussels in September, the company said Wednesday. Powered by its advanced 90-kilowatt-hour lithium-ion battery, the I-Pace has a maximum driving distance of 480 kilometers per charge and driving stability in freezing weather conditions of minus 40 degrees Celsius.In partnership with Posco
Oct. 24, 2018
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Prime minister proposes hydrogen buses for police
Prime Minister Lee Nak-yeon has made a proposal to replace police buses with fuel cell buses to promote the nation’s leading hydrogen technology.“I publicly propose to replace police buses that are often dubbed ‘henhouse cars idling at Gwanghwamun’ with hydrogen vehicles,” he said at a meeting of ministers. “Along with electric vehicles, (we) must actively develop hydrogen cars more.” A fuel cell bus powered by hydrogen (Hyundai Motor)Currently, the police operate 5,581 buses, according to the K
Oct. 24, 2018
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BMW to pre-emptively recall nearly 66,000 vehicles
BMW Group Korea will pre-emptively recall nearly 66,000 BMW and MINI vehicles to repair faulty parts, the transport ministry said Tuesday. The German carmaker's recall plan will start Nov. 26, with a total of 65,763 vehicles encompassing 52 different models to be checked by mechanics, the Ministry of Land, Infrastructure and Transport said in a statement. (Yonhap)This comes in addition to a recall of about 106,000 vehicles with fire-prone exhaust gas recirculation coolers and pipes. "As the risk
Oct. 23, 2018
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[Hydrogen Korea] Ulsan strives to become global hydrogen leader
The Korea Herald is publishing a series of articles on South Korea’s latest measures to support the hydrogen economy, the market drive for hydrogen-powered vehicles and the hurdles that stand in the way. This is the seventh installment. -- EdULSAN -- The southeastern city of Ulsan has long served as the backbone of South Korea’s industrial growth, and in its search of a new role in the era of the “fourth industrial revolution,” the city is betting big on hydrogen.Despite pervasive public indiffe
Oct. 22, 2018