The Korea Herald

VW threatens to end GM’s 8-year China lead

Nov 4, 2012

After trailing General Motors Co. in China for eight years, Volkswagen AG edged ahead in the third quarter, putting it one step closer to its goal of becoming the world’s biggest automaker. VW’s deliveries in the country jumped 21 percent last quarter, almost triple GM’s growth, to 704,991 vehicles, according to figures the company reported.That beat the 664,765 that GM reported earlier this mon...
FTAs boost import vehicle sales: KAMA

Nov 4, 2012

Foreign brands post 15.5 percent growth despite economic slowdown
EPA finds Hyundai, Kia overstated gas mileage

Nov 3, 2012

Hyundai and Kia, Korea's two biggest automakers, overstated the gas mileage on 900,000 vehicles sold in the past three years, a discovery that could bring sanctions from the U.S. government and millions of dollars in reimbursements to car owners. The inflated mileage was uncovered in an audit of test results by the Environmental Protection Agency, which ordered the Korean automakers to replace f...
Hyundai Motor rating raised by Moody’s on profitability

Oct 30, 2012

Hyundai Motor Co., South Korea’s largest automaker, and its affiliate Kia Motors Corp., had their credit ratings upgraded one level by Moody’s Investors Service, citing the carmakers’ profitability and global reach. Ratings on the senior unsecured bonds of the two Seoul- based automakers were raised to Baa1, the third-lowest investment grade, from “Baa2,” Moody’s said in a statement Tuesday. The...
Current account surplus widens in September

Oct 30, 2012

South Korea’s current account surplus widened in September from the previous month as exports expanded at a faster rate than imports, the central bank said Tuesday. The current account surplus reached $6.07 billion in September, up from a revised $2.5 billion in the previous month, according to the Bank of Korea. The current account is the broadest measure of cross-border trade. The September f...
Samsung SDI sees Q3 net grow more than 10-fold

Oct 30, 2012

Samsung SDI Co., the world’s top maker of plasma display panels and renewable batteries, said Tuesday its net profit jumped more than 10-fold in the third quarter from a year earlier thanks to solid battery sales and a one-off profit. Net profit came to 1.2 trillion won ($1.1 billion) in the July-September period, compared with a profit of 100 billion won the previous year, the company said in a...
Toyota extends global lead over GM on quarterly gain

Oct 28, 2012

Toyota Motor Corp.’s worldwide sales grew 18 percent last quarter on U.S. demand for Camry sedans and Prius hybrids and helped Asia’s largest automaker expand its lead over General Motors Co., the global volume leader in 2011. Toyota delivered 2.43 million cars and trucks in the quarter that ended Sept. 30, including subsidiaries Hino Motors Ltd. and Daihatsu Motor Co., up from 2.06 million a ye...
BMW 1 Series unrivaled in premium compact class

Oct 28, 2012

BMW Korea aims to sell 3,000 units next year
Strikes dent Hyundai Motor's 3Q profit

Oct 25, 2012

Hyundai Motor Co. suffered a fall in third quarter profit versus the previous quarter after strikes dented vehicle production. South Korea's largest automaker said Thursday net profit fell 15 percent from the April-June quarter to 2.16 trillion won ($1.96 billion). It was Hyundai's first sequential drop in quarterly profit in a year. The result, which matched forecasts, was still a 13 percent r...
Hyundai eyes million-car production in China

Oct 23, 2012

After 10 years in China, Korean auto giant seeks to further expand its operation
Renault-Nissan alliance plans to double cost savings by 2016

Oct 21, 2012

Renault SA and Nissan Motor Co. said they aim to double annual cost savings from their alliance within four years, while denying a Reuters report that they are reviewing their cross-shareholdings. “We have an internal goal of 4 billion euros ($5.2 billion) in synergies in 2016,” Rachel Konrad, an alliance spokeswoman, said by e-mail. “We expect more every year.” The two plan to boost synergies f...
Premium import car sales set for milestone

Oct 21, 2012

Mercedes-Benz topped the list in the premium car sales during the January-September period with sales of 2,699 units, outperforming BMW with 2,466 units. Audi ranked third with 1,277 units, followed by Porsche with 550 units, Jaguar with 318 units, Lexus with 261 units, Land Rover with 240 units, Bentley with 89 units, Volkswagen with 64 units and Cadillac with 39 units. Mercedes-Benz Korea pos...
Hyundai, Kia enjoy brisk sales in Europe in Sept.

Oct 18, 2012

South Korea’s leading automakers Hyundai Motor Co. and Kia Motors Corp. saw steady sales growth in Europe last month despite the region’s contracted demand in the midst of the financial crisis, industry data showed Thursday. Hyundai and Kia, the flagship companies of Hyundai Motor Group, sold a combined 73,000 units in September in 27 European countries, up 3.7 percent from a year ago, according...
Gov't mulls extending tax break on diesel for e-trade

Oct 18, 2012

The government is moving to extend various incentives for diesel imports that are traded electronically in a move to further stabilize energy prices that might have a large impact on overall consumer prices, market observers said Thursday. They said the government has already decided to extend the incentives until the end of next year. Most of the incentives, which include a full tax exemption, ...
Ford board said to deliberate on Mulally successor

Oct 14, 2012

Ford Motor Co.’s board discussed a succession plan for chief executive officer Alan Mulally at its monthly meeting on Friday, according to a person familiar with the discussions. The board is preparing to promote Mark Fields to chief operating officer from president of the Americas as part of a plan to have him eventually succeed Mulally, said the person, who asked not to be named revealing boar...