The Korea Herald

Korea Auto Parts Park opens in Detroit

May 14, 2012

Korea Auto Parts Park in Detroit was launched Monday to help Korean firms settle in the U.S. city. The opening ceremony was organized by Korea’s Commerce Ministry and the state-run Korea Trade Investment Promotion Agency. KAPP provides offices with presentation devices and conference rooms. “It takes a long time for small and medium auto part companies to win business contracts from global car...
Futuristic cars to hit Busan Motor Show

May 11, 2012

Four models to be unveiled in the biennial event for first time in Asia The sixth Busan International Motor Show, which will kick off on May 24, will feature futuristic concept cars with state-of-the-art technologies, carmakers said Friday. Some of the concept cars ― prototypes that give consumers a peek at future designs ― will be showcased for the first time in Asia via the 11-day auto fair a...
Carmakers seek tie-ups with IT giants

May 10, 2012

Partnerships include Hyundai-Samsung, Kia-SKT and Renault-POSCO ICT Carmakers are signing business tie-ups with information and communication technology giants amid growing demand for high-end auto components. Among them are Kia Motors-SK Telecom and Renault Samsung Motors-POSCO ICT. Hyundai Motor and Samsung Electronics have reportedly been in talks for an alliance. Renault Samsung said Thurs...
U.S.-made cars still unpopular under FTA

May 9, 2012

The GM Cadillac CTS U.S. automakers are still posting sagging car sales in Korea despite the free trade agreement between the two countries that took effect two months ago. Three U.S. companies ― General Motors, Chrysler and Ford Motor ― grabbed only 6.1 percent of the nation’s import car market with combined sales of 656 units in April. While their market share has stayed below 10 percent amo...
‘Most Remarkable Award’ for Avante at Beijing show

May 8, 2012

Hyundai Motor’s Avante won the Most Remarkable Award at the Beijing International Motor Show, the country’s leading carmaker said on Tuesday. Winning the most out of the 6.75 million votes counted, the award-winning sedan has made a promising premier in the automobile market, the company said. First presented in 2005, the Most Remarkable Award is given by three major motor shows in China, Shang...
Ferrari targets Korean wealth, casts eye on Vietnam

May 6, 2012

Ferrari SpA said it expects South Korea’s economic growth to make the country a standout for sports car demand, and Vietnam may be next. “A surprise over the next five years will be South Korea,” Herbert Appleroth, Ferrari’s Asia Pacific chief executive officer, said in an interview. “It has an abundance of wealth and economic prosperity, and there is appreciation for supercars. I think you will...
Chrysler leads April auto sales boosting U.S. manufacturing

May 6, 2012

Chrysler Group LLC led the five largest automakers by U.S. sales in exceeding analysts’ estimates for April as the industry’s increased production drove expansion in the manufacturing sector. Chrysler sales climbed 20 percent to 141,165 light vehicles and Toyota Motor Corp.’s deliveries rose 12 percent to 178,044, according to company statements. Those results beat eight analysts’ average estima...
Cheap import cars make Korean inroads

May 6, 2012

Foreign automakers aggressive in launching models priced under 30 million won A series of import cars with relatively low price tags are aggravating the worries of Korea’s automakers, who are suffering a continuing drop in month-on-month vehicle sales at home. “Cheap import cars have emerged as a threat not only to Hyundai-Kia but companies which operate manufacturing factories in Korea ― GM, R...
Hyundai-Kia to provide eco-friendly cars to Yeosu Expo

May 6, 2012

The Hyundai Kia Automotive Group said Sunday it will provide 51 eco-friendly vehicles to the organizing committee of the Yeosu Expo 2012 to help facilitate logistics. The Expo will run for three months from Saturday and is expected to attract more than 8 million visitors from across the globe with the emphasis being put on challenges posed by climate change and protecting the marine environment....
Hyundai, Kia see sales increase, others suffer drop

May 2, 2012

South Korea’s leading automaker Hyundai Motor Co. said Wednesday its April sales gained 7.9 percent from a year earlier due mainly to solid demand in overseas markets. Hyundai Motor sold 371,597 vehicles last month, compared with 344,231 units a year earlier, the company said in a statement. Its April sales, however, were down 2.9 percent from the previous month, when the company sold 382,659 ve...
Hyundai Motor to add third shift, 877 workers at Alabama factory

May 1, 2012

Hyundai Motor Co., South Korea’s largest automaker, will add a third shift at its main assembly plant in Montgomery, Alabama to meet rising demand for its vehicles in the U.S. Capacity at the factory, currently able to build at least 300,000 vehicles a year, will increase by 20,000 units after the increase in shifts that begins in September, the company said today in an e-mailed statement. The ...
Hyundai, Kia strive to defend dominant position in local market

May 1, 2012

K9, New Santa Fe to compete with U.S.-manufactured Japanese models Hyundai Motor and Kia Motors are signaling fierce competition with import car brands in a bid to protect their dominant market share at home. Following Hyundai’s launch of the third-generation Santa Fe in April, its affiliate Kia will unveil the K9, a luxury premium sedan, on May 2. Hyundai Motor has more than 40 percent of the...
Hyundai Motor unveils Yeosu Expo pavilion

Apr 30, 2012

Hyundai Motor Group on Monday introduced its exhibition hall for the upcoming Yeosu Expo 2012, which underscores the carmaker’s efforts to save resources and the environment. Under the theme “Living Ocean and Coast,” 106 countries and nine international organizations plan to showcase their marine development and oceanic technology on the southern shore of the Korean Peninsula starting May 12. T...
GM to start selling Chevy Corvette in Korean market

Apr 30, 2012

GM Korea CEO Sergio Rocha showcases the Chevrolet Corvette Coupe, a luxury sports car, during an unveiling event in Seoul on Monday. (Lee Sang-sub/The Korea Herald) General Motors Co., the world’s largest automaker, will begin selling the Chevrolet Corvette sports car in South Korea this month as the U.S. company seeks to expand sales in overseas markets. The Corvette Coupe, equipped with a eig...
Volkswagen zooms into 2012 with 86% increase in profits

Apr 29, 2012

Europe’s biggest car maker, said Thursday that profits raced ahead in the first three months of this year, driven by strong demand worldwide for all of its brands. VW said in a statement it booked net profit of 3.186 billion euros ($4.222 billion) in the period from January to March, an increase of 86 percent from a year earlier. Underlying earnings, as measured by operating profit, revved up 1...