The Korea Herald

Kia’s quarterly earnings climb to record high

Apr 27, 2012

Following Hyundai Motor, affiliate Kia Motors reported all-time high quarterly earnings on the back of its robust vehicle sales in the overseas market. Kia said Friday that its operating profit reached 1.12 trillion won ($1 billion) during the first quarter of 2012, up 33.4 percent over the same period last year. The carmaker also saw its net profit climb by 26 percent to 1.2 trillion won. Its ...
Hyundai Motor to train European jobseekers

Apr 27, 2012

Korean carmaker to offer education program to 10,000 students in 15 nations Hyundai Motor Co., Korea’s largest carmaker, will offer a series of vocational education program for young jobseekers in 15 European countries for the next two years under its social contribution activities, company officials said Friday. The program, dubbed “Skills for the Future,” is designed to support employment of ...
Hyundai Motor posts record operating profit

Apr 26, 2012

Performance aided by emphasis on product-quality than mass production Hyundai Motor reported a record performance on the back of improved profitability despite sluggish sales at home. The nation’s largest carmaker said Thursday that it posted 2.28 trillion won ($2.02 billion) in operating profit during the first quarter of 2012, up 24.9 percent from the same period last year. This marked all-t...
Provost says SM series key in China

Apr 24, 2012

BEIJING ― The SM sedan series of Renault Samsung Motors is expected to play a significant role in the its parent Renault Group’s project to expand its presence in China. Renault Samsung chief executive Francois Provost stressed that the consumer preferences of the Chinese are quite similar to those of Koreans. His remarks came right after France-based Renault Group unveiled the Talisman, a luxu...
Carmakers strive to increase sales in China

Apr 23, 2012

Renault to produce some models in world’s largest automobile market BEIJING ― Global carmakers including Korean players are competing to increase their market share in China, the world’s largest automobile market. In the past several years, China has overtaken the Untied States in vehicle sales per annum. While General Motors and Volkswagen had dominated the Chinese market, Hyundai Motor has c...
Hyundai Motor expands aid to suppliers

Apr 23, 2012

Hyundai Motor Group plans to up the funds it provides to its subcontractors, giving out about 600 billion won ($530 million) this year. About 320 billion won will support suppliers’ research and development activities and the rest will be allocated as loans with low interest rates, the group said in a statement on Sunday. The automotive group said it is showing its commitment to co-prosperity, ...
European car sales fall to 14-year low as economy stalls

Apr 22, 2012

European car sales fell to a 14- year low last month, with Fiat SpA, Renault SA and PSA Peugeot Citroen posting the biggest drops, as the region’s sovereign- debt crisis caused economic growth to stall. Registrations in the 27-member European Union plus Switzerland, Norway and Iceland fell 6.6 percent from a year earlier to 1.5 million vehicles, the lowest figure for March since 1998, the Brusse...
U.S. regulators to examine electric-car battery safety

Apr 22, 2012

The U.S. auto-safety regulator said it will hold a forum on lithium-ion batteries in electric cars next month, almost a year after a General Motors Co. Chevrolet Volt caught fire following crash-testing. The National Highway Traffic Safety Administration announced a meeting May 18 in Washington to convene government officials and auto and battery-industry representatives to talk about “safety co...
Renault Samsung looks to overseas markets

Apr 22, 2012

At home, automaker pinning hopes on electric vehicles to offset sluggish sales Renault Samsung Motors is seemingly prioritizing overseas markets over sales at home as consumption in Korea sags and the Chinese market enjoys rapid growth. During the first quarter of 2012, Renault Samsung posted exports of 27,505 units, 64 percent of its total sales of 42,939 units. Between 2000, when France’s Re...
Citroen reenters Korean market

Apr 19, 2012

French automaker Citroen resumed sales in the local market on Thursday after a decade-long hiatus. The company under the wing of PSA Peugeot-Citroen unveiled the DS3, a premium hatchback, in Seoul on Thursday. Hanbul Motors Corp. will take on imports of the French cars. Citroen aims to sell up to 2,500 cars per annum in Korea, Eric Dumondelle, chief of the company’s Asia Pacific division told T...
New Santa Fe aims to be best-seller

Apr 19, 2012

Hyundai Motor Co., Korea’s No. 1 carmaker, has launched the third-generation Santa Fe in the local market. During an unveiling event in Incheon on Thursday, the company said it aims to sell 42,000 units of the New Santa Fe at home and 110,000 units in the overseas market this year. The automaker has also set the sales target of 385,000 units for next year ― 50,000 for domestic and 335,000 for o...
Hyundai-Kia’s sales hit record high point in Europe in March

Apr 18, 2012

Hyundai Motor and Kia Motors posted all-time high monthly sales in the European market in March, despite the worsening business environment in the wake of the eurozone debt crisis. The affiliated companies’ combined sales came to 85,393 units in Europe in March, up 15.3 percent from 74,107 units a year before. According to the European Automobile Manufactures’ Association, also known as ACEA, H...
BEXCO has high hopes for Busan Motor Show

Apr 18, 2012

CEO Kim says May show will focus on low-emission vehicles The Busan Exhibition & Convention Center is striving to upgrade the Busan Motor Show through this year’s event, which may be the largest ever. The Busan International Motor Show 2012 is projected to mark “58 percent growth” compared to the previous event in 2010, BEXCO president & CEO Kim Soo-ik told a press conference in Seoul on Wednes...
BMW 7 series inquiry upgraded by U.S.

Apr 17, 2012

U.S. auto-safety regulators upgraded their inquiry into Bayerische Motoren Werke AG’s 7 Series cars that may roll away when parked as they probe transmission defects in an electronic access and ignition system. The U.S. National Highway Traffic Safety Administration said Tuesday on its website that it’s intensifying an investigation it opened in August of about 120,000 vehicles to an engineering...
Lexus sedan to battle BMW 520d, Benz E300

Apr 15, 2012

Toyota-Lexus may overtake Volkswagen, Audi to become Korea’s third-largest car importer Lexus, the premium brand of Toyota Motor, has launched all-out efforts to regain its once-high share in Korea’s import automobile market. Though Lexus was vying for the No. 1 spot in the import car industry with BMW seven or eight years ago, it yielded its position to other competitors in the wake of the rec...