Hyundai, Kia US sales rise 9.9% in June on SUVs, eco-friendly models

Hyundai Motor Co. and its affiliate Kia Corp. said Tuesday their combined sales in the United States rose 9.9 percent in June from a year earlier on robust sales of SUVs and environment-friendly models. Last month, Hyundai and Kia sold 145,849 vehicles in the world's most important automobile market, up from 132,739 units a year earlier, according to the companies' sales data. Hyundai's sales climbed 11 percent to 75,354 units in June from 67,597 a year ago, while Kia's were

July 4, 2023

KG Mobility to take over Edison Motors

KG Mobility said Monday it will look to strengthen its commercial vehicle portfolio after being picked as the final candidate to acquire Edison Motors. With approval from the local court in Changwon, South Gyeongsang Province, of KG Mobility as the final takeover candidate, Edison Motors can complete the corporate rehabilitation process once it submits a debt recovery plan and acquires an agreement from creditors. KG Mobility said it plans to transform Edison Motors into a firm that can contribu

July 3, 2023

Hyundai, Kia to outpace chaebol rivals in Q2 profits

Hyundai Motor Company and its sister firm Kia will continue to post upbeat earnings in the second quarter as the two automakers are projected to take first and second places on the list of Korea’s top profit makers in the second quarter. According to market tracker FnGuide’s earnings consensus on Monday, Hyundai Motor’s operating profit in the second quarter is expected to reach 3.6 trillion won ($2.7 billion), up 21.1 percent on year to repeat as the leading earner among the l

July 3, 2023

US deputy secretary welcomes SK-Ford battery partnership

David Turk, deputy secretary at the US Department of Energy, visited the construction site of BlueOval SK in Stanton, Tennessee, a joint venture of SK On and Ford Motor Co., the South Korean battery maker said Monday. “BlueOval SK is a project that shows fantastic partnership among the US government, SK On, Ford and BlueOval SK,” Turk said during a meeting with SK On, Ford Motor and SK BlueOval executives and US government officials on Thursday. “I think this is a phenomenal

July 3, 2023

[Photo News] Mini showrooms in Korea

Mini has opened the world's first showrooms specifically designed to promote its high-performance brand -- John Cooper Works, or JCW -- in South Korea, the company under BMW said Monday. Located in Suwon, Gyeonggi Province, Incheon, Daegu and Busan, the four JCW performance showrooms present the entire lineup of JCW vehicles, offering premium services and test drives for customers. The Korean sales of JCW models jumped by 45 percent on-year in 2022, logging the biggest annual sales figure o

July 3, 2023

S. Korea, Slovenia seek stronger ties in EVs, logistics

South Korea and Slovenia discussed ways Friday to enhance bilateral cooperation on electric vehicles, logistics and advanced industries, Seoul's industry ministry said. During the meeting with Slovenia's economic minister, Matjaz Han, in Seoul, Seoul's Trade Minister Ahn Duk-geun pointed to the recent growth in the EV market in the European nation and voiced expectations for stronger ties in the related sectors, according to the Ministry of Trade, Industry and Energy. Ahn also ask

June 30, 2023

S. Korea's forklift exports up 57% through May

South Korea's forklift exports jumped nearly 57 percent on-year in the first five months of 2023, data showed Friday, following a rebound in the global construction industry. Exports of forklifts reached $525 million from January to May this year, reaching a record-high amount for the period, according to the data compiled by the Korea Customs Service. The agency attributed the growth to increasing demand from construction sites worldwide, as some companies in major countries shifted their

June 30, 2023

EU antitrust regulators temporarily halt probe of Korean Air-Asiana deal

BRUSSELS (Reuters) -- EU antitrust regulators have temporarily suspended their investigation into Korean Air Lines' proposed acquisition of Asiana after the former asked for more time to prepare remedies to address competition concerns, the South Korean carrier said on Wednesday. The temporary halt took effect on June 23, the European Commission's site shows. "Korean Air has requested a deadline extension to render comprehensive remedies that can address the EC’s concerns, a

June 28, 2023

Lucid CEO says Aston Martin EV tech deal is just the beginning

LONDON (Reuters) -- Lucid will pursue more deals to sell its luxury electric vehicle equipment as it looks to grow its technology supply business, its top executive said on Wednesday, adding its recent deal with Aston Martin is just the start. The US EV firm will provide Aston with technology including a rear drive unit with twin motors, battery modules and software for integrating systems under the agreement with the British luxury carmaker announced on Monday. The parts will come from Lucid�

June 28, 2023

[Best Brand] Noble Klasse offers top-class luxury limousine service

KC Motors’ luxury limousine brand Noble Klasse is a leading player in the nation’s premium limousine market that is equipped with both design and production capabilities. Since its debut in 2015, its limousine lineup consists of L4, L9, L9 Standard and L13 models based on the number of passenger seats. The smallest second generation L4 is the nation’s first limousine with a full partition that offers a comfortable ride for a limited number of VIP passengers. The car comes with

June 28, 2023

[Best Brand] Yamaha aims to enhance motorcycle safety

Yamaha Motor Company has been a pioneer in making motorcycles safer and more convenient by developing and incorporating cutting-edge electronic safety equipment. In particular, the all-new XMAX 300 sports scooter, recently released in South Korea under the distributor Hankook Motor Company, touts such innovative technology, making it a viable option for riders who want to be safer on the road. The vehicle comes with an anti-lock brake system and a traction control system, Yamaha said, which inst

June 28, 2023

Hyundai invests W2b in auto chip startup

Hyundai Motor Group said Wednesday it has made follow-on investments worth 2 billion won ($1.5 million) in Korea-based auto chip startup Bos Semiconductors in a move to boost its autonomous car business. Under the deal, the carmaker plans to strengthen its strategic partnership with the startup and develop auto chips for self-driving cars and electric vehicles. Further details on the investment including in which car lineups the startup’s chips will be installed were not made available. Th

June 28, 2023

[Herald Interview] ‘Lamborghini Revuelto is sold out in Korea until 2025’

South Korea has become Lamborghini’s eighth-largest market in the world and No.1 in the Asia Pacific last year, selling over 400 units for the first time. With the growing strategic importance of the Korean market, the Italian high-end car brand is upping the ante here with its first hybrid sports car Revuelto, according to the company’s regional chief. “(Even before the official launch,) through pre-orders, the allocated number of cars until 2025 for the Korean market has comp

June 27, 2023

Hyundai Mobis bets big on futuristic displays

Hyundai Mobis, a South Korean automotive parts maker under Hyundai Motor Group, is seeking to lead the global in-vehicle display market with its rollable and swivel displays. “Hyundai Mobis is developing various in-vehicle display technologies centered on innovating space, enhancing user satisfaction and securing passenger safety,” said Han Young-hoon, Hyundai Mobis’ vice president heading the Electronics Convenience and Control lab during a media conference held at the company

June 27, 2023

[Test Drive] Lexus’ answer for luxury EV

Unlike other global carmakers going all-out to launch fully electric vehicles, Toyota and its premium brand Lexus have insisted on developing hybrid cars. However, with burgeoning demand for battery-powered EVs (BEVs) in Korean and other major countries’ clean car markets, Lexus aims to expand its footing with the first BEV lineup, The All New Electric RZ. RZ 450e, the first EV in the RZ lineup, is a crossover utility vehicle -- a mix of sedan and sport utility vehicle -- that runs on To

June 26, 2023

Hyundai Motor chief underlines Vietnamese cooperation

The leaders of Hyundai Motor Group and Vietnam National University, Hanoi, agreed to establish a new cooperation center to nurture professional talent and advance the competitiveness of the Vietnamese auto industry, the South Korean company said Sunday. According to the Korean automaker, Hyundai Motor Group Executive Chair Chung Euisun and Le Quan, the President of Vietnam National University, Hanoi, met Friday on the school’s Hoa Lac campus to discuss various ways for cooperation. “

June 25, 2023

Airlines cut flights to China amid lukewarm demand

South Korean airlines have decided to downsize the number of routes between Korea and China during the summer peak season, following less-than-expected passenger demand for traveling between the two countries, according to industry sources on Sunday. National carrier Korean Air said it will stop the operation of routes between Gimpo International Airport and Beijing from Aug. 1 to Oct. 28, while its routes connecting Incheon Airport and Xian will also be suspended from Aug. 9 to Oct. 28. The nat

June 25, 2023

Lamborghini to launch Revuelto hybrid sports car in Korea

Lamborghini said Friday it would be launching its first plug-in hybrid high-performance sports car, the Revuelto, in Korea. “Revuelto sets another big milestone for Lamborghini’s new flagship vehicle. This is an important moment for us to launch the car model here in Korea,” Francesco Scardaoni, Asia Pacific regional director of Lamborghini, said at a press conference in Gimpo, Gyeonggi Province. Named after a Spanish fighting bull, Revuelto merges the best of Lamborghini&rsq

June 23, 2023

[Herald Interview] Cross-border cooperation drives success of Chevrolet Trax Crossover

The number of preorders for the second-generation Chevrolet Trax Crossover surpassed 13,000 a week after the Korean office of General Motors launched the preorders in March. The figure set a new record for the American auto brand as the vehicle with the most preorders in a week, according to GM. The vehicle’s relatively cheap price tag starting at 20.5 million won ($15,900) is likely to have contributed to the sales rush, but the automaker is attributing both the vehicle’s immersive

June 22, 2023

[Photo News] Hyundai renews Japan push

Hyundai Motor Company has joined hands with Japanese lifestyle content company Culture Convention Club (CCC) to expand its presence in the Japanese market by offering future mobility services such as zero-emission vehicles. According to the Korean automaker, the two sides will also cooperate in setting up a global experience-based platform and in conducting data-based marketing activities. In this photo, Hyundai Motor Company CEO Chang Jae-hoon (left) and CCC CEO Yasunori Takahashi pose for a ph

June 22, 2023