Most Popular
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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South Korea to launch space security center under spy agency
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More med professors to take day off each week while govt. urges them to stay
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Hybe refutes Ador CEO Min's denial of breach of trust
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Eastar to cut workforce to find new owner
Eastar Jet will cut down on its workforce as part of efforts to find a new owner after Jeju Air Co. scrapped its plan to acquire the smaller budget carrier amid the coronavirus' impact on the airline business, industry sources said Friday. Eastar plans to lay off nearly 70 percent of its 1,200 employees in restructuring before it begins the process to find a new investor, Eastar Senior Vice President Kim You-sang said over the phone. "Our lead managers and two p
Aug. 21, 2020
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GM Korea CEO visits Changwon plant to monitor facility investment
GM Korea CEO Kaher Kazem visited the automaker’s Changwon plant on Thursday to review the investment status of its next-generation products, the firm said Friday. GM Korea said, “The visit was made to check whether facility investment for new global products is progressing as planned amid the uncertainty in the business environment, such as heavy rain, heat wave and the pandemic. Kazem and a group of officials visited the construction site to monitor safety compliance and whethe
Aug. 21, 2020
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HAAH Automotive preparing to bid for SsangYong Motor: reports
US automotive distributor HAAH Automotive Holdings is preparing to submit a binding offer to invest in SsangYong Motor, according to media reports here Thursday. Experiencing a liquidity crisis, SsangYong Motor’s major stakeholder, India’s Mahindra Group, announced it will lower its stake from the current 75 percent to less than 50 percent, and that it is willing to give up its top shareholder position if it finds a new investor. A bidder makes a binding offer to acquire a compa
Aug. 20, 2020
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Kia Motors loses nine-year wage lawsuit
Kia Motors has lost a nine-year wage lawsuit filed by workers as the Supreme Court ruled in favor of the employees on Thursday. The automaker has to pay about 50 billion won ($42 million) to its 3,521 union members. In 2011, about 27,000 employees of Kia Motors filed a lawsuit claiming that overtime, night, holiday and annual leave allowances should be recalculated after including regular bonuses, daily expenses and lunch expenses in ordinary wages. The workers claimed around 1 trillion won
Aug. 20, 2020
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Eastar Jet seeks new buyer after failed deal
Low-cost carrier Eastar Jet is preparing for a new acquisition deal after talks with Jeju Air fell apart last month. The airline has chosen accounting firm Deloitte Korea, corporate law firm Yulchon and Heungkuk Finance Group as its financial advisers, one official at the company confirmed Tuesday. With the help of the three entities, the troubled airline is poised to continue its efforts to seek a new buyer to save itself from bankruptcy. In late July, Jeju Air scrapped plans to purchase Ea
Aug. 18, 2020
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Airlines turn to YouTube to stay relevant
South Korean airlines are betting on YouTube content to maintain their connections with customers amid the ongoing pandemic that has brought the aviation industry to a near-halt. Asiana Airlines released a minute-long advertisement on its channel earlier this month titled “‘Travel’ has left us,” touching on people’s desire to leave (travel) amid the pandemic. “For the first time, travel has left us (instead of us leaving for travel),” the narration sta
Aug. 18, 2020
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SsangYong Motor reinforces Middle East sales channels
SsangYong Motor has established a new sales network for the Middle East as part of its reinforcement of overseas operations amid the COVID-19 pandemic, the firm said Tuesday. It will open a store in Baghdad, Iraq, within the month, after opening a showroom in Kuwait on Aug. 10. The company explained the decision is part of its efforts to prepare for the post-pandemic market. “As the economic slowdown due to COVID-19 prolongs, we are reassessing the overall sales environment and strength
Aug. 18, 2020
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Kumho Tire supplies tires for popular small SUVs
Kumho Tire has retained its No. 1 spot in domestic sales by supplying tires for new small sport utility vehicles, the tire maker said Tuesday. Currently, small SUVs have been steadily gaining popularity in South Korea’s auto market with their reasonable price and good performance. Kumho Tire said it has recently supplied new tires to the majority of the popular compact SUVs, including Renault Samsung XM3 and Kia Motors Seltos. Kia Seltos’ 16- and 17-inch wheels and Renault Sam
Aug. 18, 2020
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Korea puts brakes on Tesla’s unfair terms
South Korea’s antitrust watchdog has ordered the world’s No. 1 electric vehicle maker Tesla to correct unfair terms and conditions related to automobile sales here, officials said Tuesday. They included Tesla having buyers fully responsible for picking up the vehicle or for any damage inflicted on the vehicle during the purchase. Tesla, which entered Korea in 2017 with premium electric vehicles, Model S and Model X, has seen its sales surge since the launch of entry-level Model 3
Aug. 18, 2020
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Genesis surpasses Benz, BMW as most sold premium brand
Hyundai Motor’s premium brand Genesis surpassed Mercedes-Benz in sales for the first time in four years in the local market, industry data showed Monday. According to the auto industry, Genesis sold 60,005 vehicles in the January-July period this year, while Mercedes-Benz and BMW sold 41,583 and 29,246, respectively. Sales of Genesis jumped 65 percent compared to the same period last year. Mercedes-Benz, on the other hand, increased 3 percent and BMW rose by 35 percent. In 2016, the
Aug. 17, 2020
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Jin Air suffers Q2 operating loss of W59.6b
Low cost carrier Jin Air posted an operating loss of 59.6 billion ($50.3 million) won during the second quarter, nearly doubling the loss it suffered the same time last year, according to its regulatory filing on Friday. The quarterly revenue stood at 23.2 billion won, down 89 percent from a year ago. Its net loss for the second quarter was 59 billion won. The low-cost subsidiary of Korean Air said its business suffered due to the COVID-19 pandemic despite its efforts to increase domestic
Aug. 14, 2020
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Hyundai Kona Electric sets new travel range of over 1,000 km
Hyundai Motor said Friday its electric compact sports utility vehicle Kona Electric succeeded in driving over 1,000 kilometers on a single battery charge, setting a new range record for electric vehicles. The auto maker said it had conducted a test run of three Kona Electric vehicles, the company‘s pure electric car brand, at EuroSpeedway Lausitzring, a racing circuit located in northeast Germany from July 22 to 24. Each of the three vehicles went 1,026 kilometers, 1,024.1 km and 1,01
Aug. 14, 2020
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Hyundai Rotem teams up with Ulsan city for hydrogen-powered tram project
Hyundai Rotem, a train-making subsidiary of Hyundai Motor Group, said on Friday that it has signed a memorandum of understanding with Ulsan Metropolitan City to build a hydrogen fuel cell tram for a demonstration project. The project will see the company roll out a hydrogen-powered tram and build a fueling station and a railway depot for a railway spanning 4.6 kilometers connecting Taehwagang Station and Ulsanhang Station in Ulsan – a line that has been left abandoned. Ulsan city will pr
Aug. 14, 2020
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[News Focus] How major South Korean airlines made profits during pandemic
South Korea’s flag carriers Korean Air and Asian Airlines surprised the market last week by posting an operating profit in the second quarter, while major airlines across the world suffered heavy losses due to the pandemic. Korean Air reported an operating profit of 148.5 billion won ($125.2 million) while Asiana saw its figure top 100 billion won, both owing to their robust cargo businesses. In normal times these figures would’ve fallen short of grabbing headlines, but not in a ye
Aug. 13, 2020
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Hyundai Glovis, Incheon Airport partner on parking robots
Hyundai Glovis said Thursday it has partnered with Incheon International Airport Corp. to establish a smart parking system. The South Korean logistics firm has signed an agreement with the IIAC to establish a test bed for smart parking. The signing ceremony was attended by CEO Kim Jung-hoon and IIAC President Koo Bon-hwan. Under the agreement, the company plans to carry out smart parking system projects in three stages, including technical verification of parking robots, pilot operation of
Aug. 13, 2020
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SsangYong pressed to find new investor
SsangYong Motor is facing increased pressure to find new investors as it struggles to stay financially afloat as one of its local creditors withdrew their loans. Industry sources said KB Kookmin Bank has recently recovered all loans from SsangYong Motor, the balance of which stood at 8.75 billion won ($7.39 million) as of the end of the first quarter. The move puts the automaker under more pressure to repay other borrowings in time, with 389.9 billion won worth of loans coming due over the ne
Aug. 13, 2020
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Chevrolet Trailblazer on top 10 best user experience list
GM Korea said Thursday its Chevrolet Trailblazer has been awarded the annual Wards 10 Best UX list by US automotive analysis provider WardsAuto. WardsAuto has been selecting 10 best user experience vehicles since 2016 by assessing the user-friendly technology such as touchscreens, smartphone pairing, voice-control navigation, head-up displays and the effectiveness of driver-assistance technologies such as adaptive cruise control and blind spot monitoring. A total of 18 models with new or hi
Aug. 13, 2020
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Hyundai, Aptive unveil name of autonomous driving venture
Hyundai Motor Group announced Wednesday that its autonomous driving joint venture with Aptive has been named Motional. The automaker had announced a joint venture in March with Aptive -- a self-driving technology company -- as it seeks to develop and commercialize its autonomous technology for vehicles. According to Hyundai, Motional is a combination of words “motion” and “emotional,” to indicate mobility centered on safety and human values. Motional is currently de
Aug. 12, 2020
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FCA Korea appoints Jake Aumann as new president
Fiat Chrysler Korea announced Wednesday that it has appointed Jake Aumann as its new president and managing director. Aumann served as managing director of the automaker’s China branch for the past two years, successfully leading Alfa Romeo, a subsidiary auto brand, the company said. The new president will start his duties Monday. Since joining FCA Group in 1999, Aumann gained work experience in various sectors in the company, including administration, change management, marketing, sal
Aug. 12, 2020
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[From the Scene] HMM St. Petersburg ready for record haul
GEOJE, South Gyeongsang Province -- HMM St. Petersburg is the world’s largest container ship, capable of carrying 24,000, 20-foot container boxes at once. The vessel is about 400 meters long, 61 meters wide and 33.2 meters high, and the deck is about 400 meters. HMM St. Petersburg is the last 24,000 TEU, or twenty-foot equivalent units, vessel of 12 super-large ships built as part of South Korea’s five-year plan to rebuild the country’s shipping industry. Sev
Aug. 12, 2020