[THE INVESTOR] Korean owners of Volkswagen vehicles will be filing a damage claim against Audi Volkswagen Korea, the carmaker’s Korean unit, for the lost resale value of their cars due to the VW emission-rigging scandal, local news reported on Aug. 4. “We are gathering car owners who suffered a price loss as a result of the ministry’s latest decision to nullify registration and ban sales of VW cars. We will register a complaint with the Seoul Central District Prosecutors’ Office as early as next

Aug. 4, 2016

[THE INVESTOR] Volkswagen’s July sales in South Korea tumbled by 85.8 percent from a year earlier, as consumers turned away from the German automaker that cheated on emissions and noise level tests, industry data showed on Aug. 4. According to data from the Korea Automobile Importers and Distributors Association, only 425 VW cars were sold here in July, a downturn from 2,998 units in the same month last year. The figure is a 76.8 percent decline from June this year. With the drop, VW barely made

Aug. 4, 2016

[THE INVESTOR] South Korea’s car exports declined 13.5 percent in the first half of the year, dragged down by a slowdown in emerging markets, industry data showed on Aug. 3. According to the Korea Automobile Manufacturers’ Association, five major automakers -- Hyundai Motor, Kia Motors, Renault Samsung, Ssangyong Motor and GM Korea -- shipped 1.33 million units from January to June, in comparison to 1.54 million units in the same period last year. The overall exports value tumbled to US$19.01 bi

Aug. 3, 2016

[THE INVESTOR] Over 3,000 Audi and Volkswagen cars that are imported from Germany to South Korea will have to head back immediately upon arrival.  Volkswagen cars are parked at the carmaker's warehouse near the Pyeongtaek Port.A total of five vessels carrying a month’s supply of cars had left Germany between end-June to mid-July, before the South Korean government officially banned sales of the VW vehicles, an official from Audi Volkswagen Korea was quoted as saying by a local news outlet. The f

Aug. 2, 2016

[THE INVESTOR] Audi Volkswagen Korea on Aug. 2 apologized to the South Korean customers for its emission-rigging scandal, promising to win back customer trust. The Korean unit of the German automaker also said it will come up with countermeasures against the government’s punitive steps. Audi Volkswagen Korea managing director Johannes Thammer (right) and Volkswagen Korea chief Thomas Kuehl attend a parliamentary hearing in October last year. The Investor“We deeply apologize to everyone for causi

Aug. 2, 2016

[THE INVESTOR] On Aug. 2, the South Korean government suspended the sales and revoked the certification of 80 vehicle models sold by Audi Volkswagen Korea for manipulating documents to cheat on official emissions and noise level tests.  Below is the full list of penalized vehicles.  Volkswagen Tiguan   Bentley Continental GT V8

Aug. 2, 2016

[THE INVESTOR] The Ministry of Environment on Aug. 2 suspended sales of 80 vehicle models sold by Audi Volkswagen Korea and fined it 17.8 billion won (US$16.01 million) for manipulating documents with an intention to cheat on the government’s emissions or noise level tests. The ministry said it has revoked certification -- which ultimately leads to a sales ban -- on 83,000 units of Volkswagen, Audi and Bentley vehicles that were sold here between 2009 to July 25. The affected models include some

Aug. 2, 2016

[THE INVESTOR] An arrest warrant for Renault Samsung Motor CEO Park Dong-hoon, former chief of Volkswagen Korea, was rejected by the court on Aug. 1. The Seoul Central District Court dismissed the request, saying that it does not see the necessity of the warrant after having reviewed the case so far. Also, it believes that an arrest warrant at the moment can violate the suspects’ right to defend himself. Renault Samsung Motor CEO Park Dong-hoon, former chief of Volkswagen Korea, appears to the p

Aug. 2, 2016

[THE INVESTOR] Domestic sales of South Korea’s five main automakers fell by 10.58 percent in July from a year earlier, hit hard by the termination of the tax cut on car purchases, according to data released individually by the vehicle manufacturers on Aug. 1. The combined local sales of Korea-based automakers -- Hyundai Motor ,  Kia Motors, GM Korea, Renault Samsung and Ssangyong Motor  -- came to 121,144 units in July, in comparison to 135,471 units from the same month last year. The figure als

Aug. 1, 2016

[THE INVESTOR] Hyundai Wia, the automotive parts unit of Hyundai Motor Group, is struggling to improve profits, hit hard by a slump in the all-important Chinese market. In its recent earnings report on July 27, the company reported its second-quarter operating profit of 90.79 billion won (US$81.86 million), a 31.6 percent plunge from a year earlier. Hyundai Wia headquarters in Changwon, South Gyeongsang Province.Sales fell 2.7 percent to 1.94 trillion won, while net profit dropped 51 percent to

Aug. 1, 2016

[THE INVESTOR] Ssangyong Motor on Aug. 1 said its July sales grew by 8.2 percent from a year earlier, aided by rising exports of Tivoli sport utility vehicle that offset decrease in domestic sales. The Korean unit of Indian auto giant Mahindra & Mahindra sold 12,784 units in July, in comparison to 11,814 units from the same month last year. Ssangyong Motor Tivoli AirDomestic sales decreased 8.1 percent on-year to 7,546, which also reflected a 22.6 percent decline from June. The downturn is attri

Aug. 1, 2016

[THE INVESTOR] Ssangyong Motor , owned by India’s auto giant Mahindra & Mahindra, bounced back into profit in the first half of the year for the first time in nine years, thanks to the popularity of its Tivoli sport utility vehicle. The automaker posted operating profit of 27.4 billion won (US$24.40 million) in the first half of the year, reversing a nine consecutive loss-making years since 2007, the company said in a regulatory filing on July 29. Sales stood at 1.77 trillion won, while net prof

Mobility Aug. 1, 2016

[THE INVESTOR] Ailing shipyard Samsung Heavy Industries posted an operating loss of 283.7 billion won (US$253.18) in the April-June period, mainly because of workforce restructuring costs, the company said in its quarterly earnings report on July 29. The fall, however, is an improvement from 1.54 trillion won loss a year earlier, up by 81.7 percent. Samsung Heavy Industries' shipyard.For the second quarter, the Samsung affiliate logged net loss of 212.4 billion won, narrowing the loss from 1.15

Industry July 29, 2016

[THE INVESTOR] Sales of imported company cars in Korea fell in the first half of the year on toughened tax laws, industry data showed on July 29.In the January-June period, sales declined 15.8 percent from the same period in 2015, according to the Korea Automobile Importers and Distributors Association. In total, 40,698 units of company cars were sold to account for 34.9 percent of the nation’s imported car sales. 　 The BMW 520d is cited as one of Korea’s most widely used company cars.The declin

Mobility July 29, 2016

[THE INVESTOR] Hyundai Motor is planning to roll out the second-generation fuel-cell version of its Tucson ix sport utility vehicle in 2018, just in time for the PyeongChang Winter Olympics taking place in South Korea, local news reported on July 29. Hyundai Motor's fuel-cell Tucson ix, the first mass-produced fuel cell vehicle in the world.Since 2013, South Korea’s largest automaker has been producing the first fuel cell version of its Tucson sport utility vehicle, known as Tucson FCEV -- which

Mobility July 29, 2016