Hyundai Mobis eyes spot in top 10 car parts makers

Hyundai Mobis Co. plans to invest 1.15 trillion won ($1.02 billion) this year aiming to become one of the world’s 10 largest auto parts makers, the company said on Monday.The company affiliated with Hyundai Motor Group will earmark 360 billion won for research and development for high-tech systems this year.It will diversify its R&D personnel to include more engineers specializing in information t

IndustryJan. 17, 2011

FSC criticized for savings banks push

Financial groups may see reputation undermined by acquiring distressed institutionsThe Financial Services Commission has come under criticism for apparently pressuring major financial groups to take over distressed savings banks.Bankers expressed skepticism over the financial watchdog’s move after it unveiled plans last week to put ailing savings banks up for auction and suspend operations at some

Jan. 17, 2011

Automobile recalls in S. Korea soar in 2010

Automobile recalls in South Korea spiked in 2010 because of tighter safety-related regulatory control and monitoring, a government report showed Monday.   According to the report by the Ministry of Land, Transport and Maritime Affairs, 270,000 vehicles of 87 locally made and imported models were recalled last year, up 110,000 units from a year earlier.   The total number of vehicle models recalled

MobilityJan. 17, 2011

Hyundai Motor scales down target share of domestic auto market

Hyundai Motor Co. aims to boost its domestic market share to 47 percent this year with its upgraded vehicles lineup, the company said Sunday. The country’s top automaker took 45.2 percent of the Korean market in 2010, falling short of its 52 percent target for the year and the 50.7 percent it secured in 2009. In contrast to a strong overseas performance, Hyundai’s domestic sales in 2010 fell 6.1 p

IndustryJan. 16, 2011

BMW trumps Daimler in Europe sales as VW’s Audi keeps top spot

Volkswagen AG’s Audi unit defended its top spot in luxury-car sales in Europe last year while Bayerische Motoren Werke AG’s main brand captured second place from Daimler AG’s Mercedes-Benz as demand for premium cars revived. New registrations for BMWs rose 6.5 percent last year to 609,196, the fastest pace among the three brands, exceeding Mercedes’s 586,146, while Audi stayed on top with sales of

MobilityJan. 16, 2011

Toyota developing motors without rare earths

Toyota Motor Corp., the world’s largest seller of hybrid autos, is developing an alternative motor for future hybrid and electric cars that doesn’t need rare-earth minerals at risk of supply disruptions.Toyota engineers in Japan and the U.S. are working on a so- called induction motor that’s lighter and more efficient than the magnet-type motor now used in its Prius, said John Hanson, a company sp

MobilityJan. 16, 2011

Korea steps up restructuring of savings banks

Financial authorities are quickening their moves to restructure savings banks struggling with growing bad debts to prevent their troubles from destabilizing the broader financial system.The state-run Korea Asset Management Corp. said on Saturday it will conduct a sweeping investigation into all construction-related project financing schemes involving domestic savings banks. Sources said the Financ

IndustryJan. 16, 2011

New Mercedes-Benz S Class hits local market

Mercedes-Benz Korea launched the new S350 BlueTEC on the local market on Wednesday.According to the company, the new vehicle is 6.8 percent more fuel efficient and has 10 percent more power output than the previous version of the car. The vehicle is fitted with a 3-liter, V6 engine and seven-speed automatic transmission. The car’s engine puts out 258 brake horsepower, and can reach 100 kilometers

MobilityJan. 16, 2011

Mercedes-Benz dealer offers iPads

Hansung Motor, the official Mercedes-Benz dear, is offering gifts including 25 Apple iPad table PCs during January.As part of its 25th anniversary celebrations, the company will provide iPads to 25 randomly selected customers who buy Mercedes-Benz vehicles during the month,In addition, the company will be giving away gifts to all those who visit showrooms and receive consultations during the month

MobilityJan. 16, 2011

Daihatsu to end vehicle sales in Europe

TOKYO (DPA) ― Japanese carmaker Daihatsu Motor Co. said Friday it had decided to withdraw from Europe from January 2013 due to sluggish sales and a decline in profits. Daihatsu, a subsidiary of Toyota Motor Corp., said it would end the sale of new vehicles in the European market. Worsening profitability was partly responsible as the yen rose against the euro.A stronger yen makes Japanese-made prod

MobilityJan. 16, 2011

Special lease program with Mini

Mini is offering special lease financing program on all models until the end of the month. Those purchasing Mini vehicles before the end of the month will be offered the choice of using a lease program that allows 40 percent of the vehicle’s price to be paid in installments over 36 months, and return the vehicle at the end of the period. Using the program, the Mini Cooper SE can be financed for 27

MobilityJan. 16, 2011

Peugeot launches electric bicycles

PARIS (DPA) ― With the launch of its first electric vehicle, the iOn, Peugeot is also offering a collection of three electrically driven bicycles featuring a light aluminum frame and a Panasonic electric engine with a range of between 75 and 95 kilometers. A special comfort feature is a high-quality Selle Royal saddle designed for longer trips and a sturdy luggage rack. In addition the lighting in

MobilityJan. 16, 2011

Toyota adds cheapest Lexus model

Toyota Motor Corp. introduced its cheapest Lexus yet in Japan as the automaker struggles to replicate the luxury brand’s U.S. success in its home market.The Lexus CT200h went on sale today priced from 3.55 million yen ($43,000), Toyota said in a statement, making it less expensive than the 3.95 million yen HS250h hybrid and 3.98 million yen IS250 sedan. The automaker, the world’s largest, plans to

MobilityJan. 16, 2011