Restructuring, affiliate sales expected after Asiana deal collapse

After a planned sale of debt-ridden Asiana Airlines to HDC Hyundai Development collapsed, the carrier is expected to undergo organizational restructuring, including sales of some of its subsidiaries. Also due to the sales failure, Asiana’s largest shareholder Kumho Industrial and HDC Hyundai Development are both expected to file lawsuits, as they blame each other for the deal’s collapse. Creditors, including Korea Development Bank, are considering selling subsidiaries such as Air

Sept. 13, 2020

Asiana, Eastar fall prey to pandemic amid growing industry overhaul fears

The prolonged impact of the new coronavirus on the airline industry has derailed two major deals in the aviation sector here, triggering concerns of massive layoffs and the overhaul of the country's airline industry amid worsening business conditions. On Friday, Kumho Industrial Co., which owns Asiana Airlines Inc. notified HDC Hyundai Development Co. of the termination of the deal to sell the carrier to the local property developer, due to differences over acquisition terms. The deal's ruptur

Sept. 11, 2020

Air Busan’s first no-destination flight takes off

Air Busan became the first Korean airline on Thursday to fly a no-destination flight with a select group of passengers. The short-haul flight, which took off around noon from Gimhae International Airport, located on the western end of Busan, traveled over multiple areas of the country including Pohang, Seoul, Gwangju and Jeju Island for nearly two hours before returning to Gimhae. Students from the Department of Airlines and Tourism at Uiduk University were among those on board the plane as pa

Sept. 10, 2020

Hyundai Motor launches hydrogen campaign in Europe

Hyundai Motor said Thursday that it will launch a global “Hydrogen to you” campaign starting in Europe to promote sustainable energy hydrogen with its fuel cell vehicle Nexo. The automaker said the campaign will promote its leadership in hydrogen fuel cell technology, sustainable future mobility and the establishment of hydrogen ecosystem via video and social media from this month until next August. The “Hydrogen to you” campaign is aimed at professionals in the aut

Sept. 10, 2020

Han Sung Motor paints mural to improve regional environment

Han Sung Motor, an official dealer of Mercedes-Benz Korea, said Wednesday that it has completed work on a mural near its Seongnam exhibition hall. The automotive dealer said it had painted an old wall measuring about 50 meters wide and created the mural to improve the regional environment. The mural was painted under the voluntary initiative of Han Sung Motor’s Seongnam unit to re-create the alley as a street where people want to walk and a “street of youth,” according to

Sept. 9, 2020

Korean Air begins using converted planes to transport cargo

Korean Air Lines Co. said Wednesday it has begun to use two converted planes to transport cargo on routes to the United States in the latest move to offset a sharp decline in air travel demand amid the coronavirus pandemic. The biggest carrier in South Korea has recently converted two B777-300ER jets into cargo planes after obtaining approval from the transport ministry. "One of the two converted aircraft flew to the Rickenbacker International Airport in Ohio on Tuesday, and the other is

Sept. 9, 2020

Korean Air rolls out strict rules for mask-wearing on board

Korean Air announced Tuesday it will enforce stricter rules for passengers to wear masks on board planes as part of safety efforts to prevent COVID-19. Starting Sept. 8, the national flag carrier will not allow passengers to board if they refuse to wear a mask, in an effort to stop the spread of the virus, with the exception of toddlers younger than 24 months and those with health conditions. The move is part of the airline’s Care First program, which consists of prevention and disinfec

Sept. 8, 2020

Hyundai Motor, SK Innovation to partner on EV battery ecosystem

Hyundai Motor and Kia Motors will work together with SK Innovation to develop an electric vehicle battery ecosystem, the automaker said Tuesday. Hyundai said the companies will build a cooperation system involving various business areas related to the rental of electric vehicle batteries, battery management services, and the reuse and recycling of EV batteries. Both sides agreed that it is necessary to create high added value and strengthen the eco-friendliness of electric vehicle batteries t

Sept. 8, 2020

[Photo News] New Rolls-Royce Ghost

Models introduce Rolls-Royce’s luxury sedan the new Ghost at the automaker’s Seoul boutique, Monday. The new Ghost adapts a version of the 6.75-liter twin-turbo V12 engine with a maximum power of 571 horsepower and a maximum torque of 86.7 kilogram-meters. The new vehicle can be ordered from Monday and will be delivered to customers sequentially from December this year. (Yonhap)

Sept. 7, 2020

FCA unveils PHEV Wrangler 4xe, All-New Grand Wagoneer

Fiat Chrysler Automobiles has unveiled a plug-in electric sports utility vehicle, the Wrangler 4xe, and a revamp of a classic SUV, the All-New Grand Wagoneer next year. The automaker on Friday livestreamed the showcase held in Detroit on YouTube, to reveal the two new models. Jeep Wrangler 4xe is equipped with two electric motors and a 400-volt lithium-ion battery that can move up to 40 kilometers solely on electric power, cutting down both engine noise and carbon emissions. The automaker

Sept. 6, 2020

Mercedes-Benz Korea appoints Thomas Klein as new president and CEO

Mercedes-Benz Korea said Friday it appointed Thomas Klein, the current president and CEO of Mercedes-Benz Middle East, as the new president and CEO of Mercedes-Benz Korea, effective Jan. 1, 2021. Klein began his career with Daimler AG at the University of Cooperative Education program of the Mercedes-Benz plant in Germany in 1999. In 2014, Klein was appointed managing director of Mercedes-Benz passenger cars in South Africa, before he assumed responsibility for sales at Daimler AG in Germany

Sept. 4, 2020

Hyundai Motor joins IFA 2020 to unveil eco-friendly vehicle technology

Hyundai Motor participated in the IFA 2020 exhibition in Berlin, Germany, for the first time, demonstrating its brand vision based on eco-friendly vehicle technology, the firm said Friday. The automaker, which is pushing to shift from a traditional car manufacturer to a smart mobility company, aims to strengthen its leadership in eco-friendly mobility technology in the European market. In Europe, demand for eco-friendly cars such as hydrogen and electric vehicles is rapidly increasing due to s

Sept. 4, 2020

Porsche Korea unveils first EV sports car Taycan

Porsche Korea unveiled the brand’s first electronic sports car in the country, the Taycan, at the 2020 Porsche World Roadshow on Wednesday, where it also presented all of its other models, including ones that have not yet hit the Korean market. For this year’s Porsche World Roadshow, hosted by Porsche’s German head office, the automaker brought in all of its 26 vehicle models, including the Taycan, 911, 718 Boxster and Cayman, for participants to test-drive and fully experien

Sept. 3, 2020

All-New Jeep Gladiator sells out in preorders

Joining in on the boom for pickup truck models in Korea, Fiat Chrysler Automobiles has seen preorders for the latest All-New Jeep Gladiator sell out within two weeks, the automaker said Thursday. FCA Korea launched the All-New Jeep Gladiator, a versatile midsized pickup truck, on Aug. 17 in Korea with 300 units available to be preordered and delivered within this year. “The All-New Jeep Gladiator has proven its unrivaled presence winning many awards, and was chosen as the 2020 North Am

Sept. 3, 2020

Japanese car sales increase for first time since boycott began

Sales of Japanese cars in South Korea increased for the first time since a nationwide boycott of Japanese products began here last year, data showed Thursday. According to the Korea Automobile Importers and Distributors Association, the number of Japanese automobiles newly registered in August was 1,413, up 1.1 percent from the same time last year, when it stood at 1,398. The increase comes 13 months after a trade conflict broke out between the two countries in July 2019 and triggered the b

Sept. 3, 2020

HDC-Asiana deal headed for collapse

Despite months of back-and-forth and attempts at breakthroughs, the acquisition talks between HDC Hyundai Development Company and Asiana Airline are likely to fall apart, according to reports Thursday. In an email Wednesday, the building company once again told Korea Development Bank, the airline’s creditor, to undertake a fresh round of due diligence for 12 weeks, local reports revealed. KDB and the airline’s owner Kumho Industrial have been adamant against another round of due dil

Sept. 3, 2020

Hyundai Glovis partners with Norwegian firm for eco-friendly shipping business

Hyundai Glovis said Thursday it has partnered with Norwegian-based shipping group Wilh. Wilhelmsen Holding ASA to proactively respond to changes in the future shipping industry. The two firms signed a memorandum of understanding on coping with changes in gas carriers and the shipping environment. The Korean logistics firm said synergy is expected in future shipping businesses, such as entering the gas marine transportation industry and operating hydrogen ships. Under the agreement, the two

Sept. 3, 2020

Incheon Airport projected to lose over W430b this year

Incheon International Airport Corp. is set to post an annual deficit of over 430 billion ($ 363 million) won this year, according to its latest projection Monday. As things stand in August, the airport is on course to be in the red this year, marking the first time in 17 years since 2003. The projection comes following a sharp drop in the number of flights and revenue during the first half of 2020, which saw its previous projected deficit grow over time since the first quarter. “The pro

Aug. 31, 2020

Hyundai Motor unveils Ioniq brand song with BTS

Hyundai Motor said Monday it will introduce brand song of its new electric vehicle Ioniq with boy band BTS. The brand song “Ioniq: I’m on it” will be distributed on the automaker’s global website at 7 p.m. on Monday. Hyundai Motor and BTS have been working together on various marketing activities for three years since the band was chosen as Palisade’s global PR ambassador in 2018. The automaker said the latest project aims to convey a vision of the infinite po

Aug. 31, 2020

Hyundai Motor to field 9 new vehicles in China by end of 2021

Hyundai Motor will launch nine new cars in China by the end of next year to seek a turnaround in its sluggish sales in the world’s biggest car market. South Korea’s largest automaker announced Sunday that, starting next month with sport utility vehicle Palisade, it will introduce three sedans, three recreational vehicles and two electric vehicles in the country through 2021 to rebound after sales there plummeted in recent years. The automaker’s three sedans include the new

Aug. 30, 2020