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

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

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

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

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

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

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

[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

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

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

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

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

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

[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

Talks on HDC-Asiana deal likely to prolong

HDC Hyundai Development Co. which was poised to acquire Asiana Airlines said Tuesday it will hold talks with the majority shareholder Kumho Industrial to revive the stalled deal. Negotiations between both sides may effectively go on after the Wednesday deadline. A Kumho Industrial official confirmed that the deadline is no longer binding as the deal hinges on the planned talks between working-level staff at both companies. Another official at HDC said that the “details have yet to be de

Aug. 11, 2020

Biz groups donate to flood relief

South Korean conglomerates Hyundai Motor Group and LG Group made donations to assist flood victims amid continuing heavy rainfall, the groups said Sunday. Hyundai Motor pledged 2 billion won ($1.68 million) to benefit flood victims and repair damage. The nation’s biggest carmaker will provide the funds to the Hope Bridge Korea Disaster Relief Association on Monday while also offering free vehicle maintenance checkups for association staff providing laundry services and daily necessities

Aug. 9, 2020

HDC agrees to face-to-face negotiations with Kumho over Asiana acquisition

HDC Hyundai Development Co. has agreed to face-to-face negotiations with Kumho Industrial to prevent the rupture of the deal to acquire Asiana Airlines, according to a statement released by HDC on Sunday. In the statement, the construction company said it will try its best to accept the terms put forward by Kumho for the meeting between the CEOs of both companies, such as the location and time, to keep the acquisition process going as smoothly as possible. HDC also reaffirmed its stance that

Aug. 9, 2020

With planes grounded, airline food seeks new life

When convenience store CU launched airline-themed ready meals late June, the company said it wanted to “comfort” people who couldn’t travel abroad during the coronavirus pandemic. Whatever your view of airplane food, the idea is not as niche as it may sound. After all, airline food reigns among the popular mukbang ideas for South Korean YouTubers, given its association with international travel and holidays, which sometimes rack up millions of views. The novel food product se

Aug. 9, 2020

Asiana deal at critical juncture, leaning toward collapse

Creditors of embattled Asiana Airlines Co. are drawing up a set of countermeasures against the potential rupture of a deal to sell the country's No. 2 carrier, as local property developer Hyundai Development Co. is leaning toward withdrawing from the 2.5 trillion-won ($2.1 billion) deal, industry sources said Sunday. The state-run Korea Development Bank (KDB) last week warned that HDC should proceed with the deal to buy Asiana Airlines, rejecting HDC's request for another round of due diligenc

Aug. 9, 2020

Asiana Airlines turns to surplus in earnings surprise

Asiana Airlines posted an operating profit over 100 billion won ($84 million) in the second quarter, for the first time in six quarters, according to the firm’s regulatory filings Friday.  The nation’s flag carrier said its operating profit was tentatively estimated at 115.1 billion won in the April-June period. Quarterly sales fell 44.7 percent to 818.6 billion won year-on-year. Net profit turned to a surplus of 116.2 billion won. Similar to Korean Air, the cargo sector led

Aug. 7, 2020