Hyundai Mobis invests W25b in US tech funds for future mobility

South Korea’s Hyundai Mobis said Thursday it has injected 25 billion won ($20 million) in Silicon Valley tech funds ACVC Partners and MOTUS Ventures, as part of its move to secure future mobility technology and next-generation business opportunities.  ACVC Partners and MOTUS Ventures have been actively discovering and supporting startups which focus on developing future mobility core technologies, including next-generation sensors, biometrics and robotics.  Hyundai Motor Group

July 2, 2020

GM Korea to invest $667m as planned amid virus woes

GM Korea Co., the South Korean unit of General Motors Co., said Thursday it will invest 800 billion won ($667 million) as planned in the coming years, despite the new coronavirus outbreak. GM Korea President and CEO Kaher Kazem reaffirmed the company's commitment during his visit to the company's plant in the southern industrial city of Changwon on Wednesday. The Detroit carmaker has three Korean plants -- two in Bupyeong and one in Changwon -- whose combined output capacity reaches 630,000 u

July 2, 2020

Han Sung Motor launches AMG Playground club for Mercedes-AMG owners

Han Sung Motor, an official dealer of Mercedes-Benz in Korea, said Wednesday it has launched the AMG Playground membership club for its customers, offering opportunities for activities and networking among Mercedes-AMG owners.  AMG Playground has invited new owners of Mercedes-AMG vehicles to join the club. Those who purchased more than two Mercedes-AMG vehicles at Han Sung Motor since 2017 or those who have purchased a vehicle in the Mercedes-AMG GT lineup will be categorized as AMG Mani

July 1, 2020

Audi’s first electric SUV e-tron 55 quattro lands in Korea

Audi Korea said Wednesday the brand’s first electric-powered sport utility vehicle Audi e-tron 55 quattro has been launched in Korea.  Audi e-tron 55 quattro had its world premiere in San Francisco in 2018. Sales began in Europe in March last year.  As the brand’s very first all-electric SUV, the automaker said it focused on the vehicle’s power and high-efficient energy recovery function that works through two electric motors. Audi e-tron 55 quattro exerts a m

July 1, 2020

Auto sales fall 22% in H1 amid pandemic

South Korea's vehicle sales fell 22 percent in the January-June period from a year earlier, as the new coronavirus outbreak continued to affect the automobile industry, industry data showed Wednesday. The five carmakers in South Korea -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. -- sold a combined 3,033,798 vehicles in the first half, down from 3,866,229 units a year ago, according to data from the companies. Hyundai Motor and Kia

July 1, 2020

HMM holds naming ceremony for HMM Hamburg

HMM said Wednesday it held a naming ceremony for the world’s largest container ship HMM Hamburg. It is the fifth of the seven ships that HMM ordered from Daewoo Shipbuilding & Marine Engineering. The South Korean shipping firm is slated to receive a total of 12 24,000 TEU-class ships -- seven from DSME and five from Samsung Heavy Industries -- by September this year. Among the 12 ships, six vessels have already been deployed on European routes so far, including HMM Algeciras, which

July 1, 2020

Seoul opens world's 1st hydrogen mobility show

South Korea on Wednesday opened the world's first hydrogen mobility show as it pushes to become a leader in hydrogen vehicles and other related industries. More than 100 companies and research institutions of 11 countries participated in the H2 Mobility+Energy Show at an exhibition center in Ilsan, just north of Seoul, to discuss ways to spread hydrogen energy and seek hydrogen-related business opportunities, according to the Korea Automobile Manufacturers Association, which hosted the hydroge

July 1, 2020

Hyundai Motor rolls out larger, smarter Santa Fe

Hyundai Motor on Tuesday rolled out a face-lifted version of its signature midsized sport utility vehicle Santa Fe, which has been built on a new platform. The new Santa Fe is a refreshed version of the fourth-generation model that was launched in 2018.  The model has gone through drastic exterior and interior design changes, including the T-shape Daytime Running Light and a wide radiator grille which has been designed under a concept “Eagle’s eye,” according to the aut

June 30, 2020

Mercedes-Benz Korea launches newest EV

Mercedes-Benz Korea said Tuesday it has launched the company’s latest electric vehicle model the New EQC 400 4MATIC Premium in Korea, following the first model the New EQC 400 4Matic launched in October here.  The latest model has been upgraded with the addition of a head up display function and a ventilation seat, as well as a leather interior. High-end audio brand Burmester’s surround sound system has been also added.  Mercedes-Benz’ unique infotainment system ca

June 30, 2020

Former Daimler Trucks director to lead Hyundai Motor’s commercial vehicles

Hyundai Motor Group said Tuesday it has tapped Martin Zeilinger, former head director at Daimler Trucks, to lead its research and development of commercial vehicles and hydrogen-powered electric trucks and buses.  Zeilinger will join the South Korean automaker as vice president from Wednesday. He has worked at Daimler Group for over 30 years, specializing in both engineering and advanced engineering of trucks and buses, as well as testing electric powertrains.  “I’m very

June 30, 2020

Korea Aerospace wins W688b trainer jet deal

Korea Aerospace Industries Co. (KAI), South Korea's sole aircraft manufacturer, said Tuesday it has received a 688 billion-won ($575 million) order to supply trainer jets for South Korea's Air Force by 2024. KAI signed the deal with the Defense Acquisition Program Administration to manufacture a total of 20 TA-50 lead-in fighter aircraft for radar tactical and combat mission training, the company said in a statement. KAI has exported a total of 148 trainer jets worth $3.1 billion -- 64 T-50 a

June 30, 2020

Eastar Jet founder vows to return all family shares to revive Jeju Air’s acquisition

Korean budget carrier Eastar Jet founder Lee Sang-jik, who is also a member of the ruling Democratic Party of Korea, said Monday that the ownership family will contribute all their shares, worth around 41 billion won ($34.2 million), to Eastar Jet to “save the company,” amid growing uncertainty in an acquisition plan by fellow low-cost carrier Jeju Air, due to wage issues following the latest pandemic shock. But with the ongoing tit-for-tat argument between the two low-cost carrier

June 29, 2020

Hyundai Motor rolls out eco-friendly electric bus

Hyundai Motor said Monday it has launched an upgraded midsized electric bus -- County Electric -- which can be used as a town shuttle bus or school bus for children.  The County Electric has been extended by 600 millimeters compared to the previous diesel version. An additional lithium-ion 128-killowatt-hour battery has been attached to the bottom of the 7,710-millimeter-long car body, the automaker said.  This allows the vehicle to travel up to 250 kilometers on a single full charg

June 29, 2020

S. Korea to extend tax cut on passenger cars to boost consumption

SEJONG -- South Korea's finance ministry said Monday it will extend a temporary cut in consumption tax on passenger cars by another six months to boost consumption and support the auto industry hit by the coronavirus pandemic. The cut in consumption tax on passenger cars had been set to end Tuesday, but it was extended until Dec. 31 this year, the Ministry of Economy and Finance said. The 30 percent cut in tax rate reduced consumption tax on passenger cars to 3.5 percent. The ministry sai

June 29, 2020

S. Korea lags behind in govt. support for virus-hit airlines

South Korea lags far behind advanced countries in terms of the amount of government support for the airline industry during the coronavirus pandemic, a business lobby group said Monday. The government plans to extend a total of 3.2 trillion won ($2.7 billion) to South Korean airlines -- 2.9 trillion won to full-service carriers and 300 billion won to low-cost carriers -- to help them ride out the COVID-19 impact. The amount is far less than the United States' planned 30.4 trillion won suppo

June 29, 2020

LCCs expand domestic routes for holiday season, but profitability remains questionable

South Korea’s low cost carriers have been opening more domestic routes to prepare for the upcoming summer holiday season, but the profitability of operating such routes remains questionable due to fierce competition over price, industry sources said Sunday.  After the latest COVID-19 outbreak, budget carriers have been focusing on expanding more domestic routes as part of an effort to secure liquidity in the short run.  Market data showed that the combined cashable assets of f

June 28, 2020

Japanese carmakers suffer extended setback in S. Korea from trade row

Japanese automakers are suffering an extended slump in South Korea amid a protracted trade row between the two Asian neighbors and the coronavirus pandemic, industry sources said Sunday. Honda Korea reported an operating profit to 1.98 billion won ($1.64 million) in the 2019 fiscal year that ended in March, plunging 90 percent from 19.6 billion won a year earlier, according to its audit report. Its sales also plunged 23 percent to 363.2 billion won from 467.4 billion won over the cited period.

June 28, 2020

Hyundai to launch upgraded Genesis G90 next month

Hyundai Motor Co. said Friday it will launch the upgraded G90 flagship sedan under its independent Genesis brand next month to boost sales. The facelifted G90 comes with a 3.3-liter turbocharged gasoline engine, a 3.8-liter gasoline engine or a 5.0-liter gasoline engine, with prices ranging from 79 million won ($66,000) to 160 million won, the company said in a statement. The G90 is equipped with multiple safety features, such as parking collision-avoidance assist reverse (PCA-R), Genesis a

June 26, 2020

Jeju Air's Eastar Jet takeover faces growing uncertainty over unpaid wages, virus shock

Jeju Air Co.'s planned takeover of smaller local rival Eastar Jet Co. could be delayed further due to differences over acquisition terms between the two sides amid the new coronavirus outbreak, industry sources said Friday. In March, Jeju Air signed a deal to acquire a controlling 51.17 percent stake in Eastar Jet from its parent Eastar Holdings Inc. for 54.5 billion won ($45 million) as part of its expansion strategy despite the growing COVID-19 pandemic's impact on the airline industry. Ea

June 26, 2020

HDC's Asiana acquisition delayed to H2 amid pandemic

HDC Hyundai Development's planned acquisition of Asiana Airlines Inc. has been delayed to the second half due to the new coronavirus' impact on the airline industry, industry sources said Friday.    In December, the HDC-Mirae Asset Daewoo consortium signed a deal to acquire the country's second-biggest airline from Kumho Asiana Group, with a plan to complete the acquisition by June 27.    Early this month, Asiana's main creditor Korea Development Bank (KDB) demanded that

June 26, 2020