SK Group mulls W94.2b investment in Air Asia

SK Group, South Korea’s third-largest conglomerate by revenue, has been reviewing to invest some 94.2 billion won ($78 million) for a 10 percent stake in Asia’s largest low-cost carrier Air Asia, after the Korean conglomerate was recently approached by the firm, industry sources said Friday.  SK Southeast Asia Investment Corp., the group’s investment arm operating in the region, recently received a proposal from the Malaysian-flagged Air Asia to make an investment for a

June 5, 2020

Air carriers struggle to launch China routes amid strengthened landing criteria

Korean air carriers that have been gradually starting to resume their international routes amid slower spread of COVID-19 are facing hurdles to operating China routes over authorities’ strengthened landing conditions, according to industry sources on Friday.  According to full service carrier Korean Air, it had planned to operate 32 out of 110 international routes from June. Those routes include flights to Chinese destinations Beijing, Shanghai, Guangzhou and Qingdao, flying three t

June 5, 2020

Han Sung Motor to offer free, unlimited service for engine oil

Han Sung Motor, an official local dealer of Mercedes-Benz in Korea, said Thursday it will offer customers free and unlimited service for changing engine oil and oil filter.  The promotion applies to those who purchase a new car from Han Sung Motor in June, regardless of models or trims including Mercedes-AMG lineup.  Through the promotion, customers can enjoy engine oil and oil filter change service at Han Sung Motor’s 20 service centers across the country, even after the offi

June 5, 2020

Air carriers extend unpaid leave for foreign pilots

South Korean air carriers including Korean Air and Asiana Airlines have extended unpaid leave for foreign pilots amid slowing recovery of the aviation industry after COVID-19, companies said Thursday.  Korean Air said it had extended the unpaid leave period for all 376 of its foreign pilots to the end of July, a month longer than previously planned. They have been away from work since April.  “As the situation shows no sign of abating, we had to extend the unpaid leave period.

June 4, 2020

Hyundai Motor unveils global hydrogen campaign featuring BTS

Hyundai Motor Group said Thursday that it has unveiled a digital content for its global hydrogen campaign in collaboration with K-pop group BTS.  The footage was specially designed to give millennials a better understanding of hydrogen as a future energy source, the company said.  The 1 minute, 28 second video titled Positive Energy features BTS and the company’s hydrogen-powered sports utility vehicle Nexo to deliver the message, “A small drop of water for a better futu

June 4, 2020

Seoul aims to commercialize urban air mobility in 2025

South Korea aims to commercialize urban air mobility (UAM) services in the domestic market in 2025 as it strives to tackle worsening traffic congestion in major cities, the transport ministry said Thursday. The government plans to begin offering UAM services initially with one to two routes, or terminals, in the Seoul metropolitan area in 2025 and then to increase the number of terminals to 10 by 2030, the Ministry of Land, Infrastructure and Transport said in a statement. "The ministry

June 4, 2020

Audi launches new models of midsized sedans A4, A5

Audi Volkswagen Korea said Wednesday it has launched four new models each of its premium midsized sedans Audi A4 and Audi A5. The new Audi A4 is the fifth-generation face-lifted model and comes in different versions -- A4 40 TFSI, A4 40 TFSI Premium, A4 35 TDI Premium and A4 40 TDI Quattro Premium -- depending on the engine type. The gasoline engine model, TFSI model, exerts up to 190 horsepower and torque of 32.6 kilogram meters.  The two TDI diesel engine models, TDI Premium and TDI Q

June 3, 2020

Hyundai opens 1st hydrogen-charging station for commercial cars

Hyundai Motor Co. said Wednesday it has opened the country's first charging station for hydrogen-powered commercial vehicles in South Korea. Hyundai established the charging station at its Jeonju plant, 240 kilometers south of Seoul. It is the carmaker's first charging station for hydrogen-powered commercial cars and its ninth hydrogen charging station, the company said in a statement. "Hydrogen buses and trucks, as well as hydrogen passenger cars, can charge themselves in the hydrogen

June 3, 2020

Renault Captur picked as car of month

The Korea Automobile Journalists Association said Wednesday it has selected compact sport utility vehicle Renault Captur as car of the month.  The association has been selecting the best model each month among new vehicles and face-lifted versions that were launched within a month, based on five criteria including exterior, interior design, practicality, safety and comfort features, product marketability and purchasing intent.  For the car of the month in June, Audi Q3 and Porsche 9

June 3, 2020

Imported car sales up 19% in May despite pandemic

Sales of imported vehicles in South Korea rose 19 percent in May from a year earlier as strong demand for German vehicles offset weak demand for Japanese ones amid the coronavirus pandemic, an industry association said Wednesday. The number of newly registered foreign vehicles rose to 23,272 units last month from 19,548 a year earlier, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. "New models released by Audi and Porsche and increased supplies

June 3, 2020

Hyundai to launch upgraded Santa Fe SUV this month

Hyundai Motor Co. said Wednesday it will launch the upgraded Santa Fe SUV in the domestic market this month to boost sales amid the new coronavirus outbreak. The company has added the face-lifted Santa Fe to its SUV lineup as it strives to offset weak overseas sales with robust local demand for recreational vehicles, a company spokesman said. The COVID-19 pandemic has continued to affect Hyundai's vehicle sales in major markets, such as the United States and Europe, due to local shutdowns a

June 3, 2020

Equity fund alliance ups stake in Korean Air parent firm

An alliance led by an estranged sister of the Korean Air chairman said Wednesday it has raised its stake in the carrier's parent Hanjin KAL Corp. to over 45 percent in the latest attempt to control airline conglomerate Hanjin Group. The move came more than two months after Chairman Cho Won-tae's elder sister Hyun-ah -- known for her "nut rage" incident in 2014 -- failed to dethrone the chairman of Korean Air Lines Co. and Hanjin Group in a family feud. The three-party alliance that

June 3, 2020

Airlines cautious about resuming US flights over growing protests

South Korean air carriers that had planned to resume flights to the US this month amid the slow spread of COVID-19 are cautious and taking a “wait and see” approach due to growing protests in the US over the death of an African American man in police custody, according to industry sources Tuesday.  Protests against the death of George Floyd and police brutality have spread to over 100 cities since last week.  The country’s flag carrier Korean Air’s flight dep

June 2, 2020

Volvo Truck Korea appoints cargo business expert as new chief

Volvo Truck Korea said Tuesday that Park Kang-seok, who is in charge of its aftermarket business as an executive director, has been appointed its new CEO.  Park joined Volvo Truck Korea’s service division in 2006 and has led its service and retail network in Gyeongsang Province since 2014.  He has contributed to increasing competitiveness of the company’s core cargo business and rejoined the aftermarket business division last year to offer a differentiated service for cu

June 2, 2020

Auto sales dip 36% in May amid pandemic

South Korea's vehicle sales plunged 36 percent last month from a year earlier as the new coronavirus outbreak continued to dent demand for cars amid the coronavirus pandemic, with overseas sales hit particularly hard, industry data showed Monday. The country's five carmakers -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. -- sold a combined 423,416 vehicles in May, down from 665,136 units a year ago, according to data from the companie

June 1, 2020

Parent firm to issue W300b BWs to join Korean Air's rights issue

Hanjin KAL Corp., the parent firm of Korean Air Lines Co., said Monday it will issue 300 billion won ($240 million) worth of bonds with warrant (BWs), mainly to participate in the airline's planned rights issue. Hanjin KAL held a board meeting to agree to issue the BWs on July 3, with a maturity of three years, to take part in Korean Air's upcoming recapitalization worth 1 trillion won, planned for late July, the company said in a statement. The holders of BWs will have the right to buy a ce

June 1, 2020

GM Korea’s RV sales increase by 43.1% in May

GM Korea said Monday that it sold a total of 24,778 vehicles in May, while sales of sport utility vehicles such as the Chevrolet Trailblazer, Equinox and Traverse rose by 43.1 percent on-year. The automaker said of the 24,778 sold, 5,993 units moved domestically, while 18,785 units sold abroad.  Subcompact car Chevrolet Spark led May sales with 2,065 units, the company said. A monthly high of 822 Chevrolet Malibu vehicles sold in May. Compact SUV Trailblazer, which the automaker has been

June 1, 2020

SsangYong Motor sells Seoul service center to improve fiscal health

SsangYong Motor said Monday it has sold an after sales service center located in Guro-gu in Seoul for 180 billion won ($146 million), as part of its efforts to improve its fiscal health.  The automaker said by selling noncore assets, it will continue to secure liquidity and focus on increasing competitiveness for product development.  In the first quarter this year, its net loss expanded to 193.5 billion won over the economic impact of the COVID-19 outbreak. Its operating loss came

June 1, 2020

Volvo Cars Korea introduces lifetime warranty service as industry’s first

Volvo Cars Korea said Monday that it has introduced a lifetime auto parts warranty for customers -- the first such guarantee by a carmaker here -- as part of its efforts to improve customer services. The service will allow customers to receive repairs on auto parts that have been changed at its official after sales service center, regardless of the number of times they have received the service and how long they have had the car. Those who have changed auto parts after June 1 and have agree

June 1, 2020

Hyundai Motor, Hanwha Q Cells sign MOU on old EV batteries for ESS

Hyundai Motor Group said Sunday it has signed a memorandum of understanding with photovoltaic solar cells manufacturer Hanwha Q Cells for energy storage systems to use recyclable batteries from electric vehicles.  The two firms held an MOU signing ceremony on Friday, which was attended by Hyundai Motor Group President and head of Strategy and Technology Division Chi Young-cho and Hanwha Q Cells President Kim Hee-chul attended.  Amid the expanding ratio of renewable energy use such a

May 31, 2020