SsangYong Motors’ business survival doubtful: auditor

SsangYong Motors, one of South Korea’s five major automakers, has been refused by its financial auditor to deliver an opinion on its ability to survive, after posting swelling losses for the 13th consecutive quarter last week. But an official from the carmaker told The Korea Herald that it does not plan to appeal the decision, given that it was based on its latest quarterly report, not an annual report, and does not require appealing to prevent delisting. According to the automaker&rsqu

May 18, 2020

BMW 5 and 6 series’ new models to be unveiled in Korea

BMW Korea said Monday that its new models of 5 and 6 series sedans will be unveiled at the world premiere taking place in South Korea on May 27, the first time an imported carmaker here is hosting the world premiere here. The carmaker said, it will also be the first time for a foreign automaker to reveal the new model series -- not just a specific trim of the new models -- in the country, apart showcasing two world premiere models at once. BMW Korea said it has decided to hold the world premi

May 18, 2020

[Photo News] Future mobility solutions at a glance

Miniature models of Hyundai Motor Group’s future mobility solutions, such as urban air mobility, purpose-built vehicles and hubs are displayed at the automaker’s headquarters in Yangjae-dong, Seoul.  Models are one-eighth scale and installed over 107 square meters of the building.  In January, Hyundai Motor Group’s Executive Vice Chairman Chung Euisun unveiled its future mobility vision at the Consumer Electronics Show to shift itself from an automobile manufacture

May 17, 2020

Incheon International Airport Corp. to offer W50b in aid to local aviation sector

The country’s main gateway operator, Incheon International Airport Corp., said Sunday that it would offer 50 billion won ($40 million) worth of aid to cash-strapped local airliners suffering the economic impact of COVID-19. IIAC said it had met Friday with officials from seven air carriers -- Korean Air, Asiana Airlines, Air Busan, Air Seoul, Jeju Air, Jin Air and T’way -- to introduce its new incentive programs and cooperative measures for airliners. For air carriers, IIAC said i

May 17, 2020

All Korean airlines report losses in Q1 amid pandemic

All South Korean airlines -- both major and low-cost -- have posted quarterly losses as the pandemic dampened travel demand and slashed flight numbers. The nation’s largest airline, Korean Air, has turned into a deficit in three quarters. It posted an operating loss of 56.6 billion won ($45.9 million) in the January-March period according to the firm’s regulatory filing Friday. Its sales reached 2.3 trillion won, down 22.7 percent from the same period last year. Its passenger bus

May 15, 2020

Korean Air to require domestic passengers to wear masks

Korean Air announced Friday it will make it mandatory for domestic passengers to wear masks from Monday to follow the government’s social distancing guidelines amid the pandemic. Passengers using Korean Air’s domestic flights must wear masks or appropriate face shields not only on board but also during the pre-flight process. Exceptions are made for infants under 24 months old, people who are difficult to remove their masks on their own and people who are unable to breathe when we

May 15, 2020

Hanjin KAL decides to inject W300b in cash-strapped Korean Air

Hanjin KAL said Thursday it will inject 300 billion won ($244.3 million) in Korean Air by selling its assets and through mortgage loans, one day after the airliner’s board decided to raise 1 trillion won by selling new stocks as part of a self-rescue plan.  The parent company of Korean Air currently owns a 29.96 percent stake in the air carrier. Amid the growing economic impact of COVID-19 on the aviation industry, Hanjin KAL’s board of directors decided to “preemptivel

May 14, 2020

World’s first hydrogen mobility show to kick off in Seoul in July

Seoul will hold the world’s first hydrogen mobility exhibition called 2020 H2 Mobility+ Energy Show on July 1, to take the lead in the future’s core energy business, according to the event organizer Thursday.  Due to the latest outbreak of COVID-19, the opening of the hydrogen mobility exhibition was discussed by organizing committee members, but they decided to proceed with the plan, the organizer said.  The exhibition had earlier been delayed from March 18 due to the w

May 14, 2020

Asiana to reopen 13 int'l routes in June as virus woes ease

Asiana Airlines Inc., South Korea's second-biggest carrier, said Thursday it will resume flights on 13 international routes next month as the coronavirus outbreak seems to have passed its peak. The move comes on the heels of its bigger local rival Korean Air's similar plan. Asiana plans to restart flight services on 13 international routes -- one to Seattle and 12 to Chinese cities, such as Beijing and Shanghai -- from June 1, while increasing the number of flights on six other routes to citi

May 14, 2020

Korean Air to raise W1tr via stock sale amid virus woes

Korean Air Lines Co. said Wednesday it will raise 1 trillion won ($820 million) by selling stocks as part of self-help measures amid the growing coronavirus impact on the airline sector. The rights issue is one of the options that Korean Air has reviewed to raise the capital needed to ride out the coronavirus crisis, the company said in a statement. Shareholders of the country's biggest carrier will be given the rights to buy 79 million stocks to be issued at 12,600 won per share. The new sha

May 13, 2020

Hyundai Glovis enters China’s cold chain market

Hyundai Glovis said Wednesday it has been picked as operator of Korea Agro-Fisheries & Food Trade Corp.’s logistics center in Qingdao, China, its first cold chain business abroad.  According to the logistics unit of Hyundai Motor Group, its local unit Beijing Glovis, which has been operating there since 2005, will take charge of operation and management of the Qingdao center.  Beijing Glovis will manage the logistics operations -- from transport to storage and delivery of

May 13, 2020

Mercedes-Benz Korea unveils concept car Vision EQS

Mercedes-Benz Korea on Wednesday unveiled its next-generation electric vehicle the Vision EQS concept car for the first time in South Korea. The Vision EQS was introduced to the public at the 2019 Frankfurt International Motor Show in September last year. The model shows the company’s design vision for future luxury electric sedans, according to the carmaker, which held its Vision EQS media presentation in Goyang, Gyeonggi Province. By adding its top “S” class next to EQ, th

May 13, 2020

Renault Samsung launches compact SUV Captur in Korea

Buckling down to further penetrate the popular sport utility vehicle market in South Korea despite the pandemic woes, Renault Samsung Motors on Wednesday launched its flagship compact SUV which has topped the European market since 2014. Captur is Renault Samsung’s second-generation revamped model and the second one to keep Renault’s diamond badge instead of being rebadged with the Renault Samsung logo. According to the automaker, Captur was launched in Europe in 2013 and more than

May 13, 2020

Hyundai Motor to establish hydrogen bus charging station at Incheon airport

Hyundai Motor Group said Tuesday it will establish a hydrogen bus charging station inside the country’s gateway Incheon International Airport by March next year.  The carmaker will sign an agreement with Incheon International Airport Corp., Air Liquid Korea and Hydrogen Energy Network Corp. to boost hydrogen economy and establish low-carbon, eco-friendly airport environment. The agreement comes as part of the Environment Ministry’s project to support establishment of charging

May 12, 2020

Volvo Cars Korea, SKT team up to develop infotainment system

Volvo Cars Korea said Monday that it has joined hands with SK Telecom to develop a next-generation infotainment system suitable for South Korean customers. The two sides have signed a contract to develop the system to offer Volvo customers here with a customized infotainment system, which would work as a basis for providing connected services, Volvo Cars Korea said. The automaker aims to gradually apply the next-generation infotainment system to some models launched in Korea from 2022. The n

May 11, 2020

Hyundai Motor Group establishes ‘nontact’ IT development platform

Hyundai Motor Group said Monday that it had established a “nontact” -- or non face-to-face -- IT development platform for software and program development tools amid increasing worldwide efforts to prevent the spread of the new coronavirus. The automaker said the new platform had been applied with a cloud system which allows connections from outside for software development and using the infrastructure and program development tools.  The group’s IT subsidiary Hyundai Au

May 11, 2020

HMM Algeciras departs for Europe with record-largest shipment

HMM said Sunday its containership HMM Algeciras departed for Europe from Yantian, China, on Friday with a full load of containers. The world’s largest container vessel entered Busan’s new port in April 28 and departed two days later with 7,156 TEUs, or twenty-foot equivalent units. It later entered Yantian Thursday last week after passing through Ningbo and Shanghai in China, and headed to Europe on Friday with 19,621 TEUs, the largest shipment ever worldwide. Geneva-based ship

May 10, 2020

Air carriers ease international flight routes

South Korean air carriers, hit by unprecedented reduction in passenger traffic and suspension of routes over COVID-19, are slowly resuming international operations, according to industry sources Friday. Korean Air plans to open 32 out of 110 international routes from June 1. It will also resume operation of flights to Washington, Seattle, Vancouver and Toronto in 50 days after the routes have been halted since March.  The number of routes to San Francisco, Chicago and Atlanta will be als

May 8, 2020

Hyundai signs deal for open source software management

Hyundai Motor Group said Friday it has signed a memorandum of understanding with the National IT Industry Promotion Agency for strategic development and management for open source software.  Under the MOU, they will support each other to make use of open source softwares in the automotive manufacturing business to increase global competitiveness, as well as to establish a system for supply network of open source software, the carmaker said.  Open source software is based on publicly

May 8, 2020

[News Focus] Will Mercedes-Benz’s emissions penalty alter car market?

After Mercedes-Benz Korea was slapped with the largest-ever fine of 77.6 billion won ($63.4 million) by the Environment Ministry for rigging emissions data on diesel cars, the market paid attention to whether it would alter the imported car market here. The ministry on Wednesday said some 4,400 diesel cars of 14 models sold by Mercedes-Benz Korea, Nissan Korea and Porsche Korea between 2012 and 2018 passed pollution standards by illicitly manipulating software to reduce the amount of nitrogen

May 7, 2020