Carmakers to launch new models in first half of 2020 to recover sales

Carmakers are rushing to launch new models in the first half of the year -- mainly market-dominating sport utility vehicles -- seeking opportunities to recover sales, according to industry sources.Hyundai Motor’s first-ever Genesis SUV GV80 opens up this year’s new vehicle lineup. The automaker released images of the luxury SUV GV80 on New Year’s Day, raising market expectations for the model set to debut in mid-January.  The three-row SUV from Hyundai Motor’s l

Jan. 2, 2020

Hyundai Motor unveils images of first Genesis SUV GV80

Hyundai Motor’s luxury brand Genesis unveiled its first sport utility vehicle on Wednesday, raising market expectations for the much-anticipated model set to debut in mid-January. The GV80, a three-row SUV, is the fourth model of the brand, which consists of the G70, G80 and G90 sedans.  The “V” in its name represents the “versatile” aspect of the luxury SUV, while the number 80 indicates its large size, Hyundai Motor said. Under the design concept of

Jan. 1, 2020

SUVs, EVs, luxury cars to again dominate auto market in 2020

After a bumpy year with flat consumer sentiment and global trade uncertainties, the automotive market is likely to face a similar business environment in 2020, with sport utility vehicles, electric vehicles and luxury cars remaining popular, according to market analysts.Hyundai Motor Group’s think tank for global business research and development center noted that the global auto market is estimated to record sales of 86.95 million units in 2019, down 5 percent from the previous year. This

Dec. 31, 2019

[Newsmaker] Feud for helm of Hanjin Group intensifies

The family feud for the helm of Hanjin Group, the South Korean conglomerate that owns flag carrier Korean Air, appears to be intensifying as the chairman reportedly kicked up a storm at his mother’s house on Christmas.On Sunday, media outlets here reported that group Chairman Cho Won-tae visited the home of his mother, Lee Myung-hee, in the Jongno area of Seoul on Wednesday with his family. There, he reportedly broke a window and items in the house.The incident reportedly occurred because

Dec. 29, 2019

Mercedes-Benz Korea launches S 560 e for diversified hybrid sedan choices

Mercedes-Benz said Sunday its luxury flagship sedan the new Mercedes-Benz S 560 e has landed in South Korea, as part of the efforts to diversify its plug-in hybrid sedan lineup here. The German automaker’s S-Class sedan is conspicuous by its long wheelbase, spacious interior, innovative suspension system and high fuel efficiency, being a 70-year-long steady-selling luxury sedan, Mercedes-Benz Korea said.With the third-generation plug-in hybrid new S 560 e launching in Korea, the company sa

Dec. 29, 2019

[News Focus] With Asiana officially under HDC, financial improvement emerges as top priority

Following Asiana Airlines’ new owner Hyundai Development Company finalizing a stock purchase agreement with the air carrier’s parent company Kumho Industrial on Friday, market analysts viewed that the priority mission for HDC is to improve the financial status of the debt-ridden air carrier. In short, it may cost the firm more than the promised 2 trillion won ($1.73 billion). According to the HDC consortium, which includes Mirae Asset Daewoo that will take 15 percent stake, it clinch

Dec. 29, 2019

BMW Korea wins lawsuit against government's emission-related fine

BMW Korea has virtually won a lawsuit against the over 60 billion-won (US$51.7) fine imposed by the government over the auto company's gas emission verification, sources said Saturday. In September, the Supreme Court of Korea convicted BMW Korea of illegally skipping the compulsory gas emission verification process and forging related documents in the period of 2012-2017, leading to the government's imposition of a 62.7 billion-won fine on the company. Protesting the decision, BMW Kore

Dec. 28, 2019

HDC inks deal to acquire Asiana Airlines

HDC Hyundai Development Co., a midsized construction company, signed a deal on Friday to acquire Asiana Airlines Inc. as the South Korean builder strives to diversify its business portfolio.In their board meetings held early Friday, HDC and Kumho Industrial Co., a construction unit of Kumho Asiana Group, approved the deal.The signing comes after the consortium formed between HDC and Mirae Asset Daewoo was picked the preferred bidder last month to acquire a 30.77-percent Asiana stake held by Kumh

Dec. 27, 2019

Hyundai’s mobility service venture Mocean Lab teams up with car rental association

Hyundai Motor Group said Thursday its affiliate Mocean Lab has joined hands with the country’s car rental business association to develop a mobility service ecosystem in the rental car market. The mobility service venture set up by the parent group of Hyundai Motor and Kia Motors has signed a memorandum of understanding with the Korea Rental Car Business Association for collaboration in the future mobility business. The association is the country’s largest group of car rent

Dec. 26, 2019

[Newsmaker] Wi-Fi use latest hot spot of tension at Hyundai Motor

The latest bone of contention between the labor union and management at Hyundai Motor was unforeseen in a country that boasts one of the highest internet penetration rates -- Wi-Fi use.On Tuesday, the automaker changed its decision to allow employees to use Wi-Fi at its manufacturing plant in Ulsan, and placed restrictions on use only during meal times and break hours. The decision was taken after criticism that employees spent a lot of their time surfing the internet or watching YouTube vi

Dec. 24, 2019

Hyundai's upgraded Grandeur gets more than 50,000 preorders in S. Korea

Hyundai Motor Co., South Korea's top automaker, said Monday its face-lifted Grandeur sedan has received more than 50,000 preorders in just over a month since the vehicle's launch at home. Hyundai said it received orders for 52,640 new Grandeurs as of last week since the preorders started on Nov. 3.Hyundai said consumers in their 40s were the biggest buyers of the upgraded Grandeur, as they accounted for 31 percent of the total preorders. They were followed by consumers in their 50s, who made up

Dec. 23, 2019

Mahindra chief set to retire amid talks on fate of SsangYong Motor

Following the massive executive reshuffle at Mahindra & Mahindra, an Indian auto giant that acquired SsangYong Motor in 2010, market insiders are speculating whether it will hamper investments in its ailing South Korean subsidiary. According to the Indian company, current Chairman Anand Mahindra will complete his term and take over a non-executive role as a chairman of the board of M&M from April 1. The group said that he will serve as a mentor and the board’s managing director to

Dec. 22, 2019

Hyundai Motor to present new mobility road map at CES 2020

South Korea’s largest automaker Hyundai Motor will present its new mobility road map at the annual Consumer Electronics Show 2020, the world’s largest consumer technology conference to be held in Las Vegas next month, officials said Friday.Releasing the teaser image of the human-centered mobility vision, the company envisioned the innovative mobility and consequent changes for dynamic future cities. The upcoming mobility vision comprises three key pillars, Urban Air Mobility, Purpose

Dec. 20, 2019

Kia workers strike for higher wages

Unionized workers at Kia Motors Corp. on Wednesday began a partial strike for higher wages after rejecting the company's proposals last week.Kia's union said they held a four-hour strike on Wednesday and plan to walk out for eight hours on Thursday.  On Friday, 56 percent of the union's 27,050 workers voted down the deal tentatively agreed between the company and the union on Dec. 10. Under the initial agreement, Kia offered to raise workers' basic monthly wage by 40,000 won (US$34) and pro

Dec. 18, 2019

Han Sung Motor sells artistic goods at Seoul Design Festival for donation

Han Sung Motor, an official local dealer of Mercedes-Benz in Korea, said it had sold artistic goods at its booth at the 2019 Seoul Design Festival to help children in need.The five-day annual event that kicked off on Dec. 4 involved rising artists and young designers as well as collaborative projects between art groups.  Han Sung Motor participated by arranging a collaboration project between its Dream Gream scholarship students and local design studio Maeum.Dream Gream is a schol

Dec. 18, 2019

Naver Financial attracts W800b investment from Mirae Asset

Naver Financial, a financial platform by South Korean internet giant Naver, has attracted an investment of about 800 billion won ($683 million) from its financial partner Mirae Asset, the company said in a regulatory filing on Friday. The investment will secure a stable financial structure for Naver Financial and forge a partnership between the two to take the lead in the country’s emerging “techfin” industry. Techfin refers to technology firms seeking to deliver financial prod

Dec. 13, 2019

Hyundai Motor jumps into Indonesian ride-hailing market

Hyundai Motor said Friday it has delivered the first batch of 20 Ioniq EVs to Indonesia, entering the ride-hailing market in the Southeast Asian country in partnership with Grab. The South Korean carmaker and Grab will operate ride-hailing services in Jakarta with the electric version of the compact starting early next year. They plan to expand the number of vehicles in operation by the end of the year. The Ioniq EV is capable of running 271 kilometers per single charge. It can be recharged to 8

Dec. 13, 2019

K5 preorders set new record for Kia

The number of all-new K5 preorders has set a fresh record of more than 16,000 units sold in just three weeks, Kia Motors said Thursday as it launched the third-generation of the popular sedan officially on the same day. The number of preorders the K5 received is the highest among vehicles launched under the Kia marque, the company said. “Of all customers who preordered the K5, 53 percent of them were in their 20s and 30s, demonstrating overwhelming support and attention from younger genera

Dec. 12, 2019

Renault Samsung workers overturn wage deal, set for another strike

Overturning a wage deal clinched in June, unionized workers at Renault Samsung have voted to hold a sit-in protest, according to members of the union Wednesday, although the automaker said it would continue with the labor-management negotiations which kicked off in September. Of more than 2,000 unionized workers at the South Korean unit of the French automaker Renault, 66.2 percent voted to go on strike. The labor union and management had reached a wage deal on June 24, bringing an end to a

Dec. 11, 2019

Mercedes-Benz Korea holds future mobility startup hackathon

Mercedes-Benz Korea said Wednesday it has kicked off its Connected Car Startup Hackathon, a competition between startups to develop connected car services for innovative future mobility.The 48-hour nonstop event is taking place at the EQ Future Pavilion set up by the automaker in Sinsa-dong, Seoul. Nine startups that develop and produce connected car technologies such as mobility, UX, maintenance and charging have made it to the final, the company said.The event was organized in a joint partners

Dec. 11, 2019