30-somethings biggest buyers of foreign cars

South Koreans in their 30s made up the biggest customer group for foreign cars here last year, according to industry data on Monday.  Data from the Korea Automobile Importers & Distributors Association showed that in 2019, a total of 153,677 units of foreign cars were bought by individuals.  Of the number, 50,645 vehicles, or 33 percent, were purchased by those in their 30s, followed by those in their 40s (31 percent), 50s (19.6 percent), 60s (8 percent), 20s (5.8 percent) and 7

Jan. 27, 2020

Hyundai Motor to produce hydrogen commercial cars in China

Hyundai Motor Co. said Saturday it will produce hydrogen fuel-cell electric commercial vehicles in its Chinese plant to make inroads into the local electric vehicle market.In the China EV100 Forum held in Beijing from Jan. 10-12, Executive Vice President Lee In-cheon, head of Hyundai‘s Commercial Vehicle Business Division, unveiled the plan. In August last year, the Hyundai executive said the hydrogen commercial car production plan will begin in 2023 if the company makes the decision. Sich

Jan. 25, 2020

Hyundai Motor heir gets rid of Elliott risk

The road to Hyundai Motor Group Executive Vice Chairman Chung Euisun reigning over the nation’s largest automobile giant is predicted to be less bumpy as activist hedge fund Elliott, which had put the brakes on his succession plans, recently sold all its stakes in Hyundai Motor companies. According to the industry, Elliott sold its stakes of 2.9 percent of Hyundai Motor, 2.1 percent of Kia Motors and 2.6 percent of Hyundai Mobis as of Wednesday. Elliott’s departure is expected to giv

Jan. 23, 2020

[News Focus] What will happen at Hanjin KAL’s March shareholders meeting?

Signs of a sibling feud have been hard to ignore recently at Hanjin KAL, the Hanjin Group holding company that owns the country’s flagship carrier Korean Air, ahead of a Hanjin KAL shareholders meeting slated for March.With tension brewing over the holding firm’s leadership, the March meeting is an important one for Hanjin Group Chairman Cho Won-tae, who assumed the top post in April last year after his father died of chronic lung disease. Shareholders will vote on whether to reappoi

Jan. 23, 2020

Hyundai Motor sales surpass W100tr for first time in 2019

Hyundai Motor Group said Wednesday that its sales last year hit a record high of 105 trillion won ($90 billion), surpassing the 100 trillion won mark for the first time, and its operating profit grew more than 52 percent.The conglomerate is the third to join the so-called “100 trillion won club,” after Samsung Electronics in 2008 and SK in 2018. Hyundai Motor’s sales exceeded 90 trillion won in 2015. According to Hyundai Motor’s 2019 financial statements, its an

Jan. 22, 2020

Imported commercial car sales dip 11% in 2019

Sales of imported commercial vehicles in South Korea fell 11 percent in 2019 from a year earlier as demand remained weak amid a slowing economy, an industry association said Wednesday.The number of newly registered imported commercial vehicles fell to 3,896 units last year from 4,394 a year ago, the Korea Automobile Importers and Distributors Association said in a statement.The annual sales data does not include figures for dump trucks, as KAIDA only began to add those numbers to its commercial

Jan. 22, 2020

Hyundai’s Chung Euisun presents 3 directions for hydrogen society in Paris

Global communities need to seek ways to advance a hydrogen society based on three aspects -- cost reduction through technological innovation, expansion of public receptivity and establishment of a safety management system -- according to Hyundai Motor chief Chung Euisun, who attended a CEO event of a global alliance for hydrogen technologies in Paris on Monday. “There is a no shortcut to the future hydrogen society. It is most important for the hydrogen industry to establish a specifi

Jan. 21, 2020

Mahindra says W500b required for SsangYong turnaround by 2022: sources

Indian carmaker Mahindra & Mahindra Ltd. is considering a capital injection of 500 billion won ($430 million) for its South Korean unit, SsangYong Motor Co., by 2022 to secure its turnaround, industry sources said Tuesday.In a meeting with SsangYong Motor employees on Thursday, Mahindra & Mahindra Managing Director Pawan Goenka said 500 billion won is needed to turn SsangYong Motor around in the next three years, a person familiar with the matter told Yonhap News Agency.Goenka flew into

Jan. 21, 2020

Cadillac to launch five new models targeting young drivers

Cadillac said Monday that it planned to launch four new models and one face-lifted model in Korea this year -- mostly sports utility vehicles -- to position itself as a young, dynamic brand for young generation.The American automotive brand owned by General Motors said in a press release that it would introduce three new models and one face-lifted model in the first half of this year, including a large-size sports utility vehicle XT6 and its bestselling SUV model XT5’s facelift version. Th

Jan. 20, 2020

S. Korea changes subsidy scheme for eco-friendly autos

South Korea's finance and environment ministries said Monday that they have changed a state subsidy scheme for eco-friendly vehicles to allow buyers of efficient cars to get larger subsidies from this year.  Currently, the state subsidy is calculated on an electric car's battery capability.  Under the revised subsidy program, buyers of an electric vehicle with a longer driving range per charge will get more in subsidies, the finance ministry said in a statement.  Effective from th

Jan. 20, 2020

[Behind the Wheel] GV80 packs in high-tech driving experience, with some unfamiliar functions

Hyundai Motor’s luxury brand Genesis unveiled its first sport utility vehicle GV80 last week, with a goal of selling 24,000 units in South Korea this year. The model will be launched in North America this summer.The Korea Herald had an opportunity to test drive GV80 in Ilsan, Gyeonggi Province, on the day of its launch on Wednesday. Genesis’ first vehicle based on a rear-wheel-drive platform -- runs on a six-cylinder diesel engine -- which exerts a maximum torque of 60 kilogram-meter

Jan. 19, 2020

[Herald Interview] S. Korea very lucrative market for Rolls-Royce: CEO

Luxury carmaker Rolls-Royce sold a record 5,152 cars globally in 2019, up 25 percent on-year. And the South Korean market was “instrumental” in this achievement with the growing popularity of its SUV Cullinan, a top executive said Jan. 7. “It has been an excellent year for our brand, and the South Korean market has seen tremendous growth -- very solid, robust and successful -- and is a market that is very important for our business,” Torsten Muller-Otvos, CEO of Roll

Jan. 19, 2020

Korean Air says new loyalty program reflects global standards

Korean Air, the country’s biggest and national flag carrier, is trying to assuage customers ill at ease about a revised plan for the airline’s loyalty program, saying the latest changes reflect global standards, including reasonable benefits for customers in comparison to foreign carriers, according to the company on Friday. The airliner recently uploaded a notice to its homepage to clarify facts about the revision plan for the loyalty program amid strong backlash from customers, inc

Jan. 17, 2020

Mahindra set to inject W230b into SsangYong Motor: sources

Mahindra & Mahindra Ltd. looks set to inject fresh cash into its cash-strapped South Korean unit SsangYong Motor Co. in a move to seek help from SsangYong's main creditor bank, industry sources said Friday. Mahindra & Mahindra Managing Director Pawan Goenka said the Indian carmaker will make a 230 billion-won ($198 million) investment after obtaining approval from its board during his meetings with SsangYong's labor union and Lee Dong-gull, chairman of the state-run Korea Development Ban

Jan. 17, 2020

Hyundai Motor chief Chung Euisun underlines decarbonizing transportation

Chung Euisun, executive vice chairman of Hyundai Motor Group, said decarbonizing transportation will support the Hydrogen Council’s vision of building a hydrogen-powered societyAccording to the company on Friday, Chung, who co-chairs the council, said in an interview that it is the responsibility of Hyundai Motor to extend beyond vehicles and invest in the hydrogen supply chain.“As an innovator and pioneer in hydrogen-powered mobility, Hyundai Motor Group is willingly taking the resp

Jan. 17, 2020

Chevrolet rolls out Trailblazer as new core SUV model

Chevrolet launched Friday its new sport utility vehicle Trailblazer in Korea, dubbing it as the brand’s “core next-generation model.” The midsized SUV sits between the compact SUV Trax and Equinox, targeting urban drivers. It contains Chevrolet’s next-generation powertrain and high-tech driving functions, said the American automaker, which is owned by General Motors.  “Trailblazer is a stylish SUV that will strengthen the Chevrolet SUV lineup, maximize the driv

Jan. 17, 2020

Hyundai Motor Group to invest W129b in UK EV startup Arrival

Hyundai Motor Group said Thursday that it will invest 129 billion won ($111 million) in London-based EV startup Arrival, in an effort to secure electric vehicle manufacturing technology and market dominance. According to the automaker, the two firms agreed to cooperate in developing urban-type EVs, after clinching a deal at the Hyundai Motor Group headquarters on Thursday.  Established in 2015 Arrival is an EV-developing startup focused on commercial-type vehicles including vans and bu

Jan. 16, 2020

Qatar Airways introduces Qsuite on flights from Incheon

Qatar Airways said Thursday that its new business class Qsuite will be introduced in all its flights departing Incheon International Airport. Qsuite is the airway’s business class, considered as one of the most luxurious business classes, offering customized suite room environment. It was first introduced for the Doha-London route in June 2017. All Qsuite seats can be customized. By using privacy panel, passengers can create their own room. When traveling with friends or family, the T

Jan. 16, 2020

Top Mahindra exec visits Korea to seek support for SsangYong Motor

A top executive of Mahindra & Mahindra, the Indian auto giant that acquired SsangYong Motor in 2010, is in town to seek support for its ailing South Korean subsidiary, according to industry sources Thursday. M&M’s Managing Director Pawan Goenka’s visit to Seoul comes ahead of Ssangyong Motor’s board meeting slated for Jan. 30. He currently serves as chairman of SsangYong Motor’s board.A SsangYong Motor official told The Korea Herald that the company 

Jan. 16, 2020

Hyundai Motor aims to sell 10,100 units of Nexo this year

Hyundai Motor Group said Thursday that it aims to sell 10,100 units of the hydrogen-powered sport utility vehicle Nexo in Korea this year, with the goal of cementing its dominance in the eco-friendly vehicle market here.The Nexo sold 727 units in 2018, the year it was launched, but the number skyrocketed to 4,194 units last year. Its price begins from 68.9 million won ($59,402) in Korea.  Combined with Hyundai Motor’s first commercial hydrogen fuel cell vehicle Tucson ix, accumulated

Jan. 16, 2020