Hyundai Motor heir in NY in last ditch effort to win votes

The crown prince of Hyundai Motor Group, the nation’s second-largest conglomerate, is in New York in an apparent move to convince foreign shareholders over the group’s corporate governance reform seeking a change of the hostile atmosphere against the plan.Hyundai Motor officials in Seoul confirmed on Friday that Vice Chairman Chung Eui-sun has left for a business trip to US. He was briefed over progresses made at Hyundai Cradle in Silicon Valley, a multinational startup incubator, the company sa

May 18, 2018

Posco wins two awards at 2018 Global Metals Awards

Posco, South Korea’s No.1 steelmaker, took home two awards at this year’s S&P Global Platts Metals Awards for the first time among local steel companies, the company said Friday. Posco was named the winner in steel industry leadership, and received the grand Metal Company of the Year award at the ceremony held in London, attended by about 250 officials, the company said.S&P Global Platts, energy and commodities information provider, has been hosting the annual awards from 2013, recognizing compa

May 18, 2018

[Hyundai Reform] Breaking down logic behind Hyundai’s reform plan

What with boisterous opposition from activist hedge fund Elliott, Hyundai Motor Group’s corporate restructuring scheme is dominating the attention of investors and business insiders.The accusation from Elliott and several other critics of Korea’s second-largest conglomerate is that Hyundai has devised a plan solely in the interest of the owner family, while the group argues that it is aimed to elevate the value of the company, and therefore the interests of the shareholders.So far, four proxy ad

May 17, 2018

Hyundai Mobis eyes self-driving car sensors by 2020

SEOSAN, South Chungcheong Province -- Hyundai Mobis, the auto parts making unit of Hyundai Motor Group, unveiled this week its test bed for autonomous vehicles and auto parts in Seosan, South Chungcheong Province, with a mission to develop self-driving car sensors by 2020. Its long-term goal is to lead the future mobility market, and raise some 11 trillion won ($10 billion) in earnings through automated driving technology by 2025, according to the firm.The unveiling came amid growing attention o

May 17, 2018

Kumho Tire seeks fresh start with new product

Ending controversies in the course of its acquisition by a Chinese company, South Korean tiremaker Kumho Tire on Wednesday launched a new product for the first time in eight years. The nation’s second-largest tiremaker unveiled a premium comfort tire named the Majesty9 SOLUS TA91 at a launching ceremony attended by more than 350 dealers.  Kumho Tire Chairman Kim Jong-ho poses next to Majesty9 SOLUS TA91, a premium tire launched Wednesday in Seoul.(Kumho Tire)The product is the latest in its prem

May 16, 2018

[Hyundai Reform] Hyundai Motor reform a test for NPS

Amid growing opposition against Hyundai Motor Group’s corporate restructuring plan, the state-run pension operator in South Korea found itself in a difficult position Wednesday, as it appears to have the final say on the fate of the carmaker.The National Pension Service is the second-largest shareholder, with a 9.82 percent stake in Hyundai Mobis, an auto parts maker at the center of the carmaker’s restructuring plan.The upcoming May 29 vote on Hyundai Mobis’ spinoff merger plan is a test for th

May 16, 2018

GM Korea to give away 100 Chevy Sparks to recover sales

GM Korea will give away 100 units of the Chevrolet Spark compact car to 100 winners of a promotional event until August in efforts to put the company back on track, the company said Tuesday.　The first winner of the “Chevy’s new start, with customers” event was Park Jae-seok, 31, who had been considering to purchase Spark for his wife on safety and design.GM Executive Vice President Barry Engle, GM Korea CEO Kaher Kazem, GM Korea Vice President Dale Sullivan, and chief of GM Korea’s union Lim Han

May 15, 2018

[Monitor] Crucial week ahead for Hyundai

It is a crucial week ahead for Hyundai Motor Group seeking to streamline its complex corporate shareholding structure through a spin-off and merger deal that is subject to a vote at May 29 meeting of shareholders.Proxy advisory firms including Institutional Shareholder Services, Inc. and the Korea Corporate Governance Service are expected to make their recommendations this week, in light of the latest move by hedge fund Elliott Advisors to oppose Hyundai‘s plans. By regulation here, a spin-off a

May 14, 2018

Police probe whether Autopilot feature was on in Tesla crash

Police are investigating whether a Tesla sedan's semi-autonomous Autopilot feature was engaged when it rear-ended a fire department truck in Utah. The Tesla Model S crashed into the truck at 60 mph (97 kph) apparently without braking before impact, according to police in South Jordan, a suburb of Salt Lake City. The fire department mechanic truck had been stopped at a red light.The crash comes as federal safety agencies investigate the performance of Tesla's semi-autonomous driving system. The T

May 14, 2018

GM Korea’s news conference canceled by protest from non-regular workers

BUPYEONG, Incheon -- GM Korea was forced to cancel a press conference on Monday after a group of 12 non-regular workers unexpectedly forced themselves into the conference room through the back door demanding a change in their status to regular workers.“On the day GM shut down the Gunsan plant, the Incheon District Court made a ruling (in the first trial) recognizing non-regular workers‘ status as regular workers. However we were excluded from negotiations (with the company),” Hwang Ho-in, head o

May 14, 2018

Battle begins between Hyundai, Elliott over governance revamp plan

US hedge fund activist Elliott said Friday that it will vote against Hyundai Motor Group‘s corporate governance reform scheme, raising concerns over the fund agitating foreign shareholders who hold nearly half of the shares in the group’s affiliates ahead of a major vote planned later this month.The nation’s second-largest conglomerate plans to simplify its complex ownership structure. In March, the group said it will spin off Hyundai Mobis’ lucrative after-sales and module division and merge th

May 11, 2018

BMW opens dealer‘s largest cultural complex in Songdo

German carmaker BMW said Thursday that it had opened a large-scale cultural complex on a 13,200-square-meter site in Songdo International City in Incheon, South Korea.　The cultural complex was built through a joint investment by BMW and Bavarian Motors, Bavarian Motors, a Korean dealer of BMW and its Mini Brand. The construction project took 1 1/2 years. It is the largest integrated facility opened by a BMW dealer worldwide. From left: Lee In-seok, chief executive officer of Bavarian Motors , Hi

May 10, 2018

[Herald Interview] Performance hybridization is future for Mercedes-AMG: CEO

The world of performance cars is moving toward electrification, and Mercedes-AMG, a high performance brand of German luxury carmaker Mercedes-Benz, hopes to take the lead.Tobias Moers, chairman of the board of management of Mercedes-AMG, said in a recent interview with The Korea Herald that the company has set a clear direction to head toward electrification ultimately. In the meantime, the company will focus on developing performance hybrids with high power batteries.“The future, especially in

May 10, 2018

Hyundai Mobis to enter digital instrument cluster market

South Korean auto parts maker Hyundai Mobis has started to produce instrument clusters with digital displays with an aim to generate future growth, the company said Wednesday.Making inroads into the global market for digital instruments, the auto component unit of Hyundai Motor Group, will supply 7-inch digital displays for the electric version of the Kona, a compact sport utility vehicle this month, it said in a statement.By 2020, the company also plans to produce 12.3-inch digital instrument c

May 9, 2018

Hyundai Mobis aims to win $1.07b in orders from China by year-end

South Korean auto parts maker Hyundai Mobis said Tuesday that it expects to secure $1.07 billion worth of orders from China this year amid recovering sales following the improvement of relations between China and Korea.  An employee works inside Hyundai Mobis’ factory in Tianjin, China. (Hyundai Mobis)“We have been gradually increasing our market share in China, focusing on our key components sales with global product quality competitiveness. With increased brand value as a high-tech auto parts

May 8, 2018

Hyundai, Kia raise Q2 sales outlook on recovery in China

South Korean auto giant Hyundai Motor and its sister company Kia are expected to see a turnaround in their respective sales, with industry insiders raising their sales outlook for the second quarter.The two are expected to post nearly 10 percent on-year sales growth, moving closer to their annual goal of 7.55 million units this year, according to officials with knowledge of the matter. Hyundai Motor Vice Chairman Chung Eui-sun (right) poses next to the company’s new sports sedan Lafesta at the B

May 7, 2018

[KH Explains]Why are foreign carmakers manipulating emissions test documents in Korea?

While German carmakers are facing investigation overseas over cheat devices, foreign carmakers operating in South Korea have been charged with different issues here: submitting falsified emissions test documents and selling vehicles without authorization.The first round of government hearings in Korea on BMW Korea and Porsche Korea’s emissions results took place last week.In an investigation by the Ministry of Environment and Korea Customs Service, BMW Korea was found to have falsified emissions

May 4, 2018

Hyundai, Kia‘s April global sales jump 10.4% on-year

Hyundai Motor and Kia Motors, the country’s top two auto makers, flagged a combined 631,225 units in global sales last month, up 10.4 percent on–year, the company said Thursday. This marks the first two digit growth rate since December 2014, boosted by recovery in external factors including improved diplomatic relations between Seoul and Beijing, coupled with all-out marketing efforts of the automaker‘s top brass led by Vice Chairman Chung Eui-sun. Sales recovery was evident in China, where Hyun

May 3, 2018

Hyundai teams up with Transport Ministry, civic coalition for road safety education

Hyundai Motor said Wednesday it is working with the Transport Ministry and Ansilyeon, a citizens’ group for safety, to help educate youths on road safety such as by distributing learning materials.Hyundai Motor President Chung Jin-haeng released the plan at an event attended by Vice Minister for Transport Kim Jeong-ryeol and Kwon Byung Yoon, director of the Korea Transportation Safety Authority, and Choi In-young, co-chairman of Ansilyeon at Yunjung Elementary School in Seoul.Aimed at raising aw

May 2, 2018