Tension escalates over inspection into GM Korea

Tension is escalating over the South Korean government’s inspection into GM Korea, following the automaker’s decision to shut down a factory here last week. State-run Korea Development Bank, the second-biggest stockholder of the local unit with 17.02 percent shares, is currently looking into GM Korea’s management, including high-interest loans levied by the US headquarters. The country‘s financial watchdog Financial Supervisory Service is examining GM Korea’s research and development expenses, w

Feb. 18, 2018

Kia unveils all new K3, aims to sell 150,000 globally

Kia Motors, the sister company of Hyundai Motor, released its fully changed sedan K3 on Tuesday, highlighting its increased fuel efficiency.The first fully change model in six years has a 1.6-liter gasoline engine and a fuel economy of 15.2 kilometers per liter, a 10 percent increase from its previous model. Kia Motors’ Pierre Leclercq, head of Styling, gives a presentation on the All New K3 at Walkerhill Hotel in Gwangjin-gu, Seoul, Tuesday. The K3, the first full-change model in six years, com

Feb. 13, 2018

Kumho Tire’s concept tire wins iF Design Award

South Korea’s tire-maker Kumho Tire has won in the “concept” category of Germany’s iF Design Award 2018, the company said Tuesday. iF Design Award that boasts 65 years of history is organized by Germany’s International Forum Design, and is often dubbed as the Oscar of the design industry, along with Red Dot Design Award and IDEA Design Award.Some 6,400 pieces were submitted from 54 countries to be reviewed by 63 judges selected from different parts of the world to evaluate the design’s appeal in

Feb. 13, 2018

Renault Samsung Motors sets modest goal for 2018

Amid intense competition in Korea’s auto market, Renault Samsung Motors, the South Korean unit of French carmaker Renault S.A., set a modest goal for this year to sell 270,000 units.Its goal to sell 100,000 units here and ship 170,000 units remains unchanged from last year’s sales of 276,808 units. Carmakers, however, usually pitch an annual sales target that is about 10 percent higher than expected performance.“Customers are at the core of Renault Samsung Motors’ business goal for this year and

Feb. 13, 2018

Posco signs memorandum with GE for smart factories

Posco, South Korea’s top steelmaker by sales, inked a memorandum of understanding with US-based conglomerate GE to develop a hybrid smart factory platform aimed at heightening efficiency of steel mills, the company said Tuesday.The hybrid smart factory platform PosFrame+ is to be a combination of steelmaker’s PosFrame smart factory platform alongside GE’s representative smart factory solution Asset Performance Management.“Developing smart technology for facilities will serve as a momentum-trigge

Feb. 13, 2018

GM to shut Gunsan plant, raising fears of complete withdrawal

General Motors’ made a widely anticipated decision to permanently close its plant in Korea’s southwest on Tuesday, prompting the Seoul government to express regret and up the pressure on it to normalize its business here. The move is the first concrete action that points to GM’s speculated upon withdrawal from the country.Calling it the “first step for necessary restructuring,” GM Korea said it would stop production and close its plant in Gunsan, North Jeolla Province, by the end of May. GM’s Gu

Feb. 13, 2018

SsangYong to export G4 Rexton to India

SsangYong Motor has signed a product license deal with parent company Mahindra and Mahindra to start production of the G4 Rexton, a large premium sport utility vehicle, in India, the company said Monday.The assembly of the South Korean carmaker’s latest SUV will start within the second half of the year at Mahindra and Mahindra’s Chakan plant in Maharashtra, western India. Under the deal that expires on Dec. 31, 2023, SsangYong Motor will exports parts for the G4 Rexton in kits for them to be ass

Feb. 12, 2018

[Newsmaker] Has Korea become too much for GM Korea?

Old rumors of GM Korea’s potential pullout from South Korea recently resurfaced, following moves and comments made by the automaker’s global management.Last week, General Motors International President Barry Engle visited Korea, following a trip last month, although the details of his meetings here were not disclosed. GM CEO Mary Barra, meanwhile, also called Korea a challenge last week during a public conference call with industry analysts, eluding to potential changes and restructuring. All th

Feb. 12, 2018

[Behind the Wheel] Hyundai‘s Nexo, a futuristic eco-friendly car

PYEONGCHANG, Gangwon Province -- As the new green car on the block, Hyundai’s latest fuel cell electric vehicle seemed unfamiliar at first sight. A day-long drive testing Nexo’s driving performance and its near level-four automation, last week, provided a clear explanation why the carmaker touts the vehicle as ”the ultimate eco-friendly car.“Throughout the 210 kilometer test-drive from Hyundai Motor Studio Goyang in Gyeonggi Province to PyeongChang, Gangwon Province, the quietness of the hydroel

Feb. 11, 2018

Hyundai Motor set to open new era of mobility in 2018

Moving forward from a tumultuous year, South Korean auto giant Hyundai is gearing up efforts to seek a turnaround and open a new era of future mobility this year with technology-packed green vehicles.For the first time in nearly two decades, Hyundai faced an unprecedented crisis last year, with its global sales declining largely due to poor performance in China. In the face of a diplomatic row between South Korea and China over Seoul’s decision to deploy the US’ Terminal High Altitude Area Defen

Feb. 8, 2018

Hyundai, Kia support PyeongChang with 4,100 vehicles, W50b donation

Hyundai and Kia Motors are supporting the 2018 PyeongChang Olympics by providing some 4,100 units of vehicles and donations worth over 50 billion won ($46.95 million) as an official tier-one sponsor.On a promotional level, Hyundai Motor is presenting its ambitious hydrogen fuel cell Nexo sport utility vehicle and hydroelectric buses for test drives and transportation throughout the Olympic period. Three units of Hyundai Motor’s hydroelectric bus with a driving distance of some 530 kilometers per

Feb. 8, 2018

Renault Samsung QM3 remains best-seller in Europe

Renault Samsung Motors, the South Korean unit of French carmaker Renault S.A, continues to see successful sales in Europe’s compact sport utility vehicle segment, with its QM3 ranking the No. 1 best-seller last year, the company said Thursday.Known as “Captur” in Europe, the company sold 212,681 units of the vehicle there in 2017, retaining its best-seller status for four years in a row.“We believe Captur is favored in Europe because it is immensely practical and has a European-style sensuous de

Feb. 8, 2018

Hyundai‘s Nexo boasts eco-friendly, advanced safety features

Hyundai Motor, the world’s fifth largest carmaker, is heading full-force into new areas of the auto industry with converged technologies and environment-friendly features.Spearheading Hyundai’s drive is its Nexo, a next-generation fuel-cell hydrogen SUV certified to drive more than 600 kilometers per charge, the longest on record for hydrogen-powered cars.Nexo, which is to be released next month with the aim of selling 10,000 hydroelectric vehicles by 2022, is armed with a slew of heightened saf

Feb. 8, 2018

Hyundai US dealer sponsors PyeongChang‘s only Ghanaian athlete

Akwasi Frimpong, a Dutch-Ghanaian skeleton slider, will be one of the 11 athletes representing African nations, and the only one competing for Ghana, at the 2018 PyeongChang Winter Games.Before he was confirmed to be competing at the Olympics last month, Frimpong, 31, was able to commute to training sessions and competitions in North America, carrying his sled and other pieces of equipment, with the help of a local dealer of Korean automaker Hyundai Motor throughout the 2017-18 season. Akwasi Fr

Feb. 8, 2018

Kia unveils new compact SUV in India

Kia Motors, South Korea's second-largest automaker by sales, rolled out a new compact SUV concept in India on Wednesday, heralding its full-fledged foray into the local market.The compact SP SUV concept was showcased at the 14th Auto Expo 2018, India's largest motor show that kicked off near New Delhi for a weeklong run.Kia said the spacious compact SUV with a sleek design is the company's strategic model specifically designed to target motorists in India where small crossovers are very popular.

Feb. 7, 2018

GM CEO Barra hints at possibility of withdrawal from Korea

Persistent rumors of struggling GM Korea leaving the country seemed closer to reality Tuesday upon comments by General Motors CEO Mary Barra who said the automaker would have to “take action” in Korea against challenging costs.“Clearly, Korea is a challenge for us,” Barra said during a conference call with analysts on Tuesday. “The Chevrolet brand has done well, but the current cost structure has become challenging, and we’re going to have to take action going forward to have a viable business,”

Feb. 7, 2018

Porsche Korea shows record monthly sales in Jan.

Porsche Korea flagged its best monthly sales in January on the back of strong demands of the new flagship Panamera sports sedan, data showed Tuesday. The German luxury carmaker sold a total 535 units here last month of which the new Panamera sedan, released September last year, made up 337 units, according to data from Korea Automobile Importers and Distributors Association.The entry line of Panamera 4 was particularly in-demand by Korean drivers, which the carmaker sold 285 units.Porsche Paname

Feb. 6, 2018

Asiana Airlines celebrates 30th anniversary, vows to bolster competitiveness

Asiana Airlines, South Korea’s second-biggest full-service carrier by sales, on Tuesday celebrated the 30th anniversary of its foundation and vowed to restore financial stability.“We will successfully complete efforts to normalize management this year, which marks the 30th anniversary of establishment, on turnaround seen since 2016,” said Asiana Airlines CEO Kim Soo-cheon during a press conference at Westin Chosun Hotel in central Seoul.“Asiana Airlines takes great pride that we have demolished

Feb. 6, 2018

Hyundai Mobis to mass produce braking, parking systems

Hyundai Mobis has become the auto industry’s second parts maker to mass produce and supply high-tech braking and parking systems with a larger goal to take over the global market, the company said Tuesday.“This has provided an opportunity for Hyundai Mobis, a late comer to braking and parking systems, to gain a foot hold as a leading company worldwide,” the company said. Hyundai Mobis' automated parking system Remote Smart Parking Assist (Hyundai Mobis) Marking the first among companies here, Hy

Feb. 6, 2018

Hyundai’s Nexo FCEV offers longest 609-km driving range

Hyundai Motor, South Korea’s No. 1 carmaker, said Monday that the exact driving range of its latest hydrogen fuel cell electric vehicle Nexo has been measured at 609 kilometers per charge, the longest among hydrogen-powered cars so far.“Hydrogen is the ultimate medium when it comes to fostering the arrival of a world of clean energy,” said Pierre Etienne Franc, vice president of Air Liquide, before the media test drive of Nexo at Hyundai Motor Studio in Goyang, Gyeonggi Province.“The achievement

Feb. 5, 2018