Kumho Tire shares Christmas spirit

Kumho Tire officials visited a social welfare center in western Seoul to share the holiday spirit with minority groups, the company said Friday.As part of its Christmas campaign managed with Childfund Korea, the company delivered gifts including unicycles and family trips to Jeju to 12 children from underprivileged households. Kumho Tire employees deliver Christmas presents to children at the Salvation Army Seoul Broadview Children‘s Home in western Seoul on Friday. (Kumho Tire)“The event was pr

Dec. 8, 2017

Hyundai overseas salespeople discuss ways to boost sales next year

Hyundai Motor Group on Friday held a meeting with representatives from its overseas sales operations in Seoul to discuss ways to boost sales, the company said Friday. On Friday, some 50 representatives of Hyundai Motor Group's overseas sales offices gathered at its headquarters in southern Seoul to share views on outstanding issues in the automobile market and discuss sales strategies for each market for the new year, the group said in a statement. In separate meetings with the salespeople, Hyun

Dec. 8, 2017

Hyundai Mobis to showcase future technologies at CES 2018

Hyundai Mobis, the auto parts unit of Hyundai Motor, said Thursday it will display a slew of its latest future car-related technologies at the upcoming international electronics show in January.At the annual Consumer Electronics Show scheduled for Jan. 9-12 in Las Vegas, global automotive companies and auto parts makers will compete to show off driverless driving and eco-friendly vehicle technologies. “The theme of Hyundai Mobis’ exhibition at the upcoming CES is to offer a new and surprising ex

Dec. 7, 2017

BMW Korea appoints new CEO, chairman

BMW Korea, the local unit of the German luxury carmaker, has named CEO Kim Hyo-joon as chairman, effective as of Jan. 1 next year, the company said Wednesday.Han Sang-yun, head of BMW Malaysia, will replace Kim as CEO starting March 1, 2018.“Kim will continuously assume responsibility for representing the Korean subsidiary of BMW Group as the CEO and Han Sang-yun will take charge of overall business operations. BMW Group Korea is now set to embark on its management succession process,” Hendrik v

Dec. 6, 2017

Hyundai expands car-sharing biz with local startup

Hyundai Motor is expanding its car-sharing venture to tap into the promising industry, by announcing a collaboration with a local ride sharing startup Luxi on Tuesday.Hyundai Motor has invested some 5 billion won ($4.6 million) in Luxi this August and plans to work together on developing carpooling algorithm and platform in search for new business opportunities. The project is undertaken by the firm’s future research and development project called Project Ioniq.Two years into business, Luxi has

Dec. 5, 2017

Hyundai, Kia overseas reps to gather in Seoul for meeting

Heads of Hyundai Motor and Kia Motors’ overseas corporate bodies are scheduled to meet in Seoul this week to discuss sales strategies for next year, the company said Tuesday. Some 50 representatives will attend the meeting scheduled to take place Friday at the company’s headquarters in southern Seoul.Hyundai and Kia will hold separate meetings, with Hyundai Motor Vice Chairman Chung Eui-sun expected to lead the meeting for Hyundai. The upcoming meeting, which comes after the one held in July, ma

Dec. 5, 2017

Hyundai workers to stage strike this week in push for higher wages

Workers at Hyundai Motor Co. will stage a partial strike at the carmaker's main domestic plants this week in a push for higher wages and bonuses, the union said Tuesday. Hyundai's 51,000-member union will go on strike for four to six hours Tuesday through Friday at five plants in Ulsan, 414 kilometers south of Seoul, as the union seeks to pressure the company to accept their demands in this year's wage negotiations, spokesman Hong Jae-gwan said over the phone. Separately from the four-hour strik

Dec. 5, 2017

[Herald Interview] ‘Korean startups should think about global market’

Like other parts of advanced markets in the world, expectations have been growing for budding enterprises in South Korea for their roles of creating unique ideas. Some of them have high potential to start in the Korean market, with the possibility of expanding globally afterward, an expert in startup accelerator program in Hong Kong said. But designing the product or service by having global expansion in mind from the beginning will bring differences afterward."One point of advice I would like t

Dec. 4, 2017

Hyundai Motor denies possible technical partnership with FCA

Hyundai Motor, South Korea’s leading automotive company, on Sunday rejected Fiat Chrysler Automobiles CEO Sergio Marchionne’s comments that the two are discussing about a technical partnership.“Hyundai is not is in talks with FCA over a partnership on hydrogen propulsion,” the spokesperson of Hyundai Motor told The Korea Herald.　Marchionne said at the Alfa Romeo Museum in Arese, Italy on Saturday, local time, “There is the potential of a technical partnership with Hyundai, which already supplies

Dec. 3, 2017

Hyundai Rotem signs W900b deal with Iran for rail cars

Hyundai Rotem, a tank and train-making affiliate of Hyundai Motor Group, signed a business agreement worth some 900 billion won ($831.1 million) with Iran for passenger rail cars production, the company said Sunday. Iran’s state-run rail Iranian Rail Industries Development and Hyundai Rotem will manufacture 450 diesel-powered rail cars for commuters in the next 78 months. (Hyundai Rotem)The diesel cars will run about 960 kilometers, connecting the capital Tehran and its suburbs, the company said

Dec. 3, 2017

Carmakers' Nov. sales fall 12% on weak overseas demand

South Korea's five carmakers said Friday their combined sales fell 12 percent last month from a year earlier mainly due to weak overseas demand. The five automakers -- Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and SsangYong Motor -- sold a combined 762,967 vehicles in November, down from 868,842 units a year earlier, according to the companies' sales data.  (Yonhap)Their domestic sales declined 3.1 percent to 140,342 autos last month from 144,814 units a year ago. Overseas sale

Dec. 1, 2017

Posco Daewoo signs $60m deal in Pakistan

Posco Daewoo, the trading arm of the South Korean steel giant, has signed a $60 million contract with a Pakistani paper manufacturing company, it said Thursday.Under the deal, Posco Daewoo will supply plant equipment to Century Paper & Board Mills, one of the largest paper making companies in Pakistan.  　Posco Daewoo CEO Kim Young-sang (left) shakes hands with Century Paper & Board Mills President Iqbal Ali Lakhani, after signing a $60 million contract in Karachi, Pakistan, Wednesday. (Posco Dae

Nov. 30, 2017

Kia Motors’ Stinger shortlisted for 2018 North American Car of the Year

(Yonhap)Kia’s Stinger sports sedan has been shortlisted as one of three finalists for the 2018 North American Car of the Year, the company said Thursday. The other two finalists are Honda Motor’s Accord sedan and Toyota Motor’s Camry sedan.The final result will be announced at the Detroit motor show in January. Kia Motors’ Stinger is the sixth model of Hyundai Motor Group to be listed as a finalist for the award. The group’s luxury sedan Genesis was its first model to be among the finalists, fol

Nov. 30, 2017

Mercedes-Benz bets on AMG models in Korea

Mercedes-Benz said Thursday it sees big growth potential in South Korea's high-performance vehicle market as local customers respond to distinct products and services. In a press conference held in Seoul to introduce a series of new models, Mercedes-Benz Korea President and Chief Executive Dimitris Psillakis said the German carmaker will provide "differentiated services" through its performance-based AMG models to meet the needs of customers in South Korea's rapidly growing performance car marke

Nov. 30, 2017

[Photo News] Mercedes-Benz Korea celebrates AMG's 50th anniversary

50TH ANNIVERSARY -- Mercedes-Benz Korea CEO Dimitris Psillakis introduces the latest Mercedes-Benz AMG models and services at the event held to celebrate the 50th anniversary of the German luxury automaker‘s iconic performance division AMG in Seoul on Thursday. (Mercedes-Benz Korea)

Nov. 30, 2017

Kia Motors launches gasoline-powered Stonic in Korea

Kia Motors on Thursday began sales of the gasoline-powered Stonic in the Korean market in an attempt to counter its sales decline here and abroad. The price of the gasoline Stonic has been set at between 17 million won ($16,000) and 20 million won, 2.4 million won lower than the 1.6-liter diesel Stonic launched in July, according to the company. The gasoline version of the Stonic is also around 1.5 million won cheaper than other small SUV models here.  Kia Motors' gasoline-powered Stonic /Kia Mo

Nov. 30, 2017

[Newsmaker] Amid rumors, GM Korea’s new CEO puts financial viability first

Amid persistent rumors of leaving South Korea, GM Korea’s new chief said Thursday he would focus on reviving the financial stability of the carmaker first by cutting down its costs and promoting sales next year. In his first meeting with Korea media, Kaher Kazem, president and CEO of GM Korea, said the carmaker will launch Equinox, a Chevrolet compact sports utility vehicle, next year to expand the carmaker‘s sales volume.Kaher Kazem, CEO and president of GM Korea, speaks at a press conference i

Nov. 30, 2017

Samsung chief’s hidden accounts to face taxation

The National Tax Service has begun reviewing the Samsung chief’s assets allegedly withdrawn from accounts opened under borrowed names, after the Finance Ministry said the accounts are subject to taxation regardless of the timeline, officials said Wednesday.The Finance Ministry said as the upper body of the tax office that it could apply the limitation of period for tax assessment for 10 years on the accounts allegedly used for fraud and other wrongdoings. With the ministry’s interpretation, it w

Nov. 29, 2017

Hyundai gives sneak peek of new Veloster hatchback

Hyundai Motor has unveiled its second-generation three-door Veloster hatchback, the first upgrade of the model in seven years.“Since the first-generation Veloster, the model has been perceived as an icon of challenge and innovation within the Hyundai brand due to its unique design,” Yang Young-seon, marketing team manager of Hyundai Motor, said during a media preview event held at Inje Speedium, a race track in Gangwon Province, on Tuesday. “In other words, Veloster is a ‘brand spicer.’”The spor

Nov. 29, 2017