Labor disputes remain unsettled at Hyundai Motor, GM Korea

The Korean auto industry is still reeling from unsettled labor disputes that are likely to extend into next year amid sluggish sales as well as the fallout from a diplomatic row with China this year. Hyundai Motor, the nation’s largest carmaker, and GM Korea, the Korean branch of the US carmaker, are unlikely to reach agreements with their respective labor unions over wages this year, according to industry watchers Monday. (Yonhap)If they fail to narrow differences in the remaining two weeks of

Dec. 18, 2017

Korean convenience store to install Tesla EV chargers

Convenience store chain CU will provide charging stations for Tesla’s electric vehicle at four of its stores. CU announced Monday that a total of seven chargers will be installed at Gapyeong Sangcheon, Cheongpyeong Daein, Uiwang Ojeongongdan, Bibong Premium stores.The stores have been selected based on their less-than-an-hour distance from Seoul, the parking capacity, access to the high way and the suitability as a leisure driving path.  (BGF Retail)Tesla Korea installed its exclusive charging e

Dec. 18, 2017

Sales of Hyundai-Kia in China drop 30% on-year in Nov.

Hyundai Motor Group's sales in China fell nearly 30 percent in November from a year earlier due to the fallout from political tensions over the deployment of a US missile defense system in South Korea, the company said Sunday. Hyundai Motor Co. and its affiliate Kia Motors Corp., which together form the world's fifth-biggest carmaker by sales, said they sold a combined 145,015 vehicles in China last month, down 29.8 percent from a year earlier.Their sales in the first 11 months dropped 38.2 perc

Dec. 17, 2017

Moon’s visit boosts Hyundai’s China operations

Praising Beijing Hyundai Motor as an example of growth and symbolic of economic cooperation between South Korea and China, President Moon Jae-in pledged support to remove any barriers to the operation of the joint venture during his visit to a plant in Chongqing, southwest China, Saturday.Moon’s visit to the Hyundai plant came in light of slowly recovering sentiment toward South Korean businesses in China, following hostilities over diplomatic tensions regarding the deployment of the US’ Termina

Dec. 17, 2017

Volvo Korea aspires to sell 8,000 units in 2018

Volvo Car Korea, the local importer and distributor for the Swedish automaker, on Friday said it plans to sell 8,000 units here next year riding on the popularity of XC60 midsize SUV, XC90 large SUV and soon-to-be-launched XC40 compact SUV. “To invest in dealer networks, we need to sell about 10,000 units annually,” said Lee Yoon-mo, Volvo Car Korea CEO, during a lunch meeting with the media. “Our target sales for next year is 8,000 units. We view it as a moderate goal considering recent growth.

Dec. 15, 2017

Carmakers ordered to recall nearly 320,000 vehicles

Six carmakers will recall nearly 320,000 vehicles in South Korea due to faulty parts, the transport ministry said Friday.This is the latest in a series of recall orders issued by the Ministry of Land, Infrastructure and Transport to both domestic and foreign carmakers.Six carmakers -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Maserati, Mercedes-Benz and Toyota Motor Corp. -- plan to recall 12 different models totaling 319,264 vehicles, the ministry said in a statement. (Yonhap)The model

Dec. 15, 2017

Hyundai Mobis looks for startups with original idea

Hyundai Mobis, the auto parts unit of Hyundai Motor, will hold a technical contest for local startups in search of original technology to invest in or startups to collaborate with, the company said Thursday. Those preparing to open a startup can also register for the event named 2017 M, M standing for Mobis and mobility. Relevant sectors will include automobile, artificial intelligence, future mobility, smart city, robots and energy.“Hyundai Mobis will expand its future technologies together wit

Dec. 14, 2017

Sales volume of Posco Suzhou plant reaches 5-million-ton mark

The sales volume of automotive steel processed at Posco’s plant in Suzhou, China, has surpassed the 5 million ton mark, riding on the fast-growing car market in the country, the company said Wednesday. The plant, located west of Shanghai, known as China’s auto cluster, has reached the 5-million-ton mark faster than any other plants operated by Posco around the world, it added in a statement. Workers at Posco Suzhou plant celebrate the plant surpassing 5 million ton mark of selling automotive ste

Dec. 13, 2017

BMW, Benz, Kia selected safest cars

Korea‘s Transport Ministry crowned the BMW 520d, Mercedes-Benz E220d and Kia Motors Stinger sedans the safest cars of the year.In this year‘s vehicle safety test conducted by the government, BMW’s top-selling 520d sedan proved to be the safest, with 99.1 points out of 100.That marked the highest point total ever since the ministry started its annual testing in 2013. BMW 520d (BMW Korea)The Benz E220d received 97.4 points, followed by Kia’s performance sedan Stinger at 92.6 points, the ministry s

Dec. 13, 2017

Hyundai Motor to sharply beef up EV lineup by 2025

Hyundai Motor Group said Wednesday it will dramatically beef up its pure-electric car lineup in the next eight years in line with global carmakers' latest push to go electric.Hyundai Motor Co. and its affiliate Kia Motors Corp. are planning to increase the number of all-electric vehicles to 14 by 2025 from the current two models, Hyundai's Ioniq EV and Kia's Soul EV, Hyundai Motor Senior Vice President Lee Ki-sang said in a recent press briefing.To strengthen its EV lineup, Hyundai Motor plans t

Dec. 13, 2017

Moon to visit Hyundai’s new China plant in Chongqing

South Korean President Moon Jae-in will visit Hyundai Motor’s newly built assembly plant in Chongqing, southwest China, Friday during a state visit, Cheong Wa Dae said Tuesday.The plant is the fifth manufacturing facility in China for Hyundai. A 50:50 joint venture set up by Hyundai Motor and Beijing Automotive Group invested a combined $1 billion to build the plant capable of producing 300,000 vehicles a year. Hyundai Vice Chairman Chung Eui-sun is expected to accompany the president, the compa

Dec. 12, 2017

Posco levied W170b tariff for underreporting LNG price

The government has imposed a 170 billion won ($156 million) tariff on Posco, South Korea’s leading steelmaker, for underreporting the price of liquefied natural gas imported from Indonesia to evade tax, Korea Customs Service said Tuesday.KCS‘ latest decision was based on grounds that the price of LNG imported by Posco between 2012 and 2016 was about half the figure reported by state-run Korea Gas Corporation. The government argues Posco has evaded tax worth some 100 billion won by underreporting

Dec. 12, 2017

Hyundai Motor to set up commercial vehicle joint venture in Indonesia

South Korea’s Hyundai Motor signed a business deal to set up a commercial vehicle joint venture with Indonesia’s Artha Graha Group to tackle the Southeast Asia market, the company said Tuesday.The joint venture marks the first outcome in the private business sector of President Moon Jae-in‘s New South Policy introduced during the Asia-Pacific Economic Cooperation summit last month. The initiative aims to expand economic cooperation and personnel exchanges between South Korea and Southeast Asian

Dec. 12, 2017

Korea's auto exports decline 8% in Nov.

South Korea's exports of automobiles fell last month compared to a year earlier due to sluggish sales of compact and midsize vehicles, government data showed Tuesday.The number of vehicles sold abroad stood at 237,083 units in November, down 8 percent compared with a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy. (Yonhap)However, the total value of vehicles shipped overseas rose 3.4 percent on-year to $4.07 billion, as large sedans and sports utility vehi

Dec. 12, 2017

Hyundai labor union stages more strikes this week

Hyundai Motor’s unionized workers will stage three or four strikes over five consecutive days starting Monday, as it failed to meet halfway with management over raises and job security.Starting with a three-hour partial walkout, workers at car manufacturing plants and auto parts factories are scheduled to stage four-hour partial strikes on Tuesday and Wednesday, respectively, the union said. The entire labor union will continue four-hour partial strikes Thursday and Friday. Hyundai Motor's union

Dec. 11, 2017

Hyundai delivers Christmas presents to underprivileged

A crew of Hyundai Motor employees dressed in Santa Claus outfits launched a monthlong mission to deliver presents to underprivileged households, the company said Monday. The company hosted the 11th annual Christmas event jointly with ChildFund Korea at its domestic sales division headquarters in central Seoul. During the event, Hyundai delivered 100 million won ($92,000) in donations to ChildFund Korea, the company said.“The popular Kona SUV will act as Rudolphs for this year’s Christmas event.

Dec. 11, 2017

Exchange rate to be key to Korean carmakers' competitiveness

Amid a tighter global market and steeper competition between South Korean and Japanese automakers, Japan’s quantitative easing as part of Japanese Prime Minister Shinzo Abe‘s “Abenomics,” will be key to Korean players’ competitiveness next year, industry experts have said.“Korean carmakers compete with Japanese companies, which means the exchange rate will continue to play an important factor in price competitiveness,” Lee Bo-sung, director of Hyundai’s Global Business Intelligence Center said d

Dec. 10, 2017

Hyundai, Kia to focus on regional management in 2018

Hyundai Motor and Kia Motors separately held biannual meetings on Friday with some 50 overseas representatives, where they discussed ways to recover this year’s lackluster performance with overseas sales boost next year by focusing on regional management.The discussions took place at the company’s headquarters in southern Seoul.Hyundai Motor Vice Chairman Chung Eui-sun led the meeting for Hyundai for the second time, followed by the one in July this year. Lee Hyoung-keun, vice chairman of Kia Mo

Dec. 8, 2017

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