BMW Korea levied W60.8b penalty for sloppy documentation

BMW Korea, the local unit of the Germany luxury carmaker, has been slapped with the highest-ever fine for a single automaker here of a total 60.8 billion won ($54.5 million) for sloppy certification documents of 28 models and selling 11 models made with unapproved auto parts, the government said Thursday. According to the Ministry of Environment, BMW submitted underrated emissions results for 81,483 units across 28 models -- 10 diesel-powered and 18 fuel-powered models. The latest finding concer

Nov. 9, 2017

Hyundai Motor offers field tour for foreign students

Hyundai Motor Group, the nation’s largest carmaker, invited more than 300 foreign students from 90 countries for trips to its manufacturing plants and design studio.As part of an annual event titled “2017 Global Friendship Tour,” students enrolled at seven Korean colleges toured Hyundai Motor’s Asan plant, Kia Motors’ Hwaseong plant and Hyundai Steel’s plant in Dangjin, South Chungcheong Province. They also visited Hyundai Motor Studio in Goyang, Gyeonggi Province, a venue set up to promote the

Nov. 9, 2017

Mercedes, BMW, Porsche fined 70 bln won for false emissions reports

The local units of Mercedes-Benz, BMW and Porsche have been fined a combined 70.3 billion won ($63.1 million) for falsifying reports on the emissions levels of their vehicles sold here, the environment ministry said Thursday.The three foreign automakers were found to have forged documents regarding tests on the exhaust control of emissions and submitted them to the government for sales approval between 2010 and 2015, according to the Ministry of Environment. (Yonhap)BMW will face a penalty of so

Nov. 9, 2017

Kia unveils new sedan in China amid tension ease

With bilateral tension showing signs of easing between Seoul and Beijing, Kia Motors, a sister company to Hyundai Motor, has released an upgraded Forte subcompact in China, the company said Wednesday.A trilateral venture among Kia, Yueda and Dongfen has unveiled the New Forte at a Hyundai Motor Group R&D center in Yentai, China, on Tuesday with local dealers and officials attending. The 1.6-liter subcompact sedan is equipped with a six-speed automatic or manual transmission as well as a voice-re

Nov. 8, 2017

GM mulls launching Equinox SUV in Korea to boost sales

General Motors Co. is considering launching the Equinox compact sport utility vehicle in South Korea to prop up its lackluster sales, GM Korea said Wednesday.The South Korean unit of the Detroit-based carmaker, has road tested the Equinox crossover here since September to adjust the model for local environmental regulations and other requirements, the company said. "We are giving serious consideration to the launch of the Equinox in Korea. But the timetable for the launch is not decided yet," a

Nov. 8, 2017

Korea partially opens test bed road for autonomous vehicles

South Korea will open a test bed road for self-driving cars to allow companies and researchers to check their cars in a real road environment, the transport ministry said Monday.  The 320,000 square meter facility, called "K-City," has been under construction in Hwaseong, Gyeonggi Province with some 11 billion won ($9.77 million) being injected into the project, with the aim of fully opening it for traffic in late 2018.  The groundbreaking ceremony for "K-City" takes place in Hwaseong, southwest

Nov. 6, 2017

GM Korea to seek support from employees amid exit rumors

The head of General Motors Co.'s South Korean operations will meet employees and dealerships this month in an effort to seek their support to cope with declining sales and rumors that the carmaker may withdraw from the country, the company said Monday. GM Korea President and Chief Executive Kaher Kazem plans to hold talks with executives and employees later this month to explain the carmaker's status and seek support to revive sales and ride out the decadelong exit rumors, a spokesman said. Kaze

Nov. 6, 2017

Hyundai Motor launches startup incubator in Israel

Hyundai Motor has established a startup incubator in Israel to expand cooperation with budding enterprises in the Middle East nation that has shown strength in technology development in future mobility in recent years. The plan also includes “massive investment” in Israeli startups to be delivered in various formats, including making direct investments and seeking partnerships with venture capital firms, the carmaker said Thursday. The size of investment was not disclosed. Chi Young-cho, vice pr

Nov. 2, 2017

Local private equity investment firm chosen as preferred bidder for SK Encar

Hahn & Company, a local private equity investment firm, was selected as the preferred bidder for the offline division of SK Encar, a major secondhand car seller, sources said Wednesday.Hahn & Company is known to have proposed purchasing it for around 200 billion won ($179 million), according to the sources.SK Holdings has reportedly decided to sell the offline division as it was designated in 2013 as a business suitable for small and medium-sized companies. SK Encar has 26 regional trading offic

Nov. 1, 2017

Hyundai Motor heir goes to Beijing amid thawing Korea-China ties

Hyundai Motor Vice Chairman Chung Eui-sun looks at an art installment displayed at Hyundai Motor Studio in Beijing, Wednesday. (Hyundai Motor)After suffering major losses from a Seoul-Beijing diplomatic spat, Hyundai Motor Group Vice Chairman Chung Eui-sun while visiting Beijing said he expects improved ties between the two countries would bring a positive impact to the carmaker’s operation there, officials said Wednesday.“I expect to see a positive impact (from the improved ties). Taking this o

Nov. 1, 2017

Kia Oct. sales fall 10.4% on weaker demand

Kia Motors Corp. said Wednesday its vehicle sales fell 10.4 percent in October from a year earlier on fewer working days and weak demand in China. The country's second-largest carmaker by sales sold 231,275 vehicles in October, down from 258,176 units a year earlier. The decline was driven by the extended Chuseok holiday that fell during the first week of last month and declining sales in China, the company said in a statement. Domestic sales fell 2.4 percent on-year to 37,521 units in October f

Nov. 1, 2017

Lamborghini introduces new electric motorcycle model in Korea

Town Life, a utility vehicle business unit owned by the Lamborghini family, introduced its new electric motorcycle model Iso Moto Ferruccio Lamborghini in Korea on Tuesday.Town Life and its co-developer Green Power Circuit Corporation Korea will begin commercial sales of the electric motorcycle in Korea within this year, Town Life Chairman Ferruccio Lamborghini said during the press conference.  Town Life Chairman Ferruccio Lamborghini (right) introduces Town Life's new electric motorcycle Tuesd

Oct. 31, 2017

Korea hopes for recovery in China auto sales amid thawing relations: sources

An improvement in Seoul-Beijing relations, which have recently been strained by the deployment of a US missile defense system, could help revive demand for South Korean made automobiles in the world's No. 1 car market, industry sources said Tuesday.South Korea and China agreed earlier in the day to put back on track ties that have been soured for the past several months, as China has put in place economic retaliation against South Korea over the deployment of the Terminal High Altitude Area Defe

Oct. 31, 2017

Hyundai Mobis Q3 net plunges 32% on weak China sales

Hyundai Mobis Co., South Korea's largest auto parts maker by sales, said Monday its third-quarter net profit plunged 32 percent on lower demand from China. For the three months that ended on Sept. 30, net profit declined to 482.2 billion won ($429 million) from 705.8 billion won a year earlier, the company said in a statement. "The vehicle module and core component business from which the company earns about 80 percent of its overall sales was hit hard by declining demand from the neighboring co

Oct. 30, 2017

Chinese auto sales in Korea remain weak on lack of quality, networks

Chinese vehicle sales in South Korea remained weak due to lack of sales networks and unproven product quality, a local automobile association said Monday. Zhonghan Automotive Co., a South Korean importer of vehicles from BAIC Yinxiang Automobile Co., began to sell the midsize Kenbo 600 SUV in South Korea in January.In the first two weeks of January, Zhonghan Automotive received 120 Kenbo 600 SUVs due to low prices, but the sales continued to fall from 72 in February to 22 in September, according

Oct. 30, 2017

Kia swings to Q3 net loss on costs, weak China sales

Kia Motors said Friday it swung to a net loss in the third quarter due to weak China sales and one-off provisions involving wages.The country’s second-largest carmaker shifted to a net loss of 291.8 billion won ($258 million) in the July-September quarter from a net profit of 664.3 billion won a year earlier. A traffic light turns red near the headquarters buildings of Hyundai Motor Co. and its affiliate Kia Motors Corp. in this photo taken on Sept. 10, 2017. (Yonhap)Kia reflected approximately

Oct. 27, 2017

[Photo News] Hyundai's next-Generation buses

Hyundai Motor representatives and Korean government officials on Thursday held an inauguration ceremony for its new hydrogen-powered bus. Hyundai Motor will give its new hydrogen fuel cell buses a first test in Ulsan early next year after going through government authentication procedures. If approved, Hyundai Motor will become the first company to deploy a hydrogen bus in a commercial bus line. (Hyundai Motor)

Oct. 26, 2017

SsangYong’s next target could be US, not China: Mahindra CEO

The diplomatic row between South Korea and China over Seoul’s decision to deploy a US anti-missile system has put SsangYong Motor’s much-awaited dream to build a manufacturing base overseas on hold. But China is not the carmaker’s priority and it has more options in terms of overseas expansion, including the United States, by around 2020, said the chief executive officer of Mahindra & Mahindra, an Indian auto giant that owns the Korean SUV maker.“We certainly need to develop two or three good ma

Oct. 26, 2017

Hyundai Motor Q3 net dips 16% on China setback

Hyundai Motor Co. said Thursday its third-quarter net profit fell 16 percent, due mainly to sharp declines in China sales amid a diplomatic row over the deployment of a US advanced missile shield system here.  In the July-September quarter, Hyundai Motor's net profit fell to 939.2 billion won ($835 million) from 1.12 trillion won a year earlier, the company said in a statement.The number of vehicles sold in China plummeted 27 percent to 188,000 in the third quarter from 256,000 units a year earl

Oct. 26, 2017

Local communities, suppliers step up to keep GM in Korea

Municipal offices, local businessmen and suppliers to GM Korea are stepping up efforts to help GM Korea, which is struggling with mounting deficits amid rumors of its business withdrawal, officials in the industry said Wednesday.Workers at GM Korea’s Bupyeong plant, a local business group and Chevrolet retailers in the nearby port city Incheon plan to sign an agreement Thursday to boost sales of the US car brands and revitalize the local economy largely connected to the operation of the Korean b

Oct. 25, 2017