Hyundai Motor stands to lose No. 3 market-cap status

South Korea's top automaker Hyundai Motor Co. stands to lose its No. 3 status in terms of market value to surging steelmaker POSCO due to stalling stock prices stemming from lackluster earnings, data showed Thursday.Hyundai Motor's market capitalization stood at 32.2 trillion won ($28.3 billion) as of Wednesday, compared with 29.6 trillion won for the country's leading steelmaker, according to the data by the Korea Exchange.The gap in the market cap of the two companies, which reached as high as

Aug. 10, 2017

Hyundai Motor unionists start partial strikes

ULSAN -- Union members of Hyundai Motor Co. will go on partial strikes starting Thursday after failed labor talks with the management over wage hikes and job security.Union leaders said workers on the early shift will stage a strike for two hours beginning at 11:30 a.m. Workers of the following shift will walk out for two hours at 8:20 p.m. The strikes will be repeated Monday, they said.The unionists will also refuse weekend work shifts starting this week. This is the sixth consecutive year for

Aug. 10, 2017

Auto parts maker demand more leeway on wage, working hours

South Korea's auto parts businesses on Wednesday demanded the government give more leeway in terms of regulations on wages and working hours, claiming the industry is currently facing tough challenges at home and abroad.The Korea Auto Industries Cooperative Association, the Korea Academy of Motor Industry, and the Foundation of Korea Automotive Parts Industry Promotion released a joint statement, saying the government should lend support to help local firms currently struggling with falling expo

Aug. 9, 2017

Genesis taking root as luxury car brand with steady sales in US

Genesis, an independent luxury brand spun off from Hyundai Motor Co., is taking root in the United States as a premium vehicle, having gained 13 percent of the market segment in one year, company officials said Wednesday.The new brand was formally launched in the US market in August 2016 with the G80, which has sold 17,206 units as of July this year. After sales of some 2,000 units in the first month of its launch, the model has maintained a monthly sales average of 1,000 so far.G90, made availa

Aug. 9, 2017

Hyundai Mobis builds plant for hydrogen car parts

South Korea's top auto parts maker Hyundai Mobis Co. said Tuesday it has built a plant capable of mass-producing parts for hydrogen fuel cell electric vehicles in a bid to preempt the global market.The company said the factory, located inside its existing eco-friendly vehicle parts complex in the central city of Chungju, is slated to start test operations in September.The 70 billion-won ($62.2 million) plant has the capacity to produce 3,000 powertrain fuel-cell complete modules per year, which

Aug. 8, 2017

Korea, 5th-largest market for Mercedes-Benz in H1

South Korea became the world’s fifth-largest market for German automaker Mercedes-Benz in the first half of this year, backed by the brisk sales of its E Class and S Class sedans, the company said Monday.Korean customers purchased a total of 37,723 Mercedes-Benz vehicles during the first half of 2017, up by 54 percent compared with the same period last year, the carmaker’s Seoul branch said. E-Class Coupé (Mercedes-Benz)Last year, the country was the eighth-largest market for the German luxury c

Aug. 7, 2017

[Behind the wheel] Kia’s Stonic compact SUV, fuel-efficient but not so quiet

Kia Motors‘ subcompact SUV Stonic released last month driving on roads near Seoul. (Hyundai Motor Group)Kia Motors, South Korea’s No. 2 automotive company, last month released Stonic, a subcompact sport utility vehicle priced from 18 million won ($16,200) in a bid to replace the best-selling Tivoli compact SUV made by SsangYong Motor with an affordable price tag.Reporters were given a chance to take the new B-segment SUV out for a 150 kilometer test drive back and forth between Mayfield Hotel in

Aug. 6, 2017

Hyundai, Kia outpace Ford to take No. 2 hybrid vehicle title in US market

Hyundai Motor Co. and its corporate cousin Kia Motors Corp. outpaced Ford Motor Co. to become the No. 2 hybrid automobile sellers in the United States in July, industry data showed Sunday.According to market tracker HybridCars.com, the two South Korean automakers sold 4,976 vehicles that make use of both an internal combustion engine and electric motor to get high fuel mileage. The total represents a 9 percent increase from 4,566 units sold in the previous month and more than a twofold surge com

Aug. 6, 2017

SsangYong begins sale of seven-seat G4 Rexton SUV in home market

SsangYong Motor Co., a local automaker, started selling its new G4 Rexton SUV on Wednesday, as it attempts to expand its lineup of off-road capable cars.The seven-seat vehicle is a longer version of the existing five-seat G4 Rexton released in April.The new G4 Rexton comes with a 2.2-liter diesel-powered engine and Mercedes-Benz's seven-speed automatic transmission, according to the company. This photo provided by SsangYong Motor Co. on Aug. 2, 2017, shows its seven-seat G4 Rexton SUV released i

Aug. 2, 2017

Subcompact SUV sales jump 55% in July vs month earlier

South Korea's five carmakers saw their combined sales of subcompact sport-utility vehicles jump 55 percent in July from a month earlier on growing consumer demand.The five automakers -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. -- sold a combined 11,627 vehicles last month, up sharply from 7,505 units tallied for June, according to sales figures provided by the companies. (Yonhap)The sharp gain appears mainly attributed to the release

Aug. 2, 2017

Kia's July sales drop 5.6% amid China woes

Kia Motors Corp. said Tuesday its vehicle sales have fallen 5.6 percent last month from a year earlier largely hit by lower demand in China. The country's second-biggest carmaker by sales sold a total of 216,118 vehicles in July, down from 229,044 units a year earlier, the company said in a statement. Sharp sales declines in China continued to affect monthly results, the company said in a statement, citing political tensions between Seoul and Beijing over the deployment of the Terminal High Alti

Aug. 1, 2017

Hyundai's July sales fall 1.8% amid China woes

Hyundai Motor Co. said Tuesday its sales fell 1.8 percent last month from a year earlier, hit by weakening overseas demand, particularly in the Chinese market. The country's biggest carmaker by sales sold a total of 333,180 vehicles in July, down from 339,417 units a year earlier, the company said in a statement. Declining demand from China continued to affect the company's monthly sales results amid a diplomatic row between Seoul and Beijing over the deployment of the Terminal High Altitude Are

Aug. 1, 2017

Tesla Model 3 to land in Korea by end-2018

Tesla's first mass market Model 3 sedans. (Tesla)Tesla, the US-based electric car maker, delivered the first 30 units of its mass market Model 3 sedans last week, with deliveries to Korean motorists expected to begin around the end of next year, the company said Tuesday.The time frame for deliveries to Korean drivers is based on Tesla’s schedule to start deliveries of Model 3 sedans that place the steering wheel on the left side in the second half of 2018 for Korea and other markets, an official

Aug. 1, 2017

Gasoline cars reclaims 50 percent market share

Gasoline-powered vehicles recovered domestic market share here in the first half of this year, on the back of weaker demand for diesel cars, industry data showed Tuesday. The number of new gasoline vehicles registered in the first half accounted for 50.2 percent, surpassing the 50 percent mark for the first time since 2013, when gasoline-powered vehicles posted 52.7 percent, according to data compiled by the Korea Automobile Manufacturers Association. (Yonhap)In contrast, the market share of die

Aug. 1, 2017

Renault Samsung's July sales jump 26% on exports

Renault Samsung Motors Corp., the South Korean unit of French carmaker Renault S.A., said Tuesday its July sales jumped 26 percent from a year earlier on increased exports. Renault Samsung sold a total of 23,295 vehicles in July, up from 18,483 units a year earlier, due to strong demand for its SM6 flagship sedan and the QM3 subcompact SUV, the company said in a statement. Domestic sales rose 7.8 percent on-year to 7,927 cars from 7,352 units a year earlier. Exports climbed 38 percent to 15,368

Aug. 1, 2017

SsangYong Motor‘s July sales slump 11% as exports fall

SsangYong Motor Co. said Tuesday its July sales fell 11 percent from a year earlier on lower overseas demand. The South Korean unit of Indian carmaker Mahindra & Mahindra Ltd. sold 11,413 vehicles in July, down from 12,784 units a year earlier, the carmaker said in a statement.  (Yonhap)Domestic sales rose 15 percent to 8,658 units last month from 7,546 units a year earlier. But exports plunged 47 percent to 2,755 cars from 5,238, the statement said. In the January-July period, the maker of the

Aug. 1, 2017

GM Korea's July sales fall 9.9% on lower demand

GM Korea Co., the South Korean unit of General Motors Co., said Tuesday its July sales fell 9.9 percent from a year earlier due to weak domestic sales.  GM Korea sold a total of 41,406 vehicles in July, down from 45,977 units tallied a year earlier, the company said in a statement.  (Yonhap)Exports declined 3.2 percent to 30,605 from 31,617 over the cited period. Domestic sales also plunged 25 percent to 10,801 units from 14,360 during the same period, it said. The sales slump was mainly affecte

Aug. 1, 2017

Hyundai Mobis sales ranking falls amid China woes

Hyundai Mobis Co. ranked seventh in a global car parts makers' sales rankings last year, down one notch from a year earlier, due to lower demand from its captive buyers, an industry association said Tuesday. The country's biggest auto parts maker by sales took seventh place, with sales of 30.5 trillion won ($27.2 billion) in 2016, the Korea Automobile Manufacturers Association said, citing data from Automotive News in the United States. Back in 2006 when Automotive News began to announce the ran

Aug. 1, 2017

FTC set to review alleged cartel by German carmakers

A Seoul law firm has requested the nation’s antitrust agency look into allegations that German carmakers colluded on diesel control and other parts for decades, raising concerns such a cartel could have restricted the principle of free market competition here.Ha Jong-sun, a lawyer at Barun Law Firm, said Monday that he had filed a petition against five German car brands operating here for an investigation. The list included Volkswagen, Audi, Porches, Mercedes-Benz and BMW.A spokesman at the Fair

July 31, 2017

[Herald Interview] ‘GM here for future,’ not leaving Korea

BUPYEONG, Gyeonggi Province -- Amid market rumors of General Motors pulling out from South Korea, the GM Korea vice president said the US automaker is here for the future, stressing the country’s role as a strategic hub.　In an exclusive interview with The Korea Herald, Dale Sullivan, vice president of vehicle sales, service and marketing at GM Korea, said the company is set to reach 1 million sales for its Chevrolet vehicles here in August, marking the shortest time among GM operations in emergi

July 30, 2017