SsangYong Motor back in the black

SsangYong Motor announced Wednesday that the company posted its highest sales volume in 14 years last year, resulting in an operating profit of 28 billion won ($25 million) and net profit of 58.1 billion won.The company, which is the fourth-largest South Korea-based automobile manufacturer, sold a total of 155,844 units worldwide in 2016.  Exterior view of SsangYong Motor Company’s Tivoli SUV. (SsangYong Motor Company)“Last year, the company was able to recover its market share thanks to the Tiv

Feb. 15, 2017

Tesla expected to hit Korean market in May

Major US electric car maker Tesla is expected to hit the Korean auto market this May after completing the registration process with the Ministry of Land, Infrastructure and Transport.The ministry said Wednesday that the registration for Tesla as a manufacturer has been finalized. The company said it will begin sales from May.This Sept. 7, 2016 photo provided by the Insurance Institute for Highway Safety shows a Tesla Model S before crash safety testing. (Yonhap - AP)Tesla first submitted for the

Feb. 15, 2017

Hyundai Ioniq EV tops US list as 'greenest car'

The Hyundai Ioniq electric vehicle has been named the greenest car in the United States, beating its global rivals the BMW i3 and the Toyota Prius Eco, the South Korean manufacturer of the car, Hyundai Motor Co., said Wednesday.The Ioniq Electric topped a list of environmentally friendly vehicles sold in the United States that was put together by a non-profit organization, the American Council for an Energy-Efficient Economy. The Hyundai Ioniq Electric Vehicle (Hyundai Motor)The list, posted on

Feb. 15, 2017

Chinese SUV starts off sales with a bang in Korea

All 120 units of the Chinese SUV Kenbo 600 -- which began sales here last month as the first Chinese automobiles to be introduced in the Korean market -- have sold out, the distributor of the Chinese vehicle said Wednesday. According to China-Korea Motor Co., the model’s exclusive local importer and distributor, contracts for the first round of the Kenbo 600 will be completed by this week. The company has placed orders for another 200 units.The SUV was officially launched on Jan. 18 and deliveri

Feb. 15, 2017

Kumho Tire reaps two awards at iF Design Award

Kumho Tire, South Korea’s No. 2 tire maker, received two awards in the transport device category at this year’s iF Design Award taking place in Germany, the firm said Wednesday. The ECSTA PS71, a high performance tire for sports sedans, and a futuristic concept tire dubbed the Smasher were recognized at the 64th iF Design Award. The ECSTA PS71 (right) and Smasher (Kumho Tire)The event is organized by the International Forum Design of Germany and considered one of the world’s top three design awa

Feb. 15, 2017

Korea to recall 2,721 foreign vehicles

South Korea's transport ministry said Wednesday it has ordered seven companies to recall a total of 2,721 units of 33 models of foreign vehicles for certain defects.The recall affects 1,357 units of the 320i and 16 other BMW models built between June 8, 2000 and January 30, 2003 as they could be equipped with Japan's Takata air bag inflators during repair work. (Yonhap)Takata Corporation said on its website last year that certain inflator ruptures are caused by a combination of long-term exposur

Feb. 15, 2017

Korea's auto imports top $10b in 2016

South Korea's annual imports of automobiles topped $10 billion for the second consecutive year in 2016 despite lingering repercussions stemming from Volkswagen's emissions scandal, industry data showed Wednesday.According to the data by the Korea International Trade Association, South Korea imported a total of $10.63 billion (about 12.1 trillion won) worth of foreign vehicles last year, but the reading marks a 1.4 percent dip from the previous year's $10.78 billion. (Yonhap)The country's foreign

Feb. 15, 2017

Hyundai Steel pushes for steel plate price hike

Hyundai Steel, South Korea’s No. 2 steelmaker, has been pushing to raise the price of its automotive steel plates supplied to Hyundai and Kia Motors, according to industry sources. 　Hyundai and Kia Motors are currently negotiating with the local steelmaker to settle on a new price for steel sheets, according to a Hyundai Motor spokesperson.　 (Yonhap)The steel industry has been calling for a price hike, citing the increased cost of raw materials, while the auto firms remain reluctant due to a con

Feb. 14, 2017

BMW aims to overtake top-seeded Benz with new 5 series

　BMW Korea is preparing to launch the seventh generation of its 5-series luxury sedan on Feb. 21, looking to reclaim its throne as the country’s best-selling imported car brand after being bested last year by rival German automaker Mercedes-Benz. 　According to BMW Korea, the new 5 series began preliminary sales contracts on Jan. 4; and in less than a month, pre-sale contracts went on to surpass 2,000 units. In comparison, last year the average monthly sales of the previous 5 series averaged arou

Feb. 14, 2017

433 imported trucks sold in Jan.

A total of 433 imported trucks were sold in South Korea last month, industry data showed on Tuesday.According to the data compiled by the Korea Automobile Importers and Distributors Association, Volvo topped the list with a total of 184 trucks sold, followed by 112 vehicles from MAN, 75 from Scania, 42 from Mercedes-Benz, and 20 from Iveco. (Yonhap)By type, tractors accounted for 209 vehicles, followed by 159 bodybuilders and 65 cargo trucks, the association said.The association started to compi

Feb. 14, 2017

Car imports up, exports down with US following tariff lift

Following the effectuation of the Korea-US Free Trade Agreement in 2012, both countries fully lifted their import tariffs on vehicles early last year. Since the implementation, data shows that Korea’s imports of US cars have increased, while the number of Korean domestic vehicles exported to the US has dropped.　In 2015, 1.06 million units were exported from Korea to the US. Last year, the figure decreased to 964,432 units, according to data from the Korea Automobile Manufacturers Association and

Feb. 13, 2017

[Behind the wheel] New Chevy Cruze highlights safety with 360-degree protection

The 2017 Chevrolet Cruze takes to the road during a media experience test drive Wednesday morning. (GM Korea)Featuring 360 degrees of advanced protection technology, driving seems to feel safer with the new 2017 Chevrolet Cruze. GM Korea first unveiled the newest model of its Chevy Cruze last month, with safety at the vehicle’s forefront of appeal and attraction for the everyday driver. Whether it’s navigating through congested downtown streets or heading out on the open road, the new 2017 Chevy

Feb. 12, 2017

Auto parts supplier set for listing on KOSDAQ

Mobile Appliance Inc., a smart car parts supplier, said Friday that it will be listed on South Korea's stock market later this month.The company, a manufacturer of mobile personal navigation devices for automobiles, car digital video recorders and head-up displays, plans to carry out an initial public offering next week. Lee Jae-shin, head of Mobile Appliance Inc., in a photo provided by the firm (Yonhap)"(We) are a prepared firm in the era of the fourth industrial revolution with core technolog

Feb. 10, 2017

Kia Motors' Mexico sales jump fivefold in 2016

Sales of South Korea's No. 2 automaker Kia Motors Corp. in Mexico jumped more than five times from a year earlier in 2016, suggesting a possible solution to a newly proposed U.S. tax on foreign-made cars that could affect Kia vehicles produced in the Central American nation, market observers and a local trade agency noted Friday.In 2016, Kia Motors sold 58,112 vehicles in Mexico, up 427.3 percent from a year earlier, according to the Korea Trade-Investment Promotion Agency. An aerial view of Kia

Feb. 10, 2017

GM Korea aims to sell record 194,000 vehicles this year

GM Korea CEO James Kim has set Chevrolet’s domestic market annual sales target at 194,000 units, the highest-ever local sales goal for the global brand, according to GM on Thursday. 　Last year the company sold 180,275 units, a 13.8 percent increase compared to the previous year. The results marked the first time the brand broke the 180,000-marker since it first entered Korea’s imported car market in 2011.  GM Korea CEO James Kim (fourth from left) and Vice President of Vehicle Sales, Services an

Feb. 9, 2017

GM Korea sets domestic sales target at 194,000 for 2017

GM Korea Co., the South Korean unit of U.S. automaker General Motors Co., seeks to sell 194,000 cars in South Korea in 2017, the company said Thursday.The annual domestic sales target was released at a workshop for the company's 400-strong dealerships held in Incheon on Wednesday. James Kim (R), president and CEO of GM Korea, poses for a picture after introducing the all new Chevrolet Cruze compact car in a media showcase in Seoul on Jan. 17, 2017. (Yonhap)GM Korea CEO James Kim earlier said his

Feb. 9, 2017

Renault-Nissan sales close to 10 million in 2016

PARIS (AFP) -- Renault-Nissan said Wednesday it sold nearly 10 million vehicles worldwide as the group faces up to accusations that Renault participated in an emissions scandal.Renault-Nissan, which has aspirations to become one of the world's top three carmakers behind Volkswagen and Toyota, said in statement that unit sales jumped by nearly 17 percent to 9.96 million vehicles last year. (Yonhap)German giant Volkswagen is the world's biggest in terms of units sales, with 10.3 million vehicles s

Feb. 8, 2017

GM Korea officials, labor under fire for selling jobs

Executives and unionized workers at GM Korea, a local subsidiary of General Motors, are to face trials for allegedly receiving bribes in exchange of offering permanent jobs to contract workers.Prosecutors in Incheon, west of Seoul, on Tuesday said they have indicted five former and current senior employees at GM Korea, as well as 17 former and incumbent labor representatives. Leaders at GM Korea‘s labor union are accused to have received tens of millions of won from contract workers who wanted t

Feb. 8, 2017

Hankook Tire, Kumho Tire expand US presence

Hankook Tire's new plant in the US state of Tennessee. (Yonhap)Hankook Tire, South Korea’s No.1 tire maker, will be hiring about 1,200 employees to work at its new plant in the US state of Tennessee, the firm said Wednesday. The tire maker has already hired some 300 workers at its new US facility, which recently began test runs.It plans to hire a total of some 1,200 workers there by October, the company spokesperson said.Meanwhile, South Korea’s second-largest tire firm Kumho Tire also completed

Feb. 8, 2017

Hyundai, Kia win four iF awards

Hyundai Motor and its sister company Kia Motors have won four awards from the annual International Forum Design Award, one of the three major industrial design competitions, the company said Wednesday.Kia’s Niro, Rio, and K5 sports wagon, and i30 of Hyundai Motor were named as winners in the automobiles and vehicle section of the iF Award. Organized by the Hanover-based International Forum Design, the award recognizes products for their overall design, originality, and their thoughts on the envi

Feb. 8, 2017