LG to bolster car parts business

LG Electronics will step up its efforts to strengthen its automobile component business, as General Motors’ new electric car Bolt is expected to go on sale later this year, a brokerage said in its report Wednesday.SK Securities said LG’s vehicle components division is expected to post 1.4 trillion won in the latter half of this year -- a more than 40 percent increase from the previous year. The division already fared well in the first half, by posting 1.2 trillion won ($1 billion) in sales, a 48

Aug. 3, 2016

Hyundai chairman seeks Europe momentum amid low growth

Hyundai Motor Group chairman Chung Mong-koo left for Europe on Tuesday to oversee the Russian, Slovakian and Czech markets hit by the Brexit vote, the company’s official said. The chairman plans to visit the automaker’s factories in the three nations to monitor sales and market conditions. “We should make a breakthrough starting from the European market, which is expected to see record-breaking sales this year, amid slow growth in the global auto market,” Chung said in the company’s statement. “

Aug. 2, 2016

Korea bans sales, nullifies certifications of Volkswagen vehicles

South Korea's government on Tuesday banned sales and revoked the certifications of 80 vehicle models of Audi Volkswagen Korea, which has been suspected of obtaining permission to sell cars here by fabricating reports.Under the administrative measure, the Ministry of Environment separately slapped the German automaker with fines of 17.8 billion won ($16 million) for 47 models that are thought to have passed the local authentication process by cheating on gas emissions tests.  The punitive measure

Aug. 2, 2016

Hyundai Motor sales slip 5.1% in July

Sales of South Korea's leading automaker Hyundai Motor Co. dropped from a year earlier in July due partly to a decline in output caused by a series of labor strikes that led to significant cuts in both domestic and overseas sales, the company said Monday.The automaker's overall sales came to 339,273 cars last month, down 5.1 percent from July 2015.Domestic sales plunged 20.1 percent on-year to 47,879 units.The sharp drop was also attributed to the termination of a temporary cut in excise tax for

Aug. 1, 2016

Ssangyong Motor returns to profit on Tivoli sales

[THE INVESTOR] Ssangyong Motor , owned by India’s auto giant Mahindra & Mahindra, bounced back into profit in the first half of the year for the first time in nine years, thanks to the popularity of its Tivoli sport utility vehicle. The automaker posted operating profit of 27.4 billion won (US$24.40 million) in the first half of the year, reversing a nine consecutive loss-making years since 2007, the company said in a regulatory filing on July 29. Sales stood at 1.77 trillion won, while net prof

Aug. 1, 2016

Ssangyong Motor sales up 8.2% on-year in July

Ssangyong Motor Co., the local unit of Indian auto giant Mahindra & Mahindra Ltd., on Monday said its sales grew 8.2 percent from a year earlier in July, with a surge in exports more than offsetting a drop in domestic sales.The automaker sold 12,784 cars globally last month, compared with 11,813 vehicles sold in the same month last year.Domestic sales slipped 8.1 percent on-year to 7,546, which also marked a 22.6 percent plunge from the previous month.Exports, on the other hand, spiked 45.3 perc

Aug. 1, 2016

Hyundai Motor encourages domestic vacations

South Korea’s largest automaker Hyundai Motor has advised its employees to take vacation in the nation to boost domestic tourism, the company said Sunday. “We have prepared diverse programs to support vacations for the employees of the group and partner companies, as well as clients,” the company’s spokesperson said in a statement, adding, “We hope the programs will boost domestic tourism and consumption.”(123rf)The automaker said it plans to run resorts nationwide for around 150,000 employees t

July 31, 2016

Hyundai Motor Group ranks No. 1 in percentage of vehicles made in home country

South Korea's Hyundai Motor Group topped global rivals in terms of vehicles produced in its home country last year, with nearly 45 percent of all cars produced locally, a carmakers' business lobby said Sunday. The combined ratio of domestic output at Hyundai Motor Co. and its sister company Kia Motors Corp. marked the highest of 44.8 percent among the world's top five carmakers by sales, according to data from the Korea Automobile Manufacturers Association. Hyundai Motor and its 34 percent-owned

July 31, 2016

Sales of imported company cars fall on tough tax laws

[THE INVESTOR] Sales of imported company cars in Korea fell in the first half of the year on toughened tax laws, industry data showed on July 29.In the January-June period, sales declined 15.8 percent from the same period in 2015, according to the Korea Automobile Importers and Distributors Association. In total, 40,698 units of company cars were sold to account for 34.9 percent of the nation’s imported car sales. 　 The BMW 520d is cited as one of Korea’s most widely used company cars.The declin

July 29, 2016

Hyundai to release new hydrogen-powered car in 2018

Hyundai Motor Co., South Korea's largest automaker, on Friday said it plans to release its new hydrogen-powered cars in 2018.The second-generation hydrogen fuel cell cars are set to debut in February 2018, when South Korea's alpine city of PyeongChang hosts the Winter Olympics, the carmaker said.The move is aimed at, among other things, promoting Hyundai's technological prowess to foreign reporters, who will visit South Korea to cover the Winter Olympics.Still, the carmaker declined to elaborate

July 29, 2016

Hyundai to unveil new fuel-cell Tucson in 2018

[THE INVESTOR] Hyundai Motor is planning to roll out the second-generation fuel-cell version of its Tucson ix sport utility vehicle in 2018, just in time for the PyeongChang Winter Olympics taking place in South Korea, local news reported on July 29. Hyundai Motor's fuel-cell Tucson ix, the first mass-produced fuel cell vehicle in the world.Since 2013, South Korea’s largest automaker has been producing the first fuel cell version of its Tucson sport utility vehicle, known as Tucson FCEV -- which

July 29, 2016

Hyundai Mobis to invest W643b in Hyundai Motor’s new HQ

[THE INVESTOR] Hyundai Mobis, the auto parts unit of Hyundai Motor Group, will invest 643 billion won (US$571.53 million) to build the auto conglomerate’s new headquarters -- Hyundai Global Business Center -- in Southern Seoul, the company said in a regulatory filing on July 28. Hyundai Global Business Center to be built in Samseong-dong, Seoul.  Hyundai Motor GroupHyundai Motor Group is planning to erect a 105-story skyscraper in Samseong-dong area of Seoul, on a plot purchased from state-run K

July 28, 2016

Hyundai Mobis Q2 profit jumps 13% on SUV sales

[THE INVESTOR] Hyundai Mobis on July 28 said that it posted a 13 percent increase in second-quarter operating profit from a year earlier, thanks to favorable currency rates and improved supply to sport utility vehicles. South Korea’s largest automotive parts supplier affiliated with Hyundai Motor Group reported the April-June operating profit of 784.7 billion won (US$696.2 million), compared with the 694.4 billion won from the same period last year. Hyundai Mobis’ Mabuk technical center in Yongi

July 28, 2016

Hyundai Motor slips in US ranking

[THE INVESTOR] South Korea’s largest automaker Hyundai Motor slipped down in the US ranking of cars that measures the overall satisfaction of owning and driving cars. Hyundai Motor ranked ninth, down from second last year, among non-premium brands on the J.D. Power’s Automotive Performance, Execution and Layout Study, released on July 27. The result is based on responses from more than 80,000 purchaser and lessees of new vehicles who assessed the performance and design after 90 days of ownership

July 28, 2016

Five Hyundai, Kia cars named segment leaders in U.S. survey

Five vehicle models produced by South Korean automaker Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. have been named best cars by U.S. consumers, the automakers said Thursday.In a survey conducted by J.D. Power and Associates, a U.S. marketing information service firm, the Hyundai Tucson was named the best small SUV, beating the Volkswagen Tiguan and all other competitors in the segment, according to Hyundai.The survey was conducted on those who purchased a new car between Novembe

July 28, 2016

Prosecutors seek arrest warrant for ex-VW Korea chief

[THE INVESTOR] Prosecutors on July 27 filed for an arrest warrant for Park Dong-hoon, Volkswagen Korea’s former chief executive officer, over the German automaker’s emission rigging scandal. Park has been charged with fabrication of private documents, obstruction of justice and violation of the Clean Air Conservation Act. The 63-year-old headed the Korean unit from its initiation in 2005 to 2013 before moving to Renault Samsung Motors as sales chief. He took helm of the Korean unit of France’s R

July 28, 2016

Korea's car exports sink 13.1% in Q2

Exports of South Korea-made cars sank 13.1 percent in the second quarter from a year earlier due mainly to contracted demand from emerging countries and intensified market competition, customs data showed Thursday.The total value of car exports reached $9.6 billion over the April-June period, down 13.1 from $11.1 billion tallied a year earlier, according to the data by the Korea Customs Service.Meanwhile, that of imports jumped 21.5 percent on-year to $3 billion from $2.4 billion over the cited

July 28, 2016

Ssangyong, Jaguar cars recalled over safety and fuel efficiency issues

Ssangyong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., will recall over 2,600 units of its flagship Korando C sport utility vehicle sold here for faulty seatbelts that may be too loose to keep passengers safe, the transportation ministry said Thursday.The car is one of six vehicle models, including two types of two-wheeled vehicles and a commercial truck, from five separate manufacturers that failed government tests, according to the Ministry of Land, Infrastruct

July 28, 2016

Kia Motors to launch new SUV to boost Chinese sales

[THE INVESTOR] Kia Motors, a Hyundai Motor's smaller affiliate said on July 27 it plans to roll out a new sport utility vehicle in China in response to stagnating car sales in the world’s second largest economy. “In China, we will unveil a new SUV, similar to Sorento, next year,” Han Chun-soo, Kia’s chief financial officer, said at the conference call after announcing the Q2 results. “Besides SUVs, we will also include compact cars and the K5 hybrid model in the new lineup to increase presence i

July 27, 2016

Kia Motors Q2 profit up 18.5% on new car launches

[THE INVESTOR] Kia Motors posted an 18.5 percent increase in second-quarter operating profit, driven by newly launched cars and solid demand in its major markets including the US and Europe. South Korea’s second largest automaker on July 27 reported the April-June operating profit of 770.9 billion won (US$679.20 million), compared with the 650.7 billion won from the same period last year. It is the first time that the company’s operating profit has exceeded the 700 billion-won mark since the sec

July 27, 2016