[Monitor] German car imports fall on Volkswagen scandal

Imports of German vehicles dropped for the first time in 13 years, apparently due to a large decrease in inbound shipments of Volkswagen and Audi cars mired in an emissions scandal, data from the Korea Automobile Manufacturers Association showed Tuesday.

July 26, 2016

BMW’s self-parking system to be available in Korea

[THE INVESTOR] BMW’s latest self-parking system will become available in Korea possibly from November, with the Korean unit waiting for the final approval from the nation’s ICT Ministry. BMW Korea said on July 26 that the self-parking feature, called Park Assistant Plus, will be offered first in the flagship 7 Series sedan this year and then other models such as the smaller 5 Series in phases. The self-parking system -- the first of its kind globally -- allows owners to maneuver their 7 Series i

July 26, 2016

Opposition party seeks to introduce US-style class action

[THE INVESTOR] Opposition parties are seeking the introduction of US-style class action in South Korea prompted by Volkswagen’s emissions scandal. On July 26, progressive heavyweight Rep. Park Young-sun of the main opposition The Minjoo Party of Korea submitted a proposal for the introduction of “class action act.”  Rep. Park Young-sun(right) of The Minjoo Party of Korea proposes the introduction of class action act. / The Investor(Park Hae-mook) “Like the Volkswagen case, (cases in which) it is

July 26, 2016

Kia Motors unveils new Carens

[THE INVESTOR] Kia Motors, South Korea’s second-largest automaker, released its new version of compact minivan Carens that features more power, dynamic exterior and affordable price tag on July 26. The new Carens, better known as Ronda in overseas markets, shares the same external dimension with the older model launched in June 2015. “We improved the design of the radiator grille, head lamps, rear lights and wheels to emphasize strong appearance and voluminous body,” a company official said. Kia

July 26, 2016

Hyundai Motor posts 0.6% increase in Q2 operating profit

[THE INVESTOR] Hyundai Motor, the world’s fifth-largest carmaker, said it posted a second-quarter operating profit of 1.76 trillion won ($1.54 billion), up 0.6 percent on-year. Compared to the first quarter of 2016, operating profit rose 31.2 percent, the carmaker said Tuesday.Sales rose 8.1 percent to 24.67 trillion won -- the highest in terms of second-quarter figures. In total Hyundai sold 1,285,860 units during the cited period. “An improved sales mix, combined with increased car finance rev

July 26, 2016

Credit appraiser considers rating cut of Volkswagen Financial Korea

[THE INVESTOR] Korea's local credit appraiser NICE Investors Service considers cutting credit ratings of Volkswagen Financial Services Korea, a unit of the troubled German carmaker caught in a recent emissions-rigging scandal. A Volkswagen store in Bangbae-dong, southern SeoulThe rating firm said on July 26 the company was included in its latest monitoring list for a possible credit downgrade, maintaining the current credit rating at “A+” for now. “Volkswagen Korea is likely to struggle with its

July 26, 2016

Hyundai Motor posts 0.6% increase in Q2 profit

[THE INVESTOR] Hyundai Motor, the world’s fifth-largest carmaker, said it posted second-quarter operating profit of 1.76 trillion won (US$1.54 billion), up 0.6 percent on-year. From the first quarter of 2016, operating profit rose 31.2 percent, the carmaker said on July 26. Hyundai Motor Group headquartersNet profit for the second quarter fell 1.5 percent on-year to 1.76 trillion won. Sales, however, rose 8.1 percent to 24.67 trillion won. In total Hyundai sold 1,285,860 units during the cited p

July 26, 2016

German car imports fall for first time in 13 years on VW scandal

 [THE INVESTOR] The import volume of German-made cars in South Korea dropped for the first time in 13 years amid an emission-rigging scandal involving Volkswagen and Audi cars, industry data showed on July 26. The number of German vehicles imported in the January-May period came in at 51,736 units to reflect a 12.7 percent decrease from the same period in 2015, according to the Korea Automobile Importers and Distributors Association. Volkswagen cars are lined up at Pyeongtaek Port. / The Investo

July 26, 2016

Imports of German cars drop on Volkswagen scandal

Imports of vehicles produced in Germany or by German automakers dropped for the first time in 13 years, apparently due to a large cut in inbound shipments of Volkswagen and Audi cars mired in an emissions scandal, industry data showed Tuesday.In the first five months of the year, imports of German vehicles came to 51,736 cars, down 12.7 percent from the same period last year, according to the data from the Korea Automobile Manufacturers Association.This marks the first on-year drop since a 7.2-p

July 26, 2016

Toyota recalls 6,200 cars for defective airbags

Toyota is recalling over 6,200 cars sold in South Korea for defective airbags, the transportation ministry said Tuesday.The recall affects 6,209 units of three vehicle types -- the Prius, Prius PHV and Lexus CT200h -- that were produced between Feb. 26, 2009 and April 27, 2012 and sold here by Toyota Korea Co., the local unit of Japanese carmaker Toyota Motor Corp.The cars come with side airbags that deploy in some crashes.But due to some defective parts, the airbag and other components of the a

July 26, 2016

Japanese hybrid cars replacing German diesel vehicles in Korea

Japanese hybrid cars are eating into German diesel cars’ share in the Korea’s foreign car market, following a series of emissions and mileage scandals, according to market analysts. The combined sales of German brands -- BMW, Mercedes Benz, Audi and Volkswagen -- declined by 9 percent in the first half year-on-year, with their market share going down 4.6 percent to 64.2 percent, according to the Korea Automobile Importers & Distributors Association.The fall was mainly led by the sales decline of

July 25, 2016

Korea holds hearing on Volkswagen Korea's emissions scandal

South Korea's government held a hearing on German carmaker Volkswagen's emissions scandal Monday before finalizing a decision that can revoke the certifications of dozens of its vehicle models implicated in the scandal.The Ministry of Environment conducted the hearing at the National Institute of Environmental Research in Incheon, west of Seoul, which was attended by Johannes Thammer, the chief of the automaker's South Korean unit, and several other company officials. Earlier this month, the min

July 25, 2016

Renault Samsung to produce next-generation engines for Renault, Nissan cars

[THE INVESTOR] Renault Samsung Motors said on July 25 it will produce next-generation engines for Renault and Nissan vehicles at its Busan plant. The Korean unit of France’s Renault Group had been competing with other overseas plants of the Renault-Nissan Alliance, including those in China and Japan, to host the strategic partner firms’ new engine production facilities. Renault-Nissan Alliance’s 1.6-liter GDI turbo MR engine (left) and 2.0-liter GDI MR engine that will be produced at Renault Sam

July 25, 2016

Volkswagen Korea attends public hearing

[THE INVESTOR] The Ministry of Environment held a public hearing on July 25, attended by Audi Volkswagen Korea.The hearing -- which was held at the National Institute of Environmental Research -- is to offer Volkswagen’s Korean unit a chance to explain itself regarding the ministry’s recent decision to ban the sales of 79 models of Audi and Volkswagen cars that cheated on emission tests, and also cancel their registration here.The decision, however, has yet to go into effect and will be finalize

July 25, 2016

Kia Motors takes legal action against union leaders

[THE INVESTOR] Kia Motors has filed criminal complaints against the leaders of its labor union over the alleged illegal strikes. According to the carmaker, a complaint has been filed against union leader Kim Sung-rak and five other union officials for taking Kia’s union into the nationwide strike organized by the Korean Metal Workers’ Union. The metal workers’ union is a subgroup within the hardline Korean Confederation of Trade Unions. The company claims that its union did not follow legal proc

July 25, 2016

BMW 5 Series Pro touts advanced safety features

Reflecting the growing need for safer vehicles, the Seoul office of German carmaker BMW has released a special edition of its best-selling model 5 Series that features advanced safety functions designed to prevent possible accidents.The BMW 5 Series Pro Edition which hit the local market in April has adopted the carmaker’s premium option named Driving Assistant Plus that includes the camera-based Lane Departure Warning and Approach and Pedestrian Warning systems with City Brake Activation, BMW K

July 24, 2016

Hyundai Motor to open Genesis brand stores nationwide

[THE INVESTOR] Hyundai Motor plans to open some 10 Genesis brand stores nationwide in its latest upscale push as a luxury car maker. The first store is expected to open at Shinsegae Group’s new shopping center Starfield Hanam in Gyeonggi Province in September. The venue is also rumored to have hosted the nation’s first store of the iconic electric car maker Tesla. Other stores are also said to be located in posh districts in Seoul and major cities around the country. Genesis sports sedan G80Hyun

July 22, 2016

Korea reports first auto trade deficit with China

For the first time, Korea is running a trade deficit of automobiles with China due to Korean firms‘ increased production in China and the entry of Chinese low-cost players in Korea, a report said Friday. As of the end of May, Korea’s trade deficit with China in the auto sector stood at $2 million, the first auto trade deficit with the neighboring country, the state-run Korea Institute for Industrial Economics & Trade said. Cars destined for export overseas stand parked at a port in Korea. (Yonha

July 22, 2016

POSCO ICT to supply home charging stations for GM Bolt

[THE INVESTOR] POCSO ICT will supply home charging stations for General Motors’ first full-electric compact Chevrolet Bolt that debuts in September, the IT solutions unit of POSCO said July 22. The Korean firm recently signed a deal with GM Korea, the Korean unit of the US auto giant, it said.  POSCO ICT’s EV charging stationUnder the deal, the company also plans to build the charging stations at GM Korea’s some 120 after-sales centers, sales stores and other key locations such as large supermar

July 22, 2016