Most Popular
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Controversial US YouTuber faces travel ban, police investigation
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Pyongyang to bolster readiness against nuclear retaliation: Choe
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SK Innovation becomes Asia-Pacific's largest energy firm after merger
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Korean serial killer 'haunted by victims' ghosts' in prison, TV show reveals
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Yoon's approval rating falls to 19%, all-time low: survey
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No typhoons recorded in S. Korea for the first time in 7 years
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[Robert Fouser] Accepting migrants in South Korea
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Samsung CEO calls for unrivaled technological leadership
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Allies say 1953 mutual defense treaty extends to cyber, space threats
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Babymonster showcases YG-style hip hop with 1st LP ‘Drip’
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Volkswagen halts sales of nearly 80 models in Korea
[THE INVESTOR] Audi Volkswagen Korea has decided to stop selling certain vehicles that cheated on emission tests in South Korea, local news reported Thursday. The Korean unit informed local dealers of its decision to suspend from Monday the sales of 79 models of cars, including top-selling ones such as the Volkswagen Golf, Jetta and the Audi A4. Volkswagen GolfThe Ministry of Environment had earlier issued an order to ban sales and cancel the registration of VW’s diesel and gasoline engine vehi
July 22, 2016
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Volkswagen Korea to halt sales of cars in emissions scandal
German carmaker Volkswagen has decided to voluntarily suspend sales of its vehicle models implicated in an emissions scandal in South Korea, market sources said Friday.In a recent letter to local dealers, Audi Volkswagen Korea, the South Korean unit of the German carmaker, said it will stop delivering 79 models of 34 vehicle types starting next week.The country's environment ministry earlier said it might revoke its certification of the 79 vehicle models, based on the outcome of a prosecution in
July 22, 2016
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Seoul raises subsidies for EV owners
[THE INVESTOR] The Seoul City government announced on July 21 that it will raise the subsidies for electrical vehicle owners by 2 million won (US$ 1,758) to boost sales. A resident who purchases a new electric vehicle will now receive 18.5 million won in assistance, up from 16.5 million won, the Seoul Metropolitan Government said. Hyundai Motor EV Ioniq / Hyundai MotorCorporate buyers will get 14 million won, up from 12 million won, while rental and leasing firms will earn 18.5 million won, a hi
July 21, 2016
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Auto market to contract for first time in 3 years
Overall auto sales in South Korea this year is projected to decline for the first time in three years, a report said Thursday.According to a research center under Hyundai Motor, the country‘s largest carmaker, the local car market grew 9 percent in the first half year-on-year thanks to a consumption tax cut and a series of market debuts of vehicles by local carmakers.However, the market would see a significant decline in the latter half of the year with customers feeling less likely to buy cars
July 21, 2016
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Vehicle seat belt alarms to be mandatory
[THE INVESTOR] Seat belt alarms are to become mandatory for all seats in passenger vehicles, the Ministry of Land, Infrastructure and Transport said on July 21. The ministry said that following the global standard change it will make regulatory changes to make seat belt alarms for all seats mandatory in vehicles produced in South Korea. According to the ministry, the United Nations Economic Commission for Europe is set to make the changes to international standards in November.Although the stand
July 21, 2016
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Hyundai, Samsung, Ssangyong rolling out summer edition cars
[THE INVESTOR] Automakers are rolling out special edition cars for the summer, according to the industry on July 21.Hyundai Motor, South Korea’s largest automaker, recently released a special edition of its midsize sedan Sonata, which will go on sale until October. The special edition is installed with ventilated seats and a dual air conditioning system for driver and passengers to enjoy the cool ride under the scorching sun. The new Sonata features automatic defogging system to detect fog and m
July 21, 2016
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Hyundai Motor resumes wage talks, strikes to go on as planned
[THE INVESTOR] Hyundai Motor and the labor union will resume negotiations from 2 p.m. on July 21. This year’s wages negotiations fell apart earlier this month, with the union accusing management of failing to put forth viable alternatives to its demands. The union, however, will continue with the strikes as planned. While the talks resume, about 13,000 Hyundai Motor workers are expected to stage a four-hour walkout from 8:20 p.m., and hold a rally at the company’s plant in Ulsan. So far, Hyundai
July 21, 2016
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Hyundai Mobis to recall 120,000 filters containing toxic substance
[THE INVESTOR] Hyundai Mobis, South Korea’s largest automotive parts supplier, has decided to recall 120,000 car air-conditioning filters after octylisothiazolinone, a toxic chemical substance, was detected, the company said on July 21.“We decided to pull every product from the shelf to put our customers at ease,” the company said. On July 20, the Ministry of Environment released a list of filters containing OIT levels that may be harmful. These filters, which were mostly manufactured by 3M, wer
July 21, 2016
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S. Korean auto market to shrink this year: think tank
[THE INVESTOR] South Korea’s automobile market will shrink for the first time since 2013, the Korea Automotive Research Institute forecast in a report on July 21.The Hyundai Motor Group’s think tank estimated an 8.7 percent drop in domestic sales during the second half of the year, offsetting the large increase seen in the first six months of the year. Hyundai, Kia cars wait to be shipped at a port in Ulsan.According to the institute’s estimates, the year-on-year drop expected in the second half
July 21, 2016
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Kumho Tire relaunches premier league marketing campaign
Kumho Tire has signed a two-year partnership with Tottenham Hotspur starting from the 2016-17 season, it announced Wednesday. At a ceremony held at Hotspur Way in London on July 19 local time, Kumho Tire CEO Lee Han-seob shook hands with club manager Mauricio Pochettino, celebrating the launch of the partnership with the English soccer club. Players including Son Heung-min and Christian Eriksen attended the event. (Tottenham Hotspur)“We are thrilled to be working with such a prestigious and glo
July 20, 2016
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Filters in Hyundai Mobis, Cuckoo products found to release high levels of OIT
[THE INVESTOR] Vehicle air-conditioning system filters sold by Hyundai Mobis and those used in Cuckoo’s air filtration units have been found to release potentially toxic levels of octylisothiazolinone (OIT), the Ministry of Environment said on July 20.According to the ministry, two types of filters used in the Cuckoo products and Hyundai Mobis products released OIT at levels that could be harmful to the human body. The filter sold by Hyundai Mobis is produced by 3M, which has announced recall pl
July 20, 2016
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Hyundai Mobis opens logistics hub in Belgium
[THE INVESTOR] Hyundai Mobis has built a central logistics center in Belgium to serve as the logistics hub in Europe, it announced on July 20. Spread over 56,000m² in Beringen in northern Belgium, the center will receive parts daily and distribute them to regional centers in UK, Germany, Spain, Italy, Sweden and Hungary. The inside of Hyudai Mobis's Belgium central logistics center / Hyundai MobisSouth Korea’s largest auto parts supplier has been delivering motor parts for after service three ti
July 20, 2016
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Hyundai Mobis eyes non-Korean carmakers for growth
[THE INVESTOR] Hyundai Mobis, South Korea’s largest automotive parts supplier, aims to target American and Japanese automakers to widen its business beyond local affiliates Hyundai Motor and Kia Motors. Hyundai Mobis, which is highly dependent on local automakers, plans to increase sales of its auto parts to non-Korean manufacturers by 1.5 times by 2025, local news reported on July 25. According to reports, Hyundai Mobis’ overseas sales account for only about 10 percent of total sales, while the
July 20, 2016
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Imported car registrations cross 1.5 million in Korea
[THE INVESTOR] The number of registered imported automobiles broke the 1.5 million mark in June, industry data showed on July 20. The country’s automobile market was opened to foreign brands in 1987. According to automotive industry organizations, the number of imported vehicles registered in South Korea came to just over 1.52 million units in June, up 1.7 percent from the previous month. In comparison, the number of all vehicles registered in Korea came to about 21.37 million units at the end o
July 20, 2016
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GM Korea union to strike on July 22
[THE INVESTOR] GM Korea’s labor union will stage a partial strike on July 22 under directions from the Korean Metal Workers’ Union. The KMWU is a subgroup of the hardline umbrella union Korean Confederation of Trade Unions. The GM Korea branch of the KMWU said on July 20 that it will set up a committee for strikes, and that a four-hour strike will be staged on July 22 at the company’s plant in Incheon. The striking union members will then join the KMWU rally outside the National Assembly. GM Kor
July 20, 2016
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FTC plans to file suit, fine Volkswagen Korea
[THE INVESTOR] South Korea’s antitrust agency has decided to press criminal charges against the former and current executives of Volkswagen Korea for deceiving customers with false advertisements in the German automaker’s emission rigging scandal. It also plans to fine the automaker a maximum of 88 billion won (US$ 77.02 million). The Fair Trade Commission has sent the assessment report to VW Korea, stating it has decided to sue 10 executives, including Johannes Tamer, the CEO of Audi Volkswagen
July 20, 2016
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Hyundai Genesis G90 to top 20,000 units
[THE INVESTOR] Hyundai Motor says it is close to selling 20,000 units of the flagship sedan G90 from Genesis, the newly launched luxury brand by the South Korean auto giant, Herald Business reported on July 19. According to newspaper, a total of 17,069 units of G90 -- which is sold as EQ900 in South Korea -- were sold as of June 30 since its debut last December. With an average monthly count of 3,000 units, the automaker expects to reach the 20,000 milestone by July, five months earlier than the
July 19, 2016
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Hyundai dealers in China demand compensation
[THE INVESTOR] Dealers of imported Hyundai Motor vehicles in China are seeking compensation from the South Korean carmaker over alleged unfair treatment, China Daily reported on July 18. According to the newspaper, some of the 41 car dealers selling Hyundai Motor vehicles shipped from South Korea to China established a working group to “safeguard their rights” earlier this month.Hyundai Motor’s vehicles are marketed through two channels in China. Vehicles produced by Beijing Hyundai and fully as
July 19, 2016
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SUV, minivan sales set new H1 record
[THE INVESTOR] South Korean carmakers’ SUV and multipurpose vehicle sales hit a new first-half record this year aided by new models, and the tax cut on new purchases, industry data showed on July 19.According to industry figures, 271,523 units of SUVs and multipurpose vehicles produced by local carmakers were sold here during the first six months of the year. Compared to the same period last year, the figure is an increase of 8.7 percent. Kia Motors SorentoThis year’s figure is the highest on re
July 19, 2016
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Korean gov’t to lower cost of EV recharging, develop electric truck
[THE INVESTOR] South Korea will halve the cost of recharging electric cars, and increase investment in related fields as part of its EV development strategy.Under the Ministry of Trade, Industry and Energy’s plans revealed on July 18, the government will also launch R&D programs aimed at doubling EVs’ driving range, and to develop electricity powered small truck with 1 metric ton load capacity. Hyundai Motor's IONIQ“(The government) will speed up providing support in R&D, incentives and other me
July 18, 2016