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

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

Hyundai Motor chief says Genesis, eco-friendly cars key for survival

Hyundai Motor Group’s chairman Chung Mong-koo urged the carmaker’s global office heads to seek a breakthrough in the sluggish markets by strengthening the brand value of its luxury sedan and also by taking a lead in the green car segment.“The company should raise its brand profile in the global luxury car market through the successful launch of Genesis G80 and G90 in the U.S. market,” the chairman told the company’s 60 global office heads at its biannual meeting held on Monday. Hyundai Motor Gro

July 18, 2016

[Photo News] New Cadillac CT6

General Motors Korea’s chief James Kim (left) poses with GM’s new flagship sedan Cadillac CT6 at its launch event at the Grand InterContinental Seoul on Monday. The price of the sedan, which is slated to go on sale in August, starts from 78.8 million won ($69,000) for the premium model and 95.8 million won for the platinum model. (GM Korea)

July 18, 2016

Hyundai Motor chief says Genesis, eco-friendly cars key for survival

[THE INVESTOR] Hyundai Motor Group chairman Chung Mong-koo is scheduled to hold a meeting with some 60 heads of overseas operations at the Seoul headquarters on July 18 to discuss ways to elevate the carmaker’s slowing sales. The meeting, held twice a year, comes after the nation’s largest carmaker -- the fifth globally -- suffered a 2.4 percent decline in sales in the first half of this year compared to a year ago.   Hyundai Motor Group’s chairman Chung Mong-kooIn the January-June period, Hyund

July 18, 2016

Hyundai Motor Group’s BRIC output tops 20 million

[THE INVESTOR] Hyundai Motor Group’s accumulated output at its plants located in BRIC nations broke the 20-million mark this year, the carmaker said on July 18.According to the conglomerate, the combined accumulated output at its 12 plants in Brazil, Russia, India and China came to 20.64 million units at the end of the first half of the year. Hyundai Motor Group headquarter in southern SeoulOf the overseas plants, Hyundai Motor and Kia Motors’ plants in China accounted for the largest proportion

July 18, 2016

Hyundai’s Ioniq EV offers pleasant drive

Amid the growing popularity of hybrid cars among environmentally conscious drivers, Hyundai Motor has gone one step further with the pure electric car Ioniq Electric for those who want a more eco friendly option. The nation’s largest automaker invited the press on Thursday to get behind the wheel, following a driving course based on the concept that an EV driver in Seoul traverses the city from east to west on diverse road conditions such as traffic jams and highways. Ioniq Electric (Hyundai Mot

July 17, 2016

New Korando Sports presents economical option for campers

[Behind The Wheel] The SUV fad in South Korea is not over yet. Fueled by the popularity of outdoor activities – mainly camping -- sales of such vehicles have grown steadily over the years. However, there have been limited local choices, which often leads to consumers going for high-end foreign vehicles offered at high prices. South Korea’s fourth-largest carmaker Ssangyong Motor, recently rolled out a pickup that it touts as an alternative to an SUV – the Korando Sports 2.2. It is not really an

July 17, 2016

Hyundai-Kia's EU market share inches up in H1

[THE INVESTOR] Hyundai Motor Group’s market share in the European Union inched up in the first half of the year aided by faster-than average increase in sales, industry data showed on July 15. According to the European Automobile Manufacturers Association, Hyundai Motor and Kia Motors’ first-half sales outpaced the market’s overall growth, and their combined market share came in at 6.1 percent. Hyundai Motor’s market share was 3.2 percent, and that of Kia Motors’ 2.9 percent. In comparison, Kia

July 15, 2016

Hyundai, Kia see first-half sales in Europe up 12 percent

Hyundai Motor Co. and its smaller affiliate Kia Motors saw their sales in Europe in the first half jump over 12 percent on-year, with their market share exceeding 6 percent, industry data showed Thursday.The two South Korean carmakers sold a combined 491,171 units in Europe in the January-June period, up 12.3 percent from a year earlier, according to the data compiled by the European Automobile Manufacturers' Association.Hyundai Motor sold 261,586 units, up 10.2 percent from a year earlier, whil

July 15, 2016

GM Korea’s Trax exports exceed 800,000 units

[THE INVESTOR] GM Korea said on July 15 that more than 800,000 units of its compact sport utility vehicle Trax have been exported since 2012. The Trax, which shares the same platform with the Opel Mokka, topped the list of South Korea’s exported car models with 12,542 unit sales in the first half of this year. Its accumulative number reached 804,977 vehicles globally. The 2016 Chevrolet TraxThe car’s annual exports have continued to grow, with 42,090 in 2012, 193,764 in 2013, 222,440 in 2014 and

July 15, 2016

Hyundai's i30 hatchback becomes Australia's best-seller

Hyundai Motor Co.'s i30 hatchback became Australia's top-selling vehicle in the first six months, data showed Friday.The data compiled by Australia's Federal Chamber of Automotive Industries showed that South Korea's top automaker sold 21,171 units of its i30 hatchback in Australia in the January-June period, up 45 percent from a year earlier.Toyota Motor's Hilux pickup truck took the second place, followed by the Toyota Corolla and the Mazda 3.Hyundai Motor sold a combined 54,350 units in the f

July 15, 2016

Samsung renews automotive push with BYD investment

[THE INVESTOR] Samsung Electronics is renewing its automotive push with its latest decision to acquire sizeable shares in China’s largest electric vehicle manufacturer BYD. The company confirmed the deal on July 15 but declined to reveal the specific size of the investment. Earlier in the day, a local newspaper reported that Samsung will invest 3 billion yuan (US$448 million), about 2 percent stake in the Chinese company. BYD is the world’s largest electric bus maker“The latest investment aims t

July 15, 2016

Volkswagen has no plans to exit Korean market

[THE INVESTOR] Volkswagen Korea said it does not intend to abandon the Korean market amid growing speculation that the automaker could be forced out over the emission scandal. “I apologize for causing trouble for our partner dealers and customers,” Tomas Kuel, CEO of VW Korea said in a letter sent out to the dealers on July 14. “Although we are in a difficult situation, we will keep a strong foothold in the Korean market and pursue future plans.”He stressed that the Korean market is very importa

July 15, 2016

Prosecutors seek to question VW execs in Germany

[THE INVESTOR] Prosecutors have requested the former chief of Audi Korea Trevor Hill and executives of Volkswagen headquarters in Germany to be present for questioning on their involvement in the widening probe into the German carmaker’s cheating emission scandal. Seoul Central District Prosecutors’ Office on July 14 said it has sent a request to the seven executives, including Hill, through the lawyer of Audi Volkswagen Korea on July 11. Trevor Hill, former chief of Audi Korea / The Investor“We

July 14, 2016

Hyundai Motor chief rules out plant expansion in Korea

[THE INVESTOR] Hyundai Motor president Chung Jin-haeng on July 14 made it clear that the nation’s largest carmaker has no immediate plan to expand its production line in Korea. “Considering the investment situation in Korea and overseas, there is no room for expansion here,” he told reporters after a business meeting. Hyundai Motor president Chung Jin-haeng(left) / The Investor(Park Hae-mook)The Gwangju City government requested Kia Motors, Hyundai’s smaller affiliate, to elevate its production

July 14, 2016

Hyundai Motor, BASF to collaborate on high-performance concept car

[THE INVESTOR] Hyundai Motor and German chemical producer BASF will collaborate in building the high-performance concept car N, industry sources said on July 14.  Hyundai Motor concept car N. Hyundai MotorAccording to sources, Hyundai Motor plans to reveal the N concept at the Paris Motor Show in October. BASF’s role in the project is reported to be developing lightweight materials and boosting the engine’s output. The two companies had collaborated in 2010 in developing the midsized concept i-f

July 14, 2016

Hyundai Motor union approves strike

[THE INVESTOR] Hyundai Motor’s labor union approved strike plans in a vote on July 13.The union said that more than 76 percent of its 48,800 members approved the strike.Hyundai Motor’s union plans to participate in a rally on July 20 led by the hardline umbrella union the Korean Confederation of Trade Unions in Ulsan. The July 20 rally will be the first time in 23 years that Hyundai Motor and Hyundai Heavy Industries’ unions are cooperating for industrial action. The carmaker’s union also plans

July 14, 2016

Prosecutors to summon Volkswagen chief

[THE INVESTOR] South Korean prosecutors will soon summon Johannes Thammer, the CEO of Audi Volkswagen Korea, to question him over his involvement in the widening probe into the German carmaker’s cheating emission scandal. Seoul’s Central District Prosecutor’s Office on July 13 said Tamer is suspected of colluding with a VW executive, identified only by his surname Yoon, to manipulate software of the gasoline model Golf 1.4 TSI to meet the emission and noise level standards. Audi Volkswagen Korea

July 13, 2016

S. Korea orders recall of Mercedes-Benz’s trucks

[THE INVESTOR] South Korea’s Ministry of Land, Infrastructure and Transport on July 13 ordered the of recall Mercedes-Benz’s heavy-duty trucks Arocs and Actros after detecting a problem in the exhaust pipe system. Daimler Trucks Korea, which sells Mercedes-Benz trucks here, will recall 157 units of Arocs manufactured from Aug. 26, 2014, to April 4, 2016, and 443 units of Actros, from July 30, 2014, to April 8, 2016. A component in the exhaust pipe was discovered to be faulty, which can potential

July 13, 2016