Hyundai Genesis sponsors major US golf tournament

[THE INVESTOR] Hyundai Motor announced on June 28 that it will sponsor a major PGA tournament in Los Angeles from next year with its entry-level luxury brand Genesis. The tournament, held at the Riviera Country Club, will be named the Genesis Open from 2017, the carmaker said. The tournament will be organized by Tiger Woods Foundation. The tournament being sponsored by Hyundai Motor is one of the major events in the PGA tour, where golf legend Jack Nicklaus made his professional debut. It also s

June 28, 2016

Hyundai Motor sees Brexit as threat, not opportunity

Hyundai Motor, South Korea’s largest carmaker, views Britain’s departure from the European Union as an imminent threat and not an opportunity to outpace its Japanese rivals that are expected to suffer from surging yen and tariff walls.“Internally, we view that threats from the faltering European economies are larger than opportunities presented from the stronger yen sparked by Brexit,” a source at the company told The Korea Herald. “This is because we have seen the European market as stable and

June 28, 2016

Imported green cars showed meager sales in South Korea

[THE INVESTOR] Despite the recent expansion of the imported car market in South Korea, sales did not grow so fast. A total of 1.01 million imported cars were sold from January 2010 to May 2016, according to the Korea Automobile Importers and Distributors Association on June 26.But among them, only 41,466 units, or 4 percent, were eco-friendly vehicles. Out of the 26 carmakers selling imported cars, 15 did not sell eco-friendly cars at all.Only 0.4 percent of sales from BMW, the No.1 seller here,

June 28, 2016

Hyundai Motor Group heads for group-wide strike on July 22

[THE INVESTOR] Hyundai Motor Group’s labor union is set to take industrial action on July 22.One June 27, Hyundai Motor’s union said that the negotiations led by the Metal Workers’ Union broke down and a group-wide strike will take place on July 22. According to the unions, the talks fell apart after group companies rejected their call for the seventh round of talks. The Metal Workers’ Union is a subgroup of the hardline umbrella union Korean Confederation of Trade Unions. The unions of carmaker

June 28, 2016

Prosecutors to summon former VW Korea head

[THE INVESTOR] Prosecutors will soon summon Park Dong-hoon, former head of Audi Volkswagen Korea, to question him over the automaker’s emissions scandal, local news reported. Park, who is currently the chief executive of Renault Samsung, headed Volkswagen Korea from its initiation in 2005 to 2013 until he moved to Renault Samsung. Former head of Audi Volkswagen Korea Park Dong-hoon.  He is now the CEO of Renault Samsung.Prosecutors have found out that Audi Volkswagen Korea manipulated documents

June 27, 2016

Hyundai, Kia eye green car expansion abroad

[THE INVESTOR] South Korea’s major automakers are seeking to expand sales of their eco-friendly vehicles to other countries this year, local news reported Monday. Hyundai Motor plans to sell its Ioniq Hybrid in the U.S. and European markets in the second half of this year. Hyundai’s latest green car boasts fuel efficiency of 22.4 kilometers per liter and it is likely to compete with the Toyota Prius, the market leader of hybrid vehicles. Ioniq Electric, the automaker’s first electric vehicle und

June 27, 2016

Korea-US FTA triples auto imports from US

[THE INVESTOR] The number of automobiles imported from the US has more than tripled since the Korea-US free trade agreement took effect. According to local automotive industry data, the number of vehicles imported from the US went from 13,669 units in 2011 to 49,096 units in 2015, rising by a factor of 3.6. The Korea-US FTA took effect in 2012. In terms of value, automobile imports in 2011 came in at about US$363 million. The figure for last year came in at over US$1.24 billion. In comparison, K

June 27, 2016

VW faces another suit over emissions:South Korea

[THE INVESTOR] South Korean Customers of Volkswagen’s gasoline-powered vehicles have filed a suit against the German carmaker and its local unit over its manipulation of emissions tests, a lawyer said on June 27.Jason Ha, who represents 26 owners of the Golf 1.4 TSI at Barun Law, said he filed the suit, demanding the firm and its local unit refund the cost of their cars.The latest legal action came three days after prosecutors arrested an executive of Audi Volkswagen Korea for installing softwar

June 27, 2016

Volkswagen face another suit from gasoline model owners over emissions

More than two dozen owners of one of Volkswagen's gasoline-powered vehicles filed a suit against the German carmaker and its local unit Monday over its manipulation of emissions tests, a lawyer said.Jason Ha, who represents 26 owners of the Golf 1.4 TSI at Barun Law, said he filed the suit, demanding the German carmaker and its local unit refund the cost of their cars. (Yonhap)The latest legal action came three days after prosecutors arrested an executive of Audi Volkswagen Korea for installing

June 27, 2016

Hyundai, Kia eye green car expansion abroad

[THE INVESTOR] South Korea’s major automakers are seeking to expand their eco-friendly vehicles to other countries around the world this year, local news reported on June 26. Hyundai Motor plans to sell Ioniq Hybrid in the US and European markets in the second half of this year. Hyundai’s latest green car boasts a fuel efficiency of 22.4 km per liter, which is likely to compete with Toyota Prius, the market leader of hybrid vehicles. Ioniq Electric, the automaker’s first electric vehicle in the

June 27, 2016

Mercedes Benz to roll out 4 luxury cars

Mercedes Benz said Sunday it was set to roll out four luxury models later this year, after garnering attention at the Busan Motor Show earlier in the month.“We plan to unveil the full lineup of dynamic, young roadsters and modern, luxury Cabriolets in the second half of this year, with an aim of meeting high-end consumers’ needs,” said an official at Mercedes Benz Korea. The new S-Class Cabriolet, the first convertible variant of the Mercedes-Benz luxury flagship, will enter the Korean market al

June 26, 2016

New Audi A4: lighter but futuristic

The Audi A4, one of the German carmaker’s best-selling sedans, has made a big return. Keeping its Quattro tradition, the latest model features savvy high tech elements inside and out. It’s bigger and lighter too. New Audi A4 (Audi Korea)The all new Audi A4, a full changed model in eight years, revised the platform of its predecessor and used lighter components instead, losing nearly 100 kilograms in weight. The carmaker used high-strength steel, magnesium frame for backseats, module cross member

June 26, 2016

Hyundai, Kia gear up to make splash in global green car markets

South Korea's major automobile manufacturers are all set to make a big splash in global eco-friendly vehicle markets in the coming months, local industry sources said Sunday.Hyundai Motor Co. plans to begin the sale of the Ioniq hybrid in the United States and Europe in the latter half of this year.It boasts a combined fuel economy rating of 22.4 kmpl. Many expect fierce competition with Toyota's top-selling Prius hybrid.Hyundai will also put its Ioniq pure-electric vehicle on sale in foreign ma

June 26, 2016

GM Korea CEO warns employees over corruption

[THE INVESTOR] GM Korea chief executive James Kim warned that any employee found to be taking part in illegal activities will be dealt with sternly.“Any illegal activities or customs concerning the company will be dealt with sternly,” Kim said in an email sent to employees on June 23.GM Korea chief executive James Kim. “Remember that the actions of an individual can create negative situations for the entire organization,” Kim said, calling on GM Korea employees to focus on further raising domest

June 24, 2016

VW Korea official arrested over emissions scandal

[THE INVESTOR] An executive of Volkswagen Korea was arrested by prosecutors on June 24 for his alleged involvement in the firm’s irregularities in the emissions scandal.The Seoul Central District Court issued an arrest warrant for the official in charge of the vehicles’ certification process, surnamed Yoon, on a charges including forging documents and violating the Clean Air Conservation Act.The court said there are enough reasons indicating that he is responsible for the crimes.The 52-year-old,

June 24, 2016

Volkswagen to recall 2,425 Passat sedans for engine oil pump failures

[THE INVESTOR] Audi Volkswagen Korea -- the local importer and distributer of Germany‘s Volkswagen Group -- will recall 2,425 units of its Passat sedans for an engine oil pump failure, the South Korean transport ministry said on June 24.A defect in the oil pump shaft may result in low or no oil pressure, which could cause the engine to stop without warning. The government said 2,425 units of the Passat 2.0 TDI sedans produced between July 13, 2005, and May 16, 2008, are eligible for free repair

June 24, 2016

Kia tops U.S. car quality survey

The nation’s second-largest automaker Kia Motors topped a car quality survey by the U.S.-based business consultancy agency J.D. Power, the carmaker said Thursday.It is the first time in 30 years that a Korean brand has topped rankings by the U.S. firm.Porsche ranks second, followed by Hyundai, Toyota and BMW. The initial quality survey is based on responses from purchasers and lessees of new 2016 model-year vehicles sold in the U.S. market. J.D. Power received more than 80,000 surveys from vehic

June 23, 2016

Bosch Korea says diesel engine is ‘very clean, eco-friendly’

Robert Bosch Korea’s chief has spoken up to defend diesel cars from mounting criticism that their engines are the main culprit for fine dust emissions that worsen air quality here.“Based on today’s technologies as well as (what) Bosch is offering, we do believe diesel is very clean and (used in) eco-friendly engines and (it) is also meeting emission standards,” Frank Schaefers, the head of the German engineering company’s Korean unit, said during a news conference in Seoul on Thursday.  Frank Sc

June 23, 2016

VW offers apology with no mention of Korea

[THE INVESTOR] Volkswagen held its first annual shareholders meeting in Hanover, Germany, on June 22 (local time), the first in nine months since it became embroiled in the emissions rigging scandal.While the senior management and directors apologized and explained its ongoing recall plans in Germany and the US, there were no mention of compensatory measures for victims from other countries, including Korea, where 125,522 units were affected. “On behalf of the Volkswagen Group and everyone who w

June 23, 2016

Hyundai’s i30 compact Australia’s best-selling car for 3 months in row

[THE INVESTOR]  Hyundai Motor’s i30 compact maintained it spot as Australia’s best-selling vehicle for the third consecutive month in May, government data showed. The data compiled by Australia’s Federal Chamber of Automotive Industries showed that South Korea’s top automaker sold 3,771 units of its i30 compact in Australia in May, up 126 percent from a year earlier.                                                               i30Toyota Motor’s Hilux took the second place with sales of 3,675 un

June 23, 2016