In contrast with Hyundai Motor, its sister automaker Kia Motors saw its operating profit jump 23.8 percent to 633.6 billion won ($554 million) in the first quarter from the same period last year, boosted by sales in its sport utility vehicle lineup, according to the company Wednesday. Hyundai Motor’s operating profit fell 15.5 percent to 1.34 trillion won on-year in the first quarter, hit by sales drop in China. Kia’s net profit also increased 4.6 percent to 944.6 billion won during the January-

April 27, 2016

Kia Motors, Korea's second-largest automaker, said Wednesday that its first-quarter net profit increased 4.6 percent from a year earlier, driven by strong demand for its SUVs and newly-launched models.Net income came to 944.6 billion won ($822.7 million) during the January-March period compared with a profit of 903.2 billion won a year earlier, the company said in a regulatory filing. (Yonhap)Operating income also jumped 23.8 percent on-year to 633.6 billion won and sales rose 13.2 percent to 12

April 27, 2016

Hyundai Motor Group on Tuesday categorically denied market speculation that it may be interested in buying Hyundai Merchant Marine and Hyundai Heavy Industries, to put the two ailing firms under its umbrella. The automaker has been mentioned in the market as a potential candidate to take over the debt-ridden firms. “The company plans to concentrate on having a competitive edge in the auto sector. We have nothing to do with and have no interest in the shipbuilding and shipping areas,” Yonhap News

April 26, 2016

For Hyundai Motor Group, the month of April has been memorable and pride-filled, with the world’s fifth-largest automaker reaching a milestone in car sales. The combined cumulative sales of the group’s two auto units -- Hyundai Motor and its smaller affiliate Kia Motors -- reached over 100 million units on April 16. It took 54 years for the group to mark the achievement since it began producing cars in 1962. “Hyundai Motor Group is not the first to reach the milestone in the auto industry, but i

April 26, 2016

Hyundai Motor, the nation’s top automaker, said Tuesday that its first-quarter net profit dropped 10.8 percent from a year earlier, affected by weak demand from emerging markets. In a regulatory filing, the automaker reported a net profit of 1.77 trillion won ($1.54 billion) for the January-March period, down from a profit of 1.98 trillion won tallied a year earlier. Hyundai Motor Group headquarters in Seoul (Yonhap)Operating profit also plunged 15.5 percent on-year to 1.34 trillion won over the

April 26, 2016

SOCAR, a local car-sharing service start-up, said Tuesday that BMW’s luxury vehicles are joining its car lineup to meet the growing demand for high-end models among users. The premium lineup, named “TRIGGER,” will include BMW’s 520d sedan and X3 sport utility vehicle models to start services from early May.  SOCAR’s premium lineup image“There have been constant requests for premium and bigger cars from customers,” said Shin Seung-ho, SOCAR’s marketing director. “We will continue marketing activi

April 26, 2016

The chief executive of Renault Samsung Motors, the Korean unit of French automaker Renault S.A., said he expects the company will be able to meet its sales target for the SM6 sedan this year.    Renault Samsung unveiled the SM6, a face-lifted version of Renault's Talisman sedan, in January in the Korean market with the aim of selling 50,000 units this year.                        Renault Samsung CEO Park Dong-hoon (Yonhap)"At first, we aimed to deliver 20,000 units in the first three months. For

April 26, 2016

Audi Volkswagen Korea, the local unit of the German carmaker Volkswagen, will recall 2,473 Touareg sports utility vehicles for a defect in their brake pedals, the Korean transport ministry said Tuesday.A clip may have become dislodged from the pedal bracket, which could lead to a malfunction in the braking system while driving, according to the Ministry of Land, Infrastructure and Transport.The problem has been detected in 2,473 Touareg TDI SUVs produced between Feb. 10, 2011 and Jan. 19, 2016.P

April 26, 2016

Hyundai Motor said Monday that it plans to roll out its first electric sport utility vehicle by 2018. Hyundai’s Namyang R&D Center is currently developing the electric SUVs, which can go up to 320 kilometers on a single charge, nearly double the mileage of sedan-type Ioniq Electric’s 180 kilometers. “It is true that we will launch a new electric SUV,” a company spokesman said.Hyundai Motor vehicles bound for export await shipment at a port near the company’s plant in Ulsan. (The Korea Herald fil

April 25, 2016

Korean automakers will showcase mainly eco-friendly, hybrid and compact vehicles during the Beijing motor show that kicked off Monday, in an effort to capture greater market share in China. Hyundai Motor, the nation’s top carmaker, has unveiled concept car Verna and hybrid vehicle Ioniq at the Beijing International Automobile Exhibition.  Hyundai Motor’s concept Verna (Hyundai Motor)“Verna is a representative model in China’s compact vehicle market with more than 1 million unit sales since its l

April 25, 2016

Hyundai Motor announced Monday its world rally team won the FIA World Rally Championship race in Argentina last week and secured their first win for individual competition this season.It is also the first win for its new generation i20 World Rally Car, according to the company.Hyundai Motor drivers Hayden Paddon (right) and John Kennard celebrate after winning the FIA World Rally Championship race. (Hyundai Motor)“I’m really happy and thrilled to have won the competitive rally in Argentina. I wi

April 25, 2016

A team from Seoul National University is set to unveil a newer and more advanced version of its autonomous car Snuber later this year, joining a global race to develop self-driving cars.Snuber is an app-based self-driving taxi that was unveiled in November and has since been used by college students as a ride-hailing service within the campus -- while also being used as a prototype for its upgraded version. “Snuber has already driven more than 2,000 kilometers on the campus without an accident.

April 24, 2016

BMW’s “The Next 100 Years,” its special edition 7 series. (BMW Korea)CENTENERY CAR – BMW is celebrating its centennial anniversary by rolling out a special edition of the 7 series, named the BMW 7 Series The Next 100 Years. The edition comes in five different models, all of them boasting a unique “centennial blue metallic” color on the exterior and handcrafted badges. The full-size luxury sedan also comes with an exclusive Montblanc fountain pen, marking BMW’s 100th year of history. The special

April 24, 2016

A fourth-generation Prius from Toyota (top) and its body frame. (Toyota Korea)FIVE STARS FOR SAFETY -- Toyota’s fourth-generation Prius got a five-star rating on safety tests for the European New Car Assessment Program. It scored five stars in all areas, which include adult passenger protection, children passenger protection, pedestrian protection and safety assistance. The hybrid electric mid-size hatchback was also awarded “Top Safety Pick+” by the Insurance Institute for Highway Safety in Mar

April 24, 2016

Technicians work on building a Tivoli model. (Ssangyong Motor)PYEONGTAEK, Gyeonggi Province -- The three-car assembly lines of Ssangyong Motor, located in Pyeongtaek, Gyeonggi Province, were bursting with vitality this month, switching away from the pessimism and insecurity that dominated the lines in 2009 when the company conducted mass layoffs after filing for court receivership. Slogans hung on the wall, like “The world is waiting for the wonderful Tivoli!” and “Journey to success with Tivoli

April 24, 2016

Volkswagen’s recent legal settlement with the U.S. government, which is expected to be finalized this June, may affect the final verdict of the class action lawsuit involving VW diesel car owners here, a Korean attorney said Friday. The German carmaker reached a $1 billion deal with the U.S. government, agreeing to offer its scandal-hit diesel car owners in the U.S. buybacks, repairs and compensation. VW emblem. (Bloomberg)Details of the deal are unknown due to the judge’s order to keep the term

April 22, 2016

Foreign automakers in Korea are very thrifty when it comes to local charity donations although they are generous in paying hefty dividends to their major shareholders, market data showed Thursday. The combined dividends of the major foreign automakers was around 83.6 billion won ($73 million) last year while their domestic donations stood at 4.2 billion won, according to their audited financial reports. Among the foreign automakers, Mercedes-Benz Korea paid dividends of 58.5 billion won, Audi Vo

April 21, 2016

Despite the absence in the exhibition hall, the 2016 Busan International Motor Show continues to contact Tesla, the U.S.-based luxury electric vehicle-maker, with intentions of inviting a high-profile official from the automaker in the global spotlight with the recent launch of Model 3, its first mass-market EV model. “Tesla is one of three global automakers that we are striving to invite a speaker for a gala dinner to be held on June 1, one day before the opening,” said Yoo Dong-hyun from BEXCO

April 21, 2016

Three additional Korean owners of major foreign auto brands will file lawsuits against their local units here, demanding they be compensated for unpaid tax refunds, their legal representative said Wednesday.The three owners of the Audi or BMW vehicles will file the suits with the Seoul Central District Court, according to Barun, a local law firm that will represent the customers. The suits are intended to get compensation for what they claim are damages caused by the foreign brands' decision to

April 20, 2016