Preorders for new K8 highest among all Kia sedans

Kia Corp.'s new large sedan, the K8, received a strong response from the domestic market, with first-day preorders setting a record high among its sedan models, the nation's No. 2 carmaker said Wednesday. Kia started receiving orders for the K8, a direct follow-up to the K7, known as the Cadenza in the United States, on Monday ahead of the model's domestic launch slated for early April. Preorders for the K8 reached 18,015 units on the first day, outpacing the K5's preorders of 7,003 units in N

March 24, 2021

Low-cost carriers burdened by high debt on pandemic impact

South Korean low-cost carriers (LCCs) are struggling with high indebtedness stemming from huge deficits due to the coronavirus pandemic, data showed Wednesday. The debt-to-equity ratio of three major LCCs -- Jeju Air Co., Jin Air Co. and T'way Air Co. -- ranged from 430 percent to 517 percent as of the end of 2020, according to their business reports. A key barometer of financial soundness, the ratio is calculated by dividing a company's total liabilities by its stockholders' equity. Jeju Air

March 24, 2021

Kumho Tire to sell rubber processing plant in Vietnam

Kumho Tire said Tuesday it will sell its natural rubber processing plant in Vietnam to focus on its core business. The second-largest tire maker in South Korea said it has struck a deal with a joint venture between Korean automaker Hyundai Motor and Thanh Cong Group of Vietnam to sell its rubber factory. It plans to finalize the deal by May. The company opened the $4 million factory in southeastern Vietnam in 2007, which can supply rubber for 6 million tires a year.  The tire maker has b

March 23, 2021

SsangYong Motor's 2020 financial report rejected by auditor

SsangYong Motor's annual financial report was rejected by its external auditor due to its heavy debt, the cash-strapped automaker said Tuesday. SsangYong Motor, the South Korean unit of Indian carmaker Mahindra & Mahindra, said in a regulatory briefing that Samjong KPMG gave a disclaimer of opinion for its 2020 financial report, questioning its ability to continue its business. The SUV-focused automaker logged 449.4 billion won ($398 million) in operating losses last year, increasing

March 23, 2021

Hyundai, Kia’s RV sales account for over half of sales so far this year

In a company first, recreational vehicles accounted for more than half of Hyundai Motor and Kia Corp.’s annual sales so far this year, the automakers said Sunday. According to the latest sales data, Hyundai Motor sold 87,923 vehicles during the first two months of this year, of which 41,027 units were classified as recreational vehicles, accounting for 46.7 percent. Recreational vehicles by Korean classification are designed for recreational purposes such as camping and include the likes

March 21, 2021

Genesis GV80 SUV earns IIHS top crash safety award

The Genesis GV80 sport utility vehicle earned the highest crash safety rating from the Insurance Institute for Highway Safety (IIHS), Hyundai Motor Co. said Friday. The South Korean carmaker produces the luxury SUV and high-end sedans under its independent Genesis brand. The IIHS has added its own seal of approval to the GV80 only a few weeks after golf great Tiger Woods unintentionally put the flagship SUV in the spotlight by demonstrating its crashworthiness. The GV80 earned the Top Safet

March 19, 2021

Volkswagen Passat GT at forefront for ‘democratization’ of imported car market

With advanced driver assistance systems and a great price, Volkswagen’s Passat GT stands as the flagship model leading the “democratization” of the imported car market, Volkswagen Korea said Wednesday. The German automaker said the newest model of the eighth-generation Passat GT is a reasonable choice for those looking for a sedan with good value, available at lower prices than its rivals, but not missing out on the latest technologies. In 2018, Volkswagen Korea set a goal

March 17, 2021

Kumho Tire’s Ecsta HS51 receives top award in summer tire test by Auto Bild

Kumho Tire’s best-selling tire Ecsta HS51 ranked No. 1 in the latest contest for summer tires, and gained an “Exemplary” rating by Auto Bild, the company said Wednesday. Auto Bild, a renowned German publication, recently compared dry and wet braking performances of 53 summer tires sold in Europe. There, Ecsta HS51, which is Kumho’s best-selling model in the European market, was awarded the first place, beating rivals such as Michelin, Continental and Bridgestone, Kum

March 17, 2021

Daewoo Shipbuilding delivers submarine to Indonesia

Daewoo Shipbuilding & Marine Engineering Co. said Wednesday it has successfully delivered a submarine to Indonesia. The 1,400-ton submarine was the third of three submarines that Daewoo Shipbuilding won in a deal worth $1.1 billion in 2011, the shipbuilder said. The 61-meter-long submarine, named ALUGORO, was based on Daewoo Shipbuilding's first-built submarine, the Jangbogo, the company said. The submarine was built in pieces at Okpo shipyard of Daewoo Shipbuilding in Geoje Island, about

March 17, 2021

Hyundai, Kia's plant utilization rate below 80% in 2020

Hyundai Motor Co. and affiliate Kia Corp. said Wednesday their combined global plant utilization rate stayed below 80 percent due to an extended coronavirus pandemic. Hyundai Motor's overall plant utilization rate stood at 84.1 percent and Kia's stood at 74.5 percent in 2020 as the pandemic affected vehicle production and sales, according to their 2020 business reports. Hyundai's and Kia's rates fell from 99.7 percent and 89.2 percent, respectively, in 2019, the annual data showed. In particu

March 17, 2021

T'way Air to add 3 A330-300s for post-pandemic demand

T'way Air, a South Korean low-cost carrier, said Tuesday it will begin introducing three A330-300 chartered planes late this year to prepare for the post coronavirus era. T'way Air plans to inject the three A330-300s into mid- and long-haul international routes to Kyrgyzstan, Australia and Croatia, the company said in a statement. The budget carrier has 27 B737-800 chartered planes and currently serves six international routes and six domestic routes. It served 47 international and three domes

March 16, 2021

Jaguar Land Rover Korea to launch 4 new models in 2021

Jaguar Land Rover Korea will launch four new models to strengthen its product portfolio and lower the prices of the cars to meet consumer demands, the company’s managing director said in a press conference on Monday. Speaking to the media here for the first time since his appointment in October 2020, Robin Colgan laid out his 4P strategy to strengthen the company’s foothold in the market, and reiterated the automotive group’s global roadmap focused on electrification. 　 Thi

March 15, 2021

Investigation launched after Jeju Air flies with a damaged winglet

Low cost carrier Jeju Air is under investigation by the Transport Ministry after it was found to have flown one of its planes with a damaged winglet last week. The airline’s 7C264 flight, which left Gimpo Airport on Wednesday morning, attempted landing on the runway at Gimhae International Airport in the afternoon. During the landing, the plane tilted to one side and the plane appears to have damaged its winglet during its second attempt at landing, sources close to the matter said on Mo

March 15, 2021

Asiana extends mileage expiration dates amid pandemic

Asiana Airlines Inc., South Korea's second-biggest carrier, said Monday it will extend the expiration dates of its mileage that will expire at the end of this year by one year to 2022 amid the COVID-19 pandemic. Asiana Airlines already extended mileage points due to expire at the end of 2020 by one year to 2021 as travel demand dried up due to the pandemic. In January, its bigger rival Korean Air Lines Co. said it will extend mileage points that expired at end-2020 and mileage that expires at

March 15, 2021

Hanjin Transportation to buy back w20b of its shares

Hanjin Transportation Co., a South Korean logistics company, said Friday it will buy back 20 billion won ($17.7 million) worth of its shares to improve shareholder value. Hanjin's board of directors approved the plan to buy its shares for six months ending on Sept. 12, the company said. Hanjin said the company made the decision as its shares were believed to be undervalued despite its robust earnings last year. "The parcel delivery business improved profitability thanks to a sharp hike i

March 12, 2021

Korean Air raises w3.3tr in share sale for Asiana takeover

Korean Air Lines Co., South Korea's biggest carrier, said Thursday it has raised 3.3 trillion won ($3 billion) in a share sale for its planned acquisition of smaller rival Asiana Airlines Inc. Korean Air issued 173.6 million shares at 19,100 won per share, which is lower than the closing price of 27,400 won Wednesday, the company said in a regulatory filing. The national flag carrier plans to list the shares on the Korea Exchange on March 24, it said.   Out of the rights issue pro

March 11, 2021

Hyundai teases all-new minivan Staria

Hyundai Motor Co. on Thursday released a teaser for the all-new minivan Staria ahead of its domestic launch in the first half of this year. The seven-seat multipurpose vehicle will replace the Starex minivan, a company spokesman said. Hyundai expects the Staria will help boost sales due to increasing outdoor activities amid the extended coronavirus pandemic. Prices and other details about the new Staria will be released later, he said. (Yonhap)

March 11, 2021

Hyundai Motor’s Kona N teased, appears to have sharper look

Hyundai Motor released teaser images of Kona N, its first performance-oriented sports utility model, on Wednesday. Kona N, the second variation of the automaker’s high-performance N brand to be launched in South Korea, is based on Hyundai’s Kona, which launched in September 2020. It is the second model in the N series in South Korea, after the Veloster N. Hyundai’s i30 hatchback also has an N variant, but it has not been released in the Korean market. In the teaser, Kona

March 10, 2021

Kia to recall 380,000 Sportage, K7 models in US for fire risk

Kia Corp., South Korea's second-biggest carmaker, said Wednesday it will recall nearly 380,000 Sportage SUVs and K7 sedans in the United States due to the risks of an engine compartment fire. In documents sent to the National Highway Traffic Safety Administration (NHTSA), Kia said it will recall 372,251 Sportage SUVs for the 2017 through 2021 model years and 7,680 K7s from 2017-2019 to fix a potential short circuit problem in the vehicles' hydraulic electronic brake control unit. The K7 is sol

March 10, 2021

Kia teases 1st EV platform-based EV6

Kia Corp. on Tuesday released a teaser for the EV6, its first dedicated all-electric model built on Hyundai Motor Group's EV platform, ahead of its global unveiling later this month. Kia plans to launch seven all-electric models by 2027, and the EV6 is the first model of the planned EV-only lineup, the company said in a statement. The EV6 is based on the group's own Electric-Global Modular Platform (E-GMP) and developed under Kia's new design philosophy that embodies its shifting focus towar

March 9, 2021