Hyundai Motor to supply hydrogen buses to defense ministry

Hyundai Motor Co. said Tuesday that it will supply 10 hydrogen buses to South Korea's defense ministry by next year. Under an initial agreement with the ministry, Hyundai Motor also said it will build a hydrogen charging station at a military training facility in the central city of Daejeon. The move comes as South Korea is pushing to use hydrogen as the main source of energy for cars instead of fossil fuel. Carmakers have been racing to go eco-friendly amid tightened regulations on emission

June 16, 2020

Will cargo traffic save embattled air carriers?

South Korean air carriers are opening more international routes from July -- suspended over the COVID-19 pandemic since March -- by focusing on recovering cargo volumes instead of depending on bleak passenger demand, according to industry sources Monday. According to Korean Air, it plans to resume Incheon-Dallas and Incheon-Vienna routes from July.  The company said it will also increase the number of routes to destinations in the US and Europe, including to Los Angeles, San Francisco, A

June 15, 2020

Asiana to expand capital with additional shares, bonds

Asiana Airlines held an extraordinary shareholders meeting Monday, and voted to raise capital by increasing shares and issuing convertible bonds. The South Korean flag carrier put to a vote its decision to revise its articles of association, calling for an increase in the total number of issued shares and a higher limit on CBs. The amendment was passed with the approval of all shareholders present. With the shareholders’ approval, Asiana will increase the total number of its shares to 1

June 15, 2020

DSME turns to tech to ensure distancing at shipbuilding site

Daewoo Shipbuilding & Marine Engineering said Monday it is applying domestically developed technologies at its shipbuilding sites to reduce person-to-person contact amid the coronavirus pandemic. The shipbuilder said it recently completed testing liquefied natural gas carriers by utilizing its own remote maintenance support system called DS4 AR Support. Its pilot tests were successful, which were done with engineers from overseas via an online application.  This system combines au

June 15, 2020

Mahindra hints at giving up on SsangYong Motor amid COVID-19 losses

Mahindra & Mahindra, the Indian automaker that owns a 75 percent stake in SsangYong Motor, has hinted at giving up control of the struggling South Korean automaker amid snowballing losses from COVID-19, industry sources said Sunday.  Mahindra’s Managing Director Pawan Goenka reportedly told reporters last week that “SsangYong Motor needs a new investor. We are working with the company to see if we can secure investment.” Goenka, who is also the chairman of SsangYong

June 14, 2020

Kia Motors suspends 2 plants near capital over coronavirus

Kia Motors Corp., South Korea's second-biggest carmaker by sales, halted its two domestic plants Thursday, as two workers at the plants near the capital were confirmed to have contracted the new coronavirus. The suspension came after the two worker at the plants in Gwangmyeong, just southwest of Seoul, tested positive for COVID-19. South Korean health officials tested workers who came into contact with the virus patients. The test results are due as early as Friday morning. Kia Motors and he

June 11, 2020

Hyundai, GM Korea join government move to support auto parts makers

Local automakers including Hyundai Motor Group and GM Korea have joined hands with the government for guarantee funds to support auto parts makers hit by the COVID-19 pandemic, officials said Thursday. An agreement to the effect was signed in Seoul by the automakers and the Ministry of Transport, Infrastructure and Energy and the Ministry of SMEs and Startups.  Transport Minister Sung Yoon-mo said that the fund would “work as a liquidity supporting net for midsized companies with l

June 11, 2020

Korean Air to extend unpaid leave for flight attendants

Korean Air Lines Co., South Korea's largest airline, said Thursday it will extend unpaid leave for its flight attendants in the latest move to cope with a sharp decline in air travel demand amid the spread of the coronavirus. Korean Air said all flight attendants who have worked for the flag carrier for at least two years can take the unpaid leave for a minimum period of six months and up to one year, beginning on July 1. The latest move comes amid no clear sign of business normalization due

June 11, 2020

Auto exports fall nearly 60% in May amid pandemic

South Korea's auto exports more than halved in May from a year earlier due to falling demand in the face of the new coronavirus pandemic that as infected more than 7 million people, data showed Thursday. Local carmakers shipped 95,400 units of cars overseas last month, down 57.6 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. In terms of value, auto exports also fell 54.1 percent over the period to reach $1.81 billion. In the first

June 11, 2020

Nissan Korea’s last batch of cars with discount sold out in a day

Nissan Korea, which is shutting down its business operations in South Korea from 2021, has sold out the last batch of its cars with discount promotions in a day, market sources said Wednesday. According to industry insiders, Nissan Korea sold its flagship sedan Altima at a 10 million ($8,383) to 13.5 million won cheaper price, while Maxima was priced 14.5 million won lower. They are about 35 percent cheaper than the original prices, which were around 29.1 million won and 45.2 million won, res

June 10, 2020

BMW’s Mini to hold New Mini Countryman World Premier in Korea

BMW Group’s premium compact car brand Mini is hosting the New Mini Countryman’s World Premier event in Yongin, Gyeonggi Province, on June 24, Mini Korea said Wednesday. It is the first time in the Mini’s 60-year history to hold a world premiere in Korea, Mini Korea said.  The company said the Korean market’s geographical and national characteristics suit the Mini brand’s identity.  “BMW Group acknowledges Korea as a market where traditional and m

June 10, 2020

[Behind the Wheel] Renault’s hit model QM3 returns as Captur

Renault Samsung Motors’ subcompact QM3 sport utility vehicle is one of the bestselling vehicles in a passenger car lineup that includes the SM3 and SM6 sedans, and the XM3 and QM6 SUVs. With practicality and pricing having driven a boom in the local market for compact SUVs in recent years, the QM3 has benefited. It has enjoyed great popularity in the seven years since its release.  While the model was popular for its dainty design and high fuel efficiency, it underwent significant

June 10, 2020

Korean Air adopts 'back-to-front' boarding amid virus outbreak

Korean Air Lines Co., South Korea's biggest carrier, said Wednesday it has started boarding passengers from back to front to help stem the potential spread of the new coronavirus. On Wednesday, Korean Air began to apply the back-to-front boarding system on all of its domestic and international routes to minimize contact among passengers, the company said in a statement. Airlines usually have priority boarding for first class and business class passengers instead of having passengers in the la

June 10, 2020

HDC seeks to renegotiate Asiana deal amid pandemic

HDC Hyundai Development on Tuesday said it hopes to renegotiate its deal for acquiring South Korean flag carrier Asiana Airlines given the business turmoil caused by the COVID-19 pandemic. The midsized South Korean builder has requested Asiana’s creditors and its largest shareholder Kumho Industrial to modify the conditions of the takeover. The company said it has not received “sufficient and trustworthy data” about Asiana’s financial status or an explanation for the c

June 9, 2020

Hyundai, Kia EV sales jump 58% in Jan.-May period

Hyundai Motor Co. and its affiliate Kia Motors Corp. said Tuesday their combined electric vehicle sales jumped 58 percent in the January-May period from a year earlier on demand from Europe. Hyundai and Kia sold 40,182 all-electric vehicles in the first five months, up from 25,454 units in the year-ago period, the companies said. Hyundai sells the pure electric Kona subcompact SUV and the Ioniq Electric in global markets, while Kia sells the Niro EV and Soul EV boxcar. "Demand for EVs

June 9, 2020

Hyundai, Kia to extend suspension of S. Korean plants

    Hyundai Motor Co. and its affiliate, Kia Motors Corp., South Korea's two biggest carmakers, said Monday they will extend the suspension of their domestic plants due to disrupted exports amid the new coronavirus outbreak.  Kia will suspend the No. 2 plant in Gwangju, 330 kilometers south of Seoul, from June 25 to 30 as the COVID-19 pandemic continues to drive down overseas demand, a company spokesman said.  The maker of the K5 sedan and the Sorento SUV suspended the No.

June 8, 2020

Hyundai, Kia record highest sedan sales in three years

Hyundai Motor Group said Monday that with the launch of new models and shifting consumer tastes seeking more driving comfort, sales of its sedans recorded a three-year high.  According to South Korea’s largest automaker, sedans accounted for 48.5 percent of total passenger car sales in the January-May period, the highest figure since 2017, when it hit 50.1 percent.  In 2018 and 2019, sedan sales during the first five months accounted for 43.8 percent and 43 percent, respective

June 8, 2020

Hyundai offers W55.7b to help dealerships

Hyundai Motor Group announced Monday that it will provide its sales and auto parts dealerships 55.7 billion won ($46 million) in subsidies to stabilize their operations amid the COVID-19 pandemic. Auto dealerships of its main affiliates -- Hyundai Motor, Kia Motors and Hyundai Mobis -- will be given the subsidies to help them overcome the economic downturn. The size is a 70 percent increase from last year’s funding. Some 1,860 Hyundai Motor and Kia Motors dealerships across the country

June 8, 2020

Volvo Cars Korea offers lifetime warranty, wider service network

Betting big on the South Korean market with a focus on superior customer service, Volvo Cars Korea has introduced a lifetime auto parts warranty here -- the first such guarantee by a carmaker here -- while vowing to increase its network by 25 percent. “The introduction of lifetime warranty will dramatically decrease consumer concerns over the maintenance cost of an imported vehicle, as well as enable them to enjoy the attractive features of our vehicles for a long time,” said Volvo

June 8, 2020

SK Group mulls W94.2b investment in Air Asia

SK Group, South Korea’s third-largest conglomerate by revenue, has been reviewing to invest some 94.2 billion won ($78 million) for a 10 percent stake in Asia’s largest low-cost carrier Air Asia, after the Korean conglomerate was recently approached by the firm, industry sources said Friday.  SK Southeast Asia Investment Corp., the group’s investment arm operating in the region, recently received a proposal from the Malaysian-flagged Air Asia to make an investment for a

June 5, 2020