Hyundai Mobis to invest W5.5b in Chinese AI startup

South Korean auto part maker Hyundai Mobis will invest 5.5 billion won ($4.86 million) in DeepGlint, a Chinese startup developing 3D image analysis and pattern recognition technologies.The company is a leader in the fields of security monitoring and business analysis, and has developed facial recognition technology that can identify a single person out of 1 billion people from a distance of 50 meters. (Yonhap)Mobis’ investment in DeepGlint is aimed at securing technologies for recognizing in-veh

March 13, 2019

[Behind the Wheel] The all-new QX50: An elegant ride powered by a smart turbo engine

The 2017 model of Nissan’s luxury crossover Infiniti QX50 drew frequent comparisons to its rivals, Mercedes-Benz’s GLC and BMW’s X3. Mercedes-Benz sold 5,717 GLC vehicles in South Korea in 2018 and BMW sold 2,304 X3s -- far outpacing Nissan, which sold only 27 QX50s so soon after its launch.But it is too early to say that the Infiniti QX50 is lagging behind, because after a one-year hiatus the all-new QX50 is here, having undergone an impressive transformation. The new QX50 differs significantly

March 11, 2019

Kia Motors considers halting operations of plant in China

Kia Motors Corp., South Korea's No. 2 auto maker by sales, said Sunday that it is considering halting operations of one of its plants in China amid weak sales.The suspension of operations at one of its plants in Yancheng in eastern Jiangsu province is under review to secure production efficiency and profitability, the company said.The Yancheng Plant 1 has a production capacity of 140,000 units per year. Combined with two other plants in the city, they produce 890,000 units a year with some 6,500

March 10, 2019

Glass Lewis backs Hyundai Motor against Elliott in dispute over dividends

US proxy adviser Glass Lewis has stepped up its support for Hyundai Motor Group in its battle against Elliott over the issue of dividend payouts, officials said Sunday.While urging shareholders to vote against Elliott’s dividend proposal, the adviser also favored the three nonexecutive director nominees selected by the carmaker and opposed those picked by Elliott. (Yonhap)“We are reluctant to recommend shareholder support for such a large one-time dividend payout,” Glass Lewis said in a report,

March 10, 2019

Hyundai Motor turns to joint development for GBC construction

Hyundai Motor Group is expected to construct its new headquarters in southern Seoul, dubbed the Global Business Center, in partnership with external investors, a deviation from the original plan of completing it on its own. According to industry officials, Hyundai Motor Group has been contacting domestic and overseas investors to seek joint development of GBC, amid its move to save construction amount worth 3.7 trillion won and invest more on its future business growth. Last month, the automotiv

March 10, 2019

GM Korea says development of subcompact SUV, new CUV will continue as planned

GM Korea, the South Korean unit of General Motors, said Friday that it remains committed to its plans to develop and manufacture its new subcompact sport utility vehicle and crossover utility vehicle in Korea.The statement came in response to a local news report claiming that GM Technical Center Korea would retain rights over the new CUV but would transfer global engineering rights over the subcompact SUV to China. This would mean that the new SUV model is unlikely to be manufactured in Korea as

March 8, 2019

Hyundai Motor scaling back operations in China

With sales of vehicles in China plummeting sharply since 2017, South Korean auto giant Hyundai Motor said Thursday that it was considering suspending operations at its manufacturing plant in Beijing.Plans to suspend Hyundai Plant No. 1 are under review because the production rate has plunged to 50 percent. The carmaker’s Beijing office has already relocated or slashed 2,000 workers as part of a restructuring process.  (Yonhap)But the suspension of the plant would not mean a shutdown, it said. Hy

March 7, 2019

Posco drops bid for EV parts maker

South Korean steel giant Posco said Thursday it has decided not to pursue the acquisition of a local electric vehicle parts maker, saying that it does not fit into its battery business.The company was eyeing KCFT, formerly known as LS Mtron, which manufactures copper foils and flexible copper clad laminates for lithium-ion batteries. “For expanding our secondary battery business, we had reviewed (the feasibility) of acquiring the copper foil maker, but decided not to pursue the case anymore beca

March 7, 2019

Kia’s Niro comes back with bolder look, new features

Niro, Kia Motors’ environment-friendly sports utility vehicle launched in 2016, made a comeback Thursday, featuring a new driving assistance system and upgraded design with bold, futuristic feels.The New Niro’s new safety features include Kia’s driving assistance program brand Drive Wise. It was developed by the automaker to offer options including stop-and-go capability for the adaptive cruise control and lane-keeping assist functions.Kia said the lane following assist function will work on all

March 7, 2019

Hyundai unveils revamped Sonata with ‘smart’ engine

Hyundai Motor unveiled the eighth-generation new Sonata on Wednesday with drastic design changes and a “smart” engine.The Korean automaker said the new Sonata’s design, dubbed Sensuous Sportiness, was inspired by last year’s Le Fil Rouge concept that was first unveiled during the Geneva Motor Show. The new Sonata (Hyundai Motor)The new Sonata’s change can be recognized from its exterior design, the carmaker said, which has adopted a coupe-like frame, sloping roofline and low deck lid to make the

March 6, 2019

Volvo’s V60 Cross Country lands in Korea

Volvo Korea launched its new crossover V60 in Korea on Tuesday as its first market in Asia, with the aim of continuing its popularity along with its best-selling XC60.Amid increasing demand for SUVs, Volvo Korea said its new V60 Cross Country -- which combines the comfort of driving a sedan and the driving performance of an SUV -- was built based on the module platform called Scalable Product Architecture.  The V6 Cross Country (Volvo Korea)The second-generation Cross Country V60 is now 74 milli

March 5, 2019

Hyundai Motor unveils smartphone-based digital keys

In response to the increasing popularity of car sharing, Hyundai Motor and Kia Motors announced Monday the development of a smartphone-based digital key that allows multiple users to start, operate and control a single vehicle with smartphones.The newly developed technology allows users to access vehicles without the need for a smart key. The digital key installed in a smartphone allows the driver total access to the car, and the feature will be implemented in upcoming car models, the company sa

March 4, 2019

Market share of eco-friendly cars jumped to 8.2% last year

The share of environment-friendly vehicles jumped to 8.2 percent of South Korea's passenger car market last year on government subsidies and changing consumer appetite, a car industry association said Sunday. In 2018, the number of environment-friendly vehicles, such as hybrid electric, all-electric and hydrogen fuel-cell electric models, reached 124,979 units, jumping 26 percent from a year earlier, the Korea Automobile Manufacturers Association said in a statement.  (Yonhap)The 8.2-percent sha

March 3, 2019

Hyundai, Kia to recall 500,000 US cars over fire risk

South Korean automaker Hyundai Motor and its sibling company Kia Motors said they decided to recall around 534,000 vehicles in the US after discovering a risk of engine fires.The company said it was recalling 378,000 Kia Soul vehicles produced from 2012 to 2016, as high exhaust gas temperatures may damage the catalytic converter, which could then cause abnormal combustion that could damage the piston and connecting rod and eventually lead to oil leaks. Some 155,000 2011-2013 Tucson vehicles and

March 1, 2019

[Newsmaker] Chung Euisun steps up to take full-fledged control of Hyundai Motor

In September, when Hyundai Motor heir apparent Chung Euisun was promoted from vice chairman to executive vice chairman, the group was still cautious about acknowledging him as the official new leader of the auto giant, which has been run by his father Chung Mong-koo for over the past two decades. But from next month, he is expected to take on more responsibility at the sprawling group of 56 companies, as a co-CEO of the group along with his 82-year-old father, who has not appeared in public

Feb. 27, 2019

[Photo News] Brand new Korando

 (Yonhap)SsangYong Motor President Choi Johng-sik (second from left) poses at an unveiling ceremony for the new Korando in Incheon, Tuesday. The new Korando comes four years after the company injected 350 billion won ($313 million) to roll out new model after the previous Korando C model, which was launched eight years ago. Choi said during a press conference that the company aims to bring Korando as one of company’s popular SUVs along with its Tivoli and Rexton.By Kim Da-sol (ddd@heraldcorp.com

Feb. 26, 2019

[Behind the Wheel] New Peugeot 508 offers French chic to Korean drivers

France’s Peugeot may be less ubiquitous on the streets of South Korea compared to other rival imported brands from Germany or Japan. But the new Peugeot 508’s stylish look and premium feel are gaining popularity among drivers who want a less common and sleek design that can grab attention on roads filled with large SUVs. New Peugeot 506 (Peugeot)During a two-hour drive on Hallasan in Jeju, the new Peugeot 508 proved itself to be an adventurous sedan with urban French chicness. The vehicle was sm

Feb. 24, 2019

[Photo News] Tada to launch premium cab service, invites taxi drivers to join

Socar CEO Lee Jae-woong (Yonhap)Socar CEO Lee Jae-woong introduces the launch of a premium cab service version of Tada set for April, at a press conference in Seoul on Friday. Based on the rapid growth of the rental van-hailing service since last year, Lee said Tada Premium will invite taxi drivers and companies to join them in providing the premium cab service, starting with 100 vehicles for Seoul, to be expanded to 1,000 nationwide by the year’s end. Tada, which operates within the legal realm

Feb. 21, 2019

Kia Motors joins hands with JYP for new advertising strategy

KIA Motors has reached out to the K-pop industry, this time collaborating with JYP Entertainment’s rising new girl group ITZY in a music video.Kia Motors revealed on Thursday a behind-the-scenes video for ITZY’s debut music video, titled “Dalla Dalla,” featuring its new box car the Soul Booster. Members of ITZY stand in front of Kia Motors’ Soul Booster, featured in their debut music video, “Dalla Dalla." (Kia Motors)This is not the first time Kia Motors has partnered with a K-pop group. It is c

Feb. 21, 2019

Rolls-Royce opens world’s first boutique showroom in Seoul

British luxury carmaker Rolls-Royce opened a boutique showroom in Seoul on Wednesday -- its first anywhere in the world -- pledging to provide “ultimate quality control” for the luxury cars by complying with the amended Automobile Management Act, also known as South Korea’s “lemon law.”“It is our responsibility as a pinnacle luxury brand to reassure our South Korean customers that we would stand by our promise of ultimate quality, ultimate quality control, and of course attention to detail,” sai

Feb. 20, 2019