Niro EV, Benz’s EQ lineup unveiled at Jeju EV expo

SEOGWIPO, Jeju Island -- From electrified ultra-mini cars to luxury plug-in hybrids, next-generation green vehicles gathered for a five-day expo designed to promote market growth as well as the global image of Jeju Island as a carbon-free island.The fifth annual International Electric Vehicle Expo kicked off Wednesday at Jeju Convention Center, with more than 150 carmakers and parts and battery manufacturers participating.Seeking to diversify expo programs, organizers opened their doors to plug-

May 2, 2018

Expansion of leasing market crucial for EV growth: experts

SEOGWIPO, Jeju Island -- To foster larger growth of electric vehicles, new business models must be cultivated, such as by expanding the leasing market as an alternative to diminishing subsidies and tax benefits, experts gathered for an international forum on green cars pointed out.Tax reductions and incentives have driven the growth of electric vehicles around the world. But authorities phasing out such benefits have nearly “killed the market,” and inconsistent tax policy on electric vehicles ha

May 2, 2018

Asiana opens direct Seoul-Venice flights

Asiana Airlines, the country’s second-largest air carrier, has launched a direct air route to Italy’s Venice that operates three times a week, marking the first case among East Asian airlines, according to company officials.A launch ceremony took place Tuesday at the presence of Asiana Airlines CEO Kim Soo-cheon and other officials at Incheon International Airport Terminal 1, the company said.Venice is the local carrier’s sixth direct European destination following Frankfurt, London, Paris, Ista

May 1, 2018

Jeju expo to present long-range EVs, seek global partnership

Businesses, experts and government representatives from around the world will gather on the nation’s southern resort island of Jeju this week to discuss the future of electric vehicles and seek global partnership for universal standardization.The fifth annual International Electric Vehicle Expo kicks off Wednesday through Sunday at Jeju Convention Center, presenting evolving technologies of green vehicles and new business opportunities for participants, the organizers said Monday.“This year’s ex

April 30, 2018

GM CFO says S. Korean unit to turn around next year

General Motors Co.'s Chief Financial Officer Chuck Stevens said the agreement reached last week by the carmaker's South Korean unit will lay the foundation for a turnaround next year, GM Korea Co. said Monday. In a conference call to talk about its first-quarter results, Stevens said GM Korea will be able to reduce costs by $400-$500 million a year by shutting down one of four car assembly plants in Korea and reorganizing the overall workforce.He said GM Korea, under a package of restructuring m

April 30, 2018

[Feature] Middle-aged riders reduce Korea's stigma of motorcycles

Yangpyeong rest area on the outskirts of Seoul bustles with middle-aged male and female bikers amicably conversing with each other as they prepare for the next leg of the ride. It is a scene quite new for South Korea where perceptions toward bikers had been foreign, if not only associated with the young and the restless.Motorcycles, commonly thought of as a means of transportation for deliverymen in Korea, have mostly been considered a mere nuisance in heavy traffic with their zigzagging maneuve

April 29, 2018

Hyundai to cancel $892m shares to improve shareholder value

Hyundai Motor, South Korea’s No. 1 automotive company, shared plans to cancel 8.65 million shares of its stock, which equates to 960 billion won ($892.8 million), in a bid to restore shareholder value, the company said Friday. This is the first time in 14 years that Hyundai has cancelled shares. In 2004 it cancelled 1.2 million shares. (Yonhap)Hyundai disclosed through DART that it would cancel 4.41 million common stock and 1.28 million preferred stock it currently owns on July 27, and retire 2.

April 27, 2018

After spinoff, Hyundai Mobis to focus on future mobility, M&As

Amid market concerns of Hyundai Mobis’ share value declining over a corporate governance reform drive that plans to spin off its lucrative after-sales business, the auto parts maker said Thursday it will invest heavily into future mobility technology and seek mergers and acquisitions opportunities overseas.While setting its annual growth rate at 8 percent, the company said it will reach 44 trillion won ($40.7 billion) in sales by 2025 from the estimated 25 trillion won for this year.A quarter of

April 26, 2018

GM, Seoul government agree to invest $7.1 billion in local unit

US auto giant General Motors and the Seoul government agreed to inject a combined $7.1 billion to save the ailing local unit, the company said Thursday.GM has also agreed to sustain operations here for over 10 years, and grant the state-run Korea Development Bank veto rights.GM will conduct a $2.7 billion debt-equity swap on GM Korea on top of $4.4 billion investments here, while KDB will take part by investing 800 billion won, according to the share ratio.GM President Dan Ammann (left) speaks d

April 26, 2018

GM expedites negotiation ahead of Q1 2018 earnings conference call

Two days since GM Korea and the union narrowly avoided court protection, GM headquarters is speeding up its push to reach an agreement with the South Korean government for funds, in a bid to complete negotiations before Thursday evening, when its first quarter earnings conference call will be made.GM has reportedly, for the most part, agreed to accept the government’s request to stay in Korea for over 10 years along with reviving the state-run Korea Development Bank’s veto rights.KDB is GM Korea

April 25, 2018

What’s behind Elliott’s demand on Hyundai Motor?

Less than a month after Hyundai Motor Group received a letter of congratulations from Elliott Advisors on its corporate governance reform plan, another letter arrived at the South Korean carmaker on Monday evening, demanding plan B. Via its subsidy in Hong Kong, the US activist hedge funds said the nation’s second-largest conglomerate should merge Hyundai Motor and its parts making affiliate Hyundai Mobis, and ditch its plan of spinning off Mobis’ module manufacturing and after-sales parts busin

April 24, 2018

SK E&C expands globally as advanced developer

SK Engineering & Construction is strengthening its position as a leading global developer on a series of successful contracts overseas, with the latest one from Kazakhstan, the company said Tuesday.Amid intensifying competition in the market, SK Engineering & Construction is gradually transferring its business from the traditional engineering, procurement, and construction-centered to taking on an advanced role as a developer for sustainable growth and higher profitability.Since the early 2000s,

April 24, 2018

KDB, GM set to sign initial funding deal for US carmaker's Korean unit this week

General Motors Corp. and the state-run Korea Development Bank, the two biggest shareholders of GM Korea Co., are set to sign an initial funding agreement this week to help GM's Korean unit stay afloat, the two companies said Tuesday. The KDB is expected to sign a preliminary agreement with GM by Friday to extend a fresh loan worth 500 billion won ($464 million) to GM Korea, a KDB official told Yonhap News Agency over the phone. GM is also expected to sign on to the funding deal with the KDB late

April 24, 2018

GM Korea, union reach tentative deal, avoids court protection

GM Korea and the labor union reached a dramatic agreement just an hour before the extended deadline on Monday afternoon, narrowly escaping court receivership and taking a step toward restructuring the local unit.Although the carmaker has avoided “the worst,” hurdles lie ahead in the coming days with GM headquarters and the government calling on each other to bring viable support programs. After the prolonged standoff due to conflicting stances on job security of 680 workers at Gunsan factory, th

April 23, 2018

Fate of GM Korea hangs in balance despite new deadline

Despite the new deadline set to give the labor and the management of GM Korea a second chance to restart, the fate of the nation‘s third-largest carmaker was still in the dark Sunday as the two failed to narrow differences. The two parties had failed to narrow down differences in job security of 680 workers remaining at the Gunsan plant during the previous wage talks last Friday, the initial deadline. The company‘s board of directors are expected to vote on court receivership on the new deadline

April 22, 2018

FTC chief calls Hyundai Motor’s reform plan ‘most desirable’

A plan by South Korean auto giant Hyundai Motor Group to spin off and merge affiliates as part of its corporate governance reform drive, is “the most desirable” case for conglomerates here attempting voluntary restructuring method under state pressure, the head of antitrust watchdog said.In a meeting with foreign press in Seoul on Friday, Kim Sang-jo, chairman of the Fair Trade Commission said the carmaker’s announcement of the owner family paying 1 trillion won ($935 million) came “unexpectedly

April 22, 2018

Hyundai Motor affiliates to add more overseas engineers

Hyundai Motor Group's three major affiliates are looking overseas to hire from a pool of international talent as the South Korean conglomerate moves to strengthen its engineering workforce, the conglomerate said Friday.The three affiliates are Hyundai Motor Co., Hyundai Mobis Co. and Hyundai Steel Co. Hyundai Mobis is the country's biggest auto parts manufacturer and focuses on developing future vehicle technologies.  (Hyundai Motor)The world's fifth-biggest automaking group plans to hold the 8t

April 20, 2018

Hyundai Mobis to self-develop autonomous driving tech in US, Korea, Germany

Hyundai Mobis, the auto parts making unit of Hyundai Motor Group, will start developing level-3 and 4 self-driving systems through its autonomous vehicle dubbed M.Billy in the US later this month, followed by Korea and Germany, the company said Thursday.The company’s latest move is aimed at taking the lead in bolstering future mobility technology with the firm’s enhanced role in the move upon Hyundai Motor Group’s structural overhaul last month.M.Billy will contain 25 sensors self-developed by M

April 19, 2018

Renault Samsung Motor’s SM6 boasts premium options

Renault Samsung Motor, the South Korean unit of French carmaker Renault, said Thursday its popular SM6 midsize sedans come with various premium options drivers can choose from, giving it a competitive edge in the segment.“Due to size and price it is appropriate to offer a variety of options for midsize sedans, which are mostly used as family cars or for business purposes. Owners of SM6 can install different high-tech and sophisticated options,“ the company said. Renault Samsung Motor‘s 2019 mode

April 19, 2018

Hyundai overtakes BMW in Europe, Kia sales also grow

The number of cars South Korean auto giants Hyundai and Kia sold in Europe grew last month despite declining auto sales in the region, data showed Thursday.According to the European Automobile Manufacturers Association, the number of newly registered cars in March fell 5.3 percent on-year, falling for the first time since 2014. Hyundai Motor, meanwhile, sold a total of 60,663 units, a 3.6 percent increase from the same month last year. Its sister company Kia Motors sold 56,725 units, a 4.8 perce

April 19, 2018