Volkswagen Korea to introduce 5 new models this year

Volkswagen Korea, the local unit of the German carmaker, has introduced its new lineup for 2018 -- three sedans and two sport utility vehicles -- seeking to regain its No. 3 position in the imported car market, the company said Wednesday.The five models are: the new Tiguan midsize SUV, Tiguan Allspace, Arteon four-door coupe, Passat midsize sedan and Passat GT.“The all new model lineup is made up of sedans and SUVs, based on high customer demand in the market,” said Volkswagen Korea Managing Dir

April 18, 2018

FCA Korea releases new Cherokee, maps out Jeep-centered strategy

Fiat Chrysler Automobiles Korea rolled out a face-lifted version of the Jeep Cherokee midsize sport utility vehicle for the first time in four years, in line with the starting point of its business strategy to focus on the Jeep SUV brand, the company said Tuesday.“We will focus all efforts on selling SUVs through Jeep. This year we will change 90 percent of our network to Jeep-exclusive showrooms” emphasized Pablo Rosso, president of FCA Korea, in a media event held at the first Jeep showroom in

April 17, 2018

Jaguar rolls out E-Pace, heating up competition for compact SUVs

Sparking competition in the imported compact sport utility vehicle market, Jaguar Land Rover Korea, the local importer and distributor of the UK-based carmaker, released its first compact SUV E-Pace here on Monday. Jaguar highlighted that the five-seater four-wheel SUV preserves the dynamic design and driving performance of its flagship sports car F-Type.The leaders in the imported compact SUV market in Korea are the Mercedes-Benz GLA, Land Rover Evoque and BMW Mini Countryman. Volvo Korea is al

April 16, 2018

GM steps up pressure, hints at withdrawing debt-equity swap

With the due date for GM Korea to reach a consensus with its labor union approaching on Friday, the GM headquarters and the government remain deadlocked over ways to deal with the local unit’s 3 trillion won ($2.7 billion) loan.US-based auto giant General Motors has turned down the government’s request for a selective capital reduction and instead intensified pressure, hinting at the possibility of withdrawing plans for a debt-equity swap. During a meeting with the state-run Korea Development Ba

April 15, 2018

Hyundai Motor to invite 32 soccer fans to upcoming World Cup

Hyundai Motor, South Korea’s No. 1 automotive company, has launched a global campaign dubbed “Hyundai World Football Heritage” in celebration of the upcoming World Cup in Russia this summer, the company said Sunday.Soccer fans can win tickets to World Cup games by posting a picture or video introducing cheering cultures unique to their country on the official website, worldcup.hyundai.com, or on their social media accounts with the hashtag #myfootballheritage until May 13.As the official sponsor

April 15, 2018

GM hints at withdrawing debt-for-equity swap plan for S. Korean unit

US automobile giant General Motors Co. hinted at possible willingness to withdraw the planned debt-for-equity swap for GM Korea Co., in an apparent bid to induce the state creditor to pump more cash into the financially-troubled South Korean unit, industry sources said Sunday.According to the sources, GM Executive Vice President Barry Engle met officials from the Korea Development Bank (KDB), the second-biggest shareholder, on Friday, and suggested a plan for the US headquarters to give loans to

April 15, 2018

Tesla, Feds clash over release of fatal crash information

DETROIT -— Federal investigators say they have booted electric car maker Tesla Inc. from a group that’s investigating a fatal crash in California that involved an SUV using the company’s Autopilot system.The National Transportation Safety Board said it removed Tesla as a party to the investigation after the company prematurely made information public.“Tesla violated the party agreement by releasing investigative information before it was vetted and confirmed by the NTSB,” the agency said in a st

April 13, 2018

Electrified Kona, Jaguar debut in Korea’s sizzling EV market

South Korean auto giant Hyundai Motor unveiled the world’s first electrified compact SUV on Thursday at an exhibition in Seoul to highlight the growing interests in electric vehicles here.Named Kona Electric, the latest green vehicle by Hyundai is certified by the Seoul government to drive 406 kilometers per charge, more than the 390 kilometers range the carmaker had expected when it started to receive preorders, the company said.The vehicle was debuting at the exhibition hosted by the Ministry

April 12, 2018

Hyundai Mobis opens Korea’s first auto parts design center

Hyundai Mobis, the auto parts making unit of Hyundai Motor, opened Korea’s first auto parts design research center called the “Design Model Workshop” earlier this month to bolster design competitiveness, the company said Thursday.Equipped with cutting-edge facilities, such as a clay model maker and powder-based 3D printer, the company said it hopes to design auto parts that can harmonize with automobiles.“We believe Hyundai Mobis will gain an upper hand in competition against other global auto p

April 12, 2018

GM Korea applies for foreign investment zone designation

The Korean unit of General Motors Co. has asked the government to designate its factory sites as foreign investment zones that would make the automaker eligible for up to seven years of special benefits that can help with its turnaround plan, the commerce ministry here said Thursday.The Ministry of Trade, Industry and Energy said GM Korea has submitted applications for factories in Bupyeong, west of Seoul, and in Changwon, on the nation's southeast. GM Korea made the request to the Korean govern

April 12, 2018

Volvo Trucks Korea launches semi-large trucks, completes product portfolio

PYEONGTAEK, Gyeonggi Province-- Volvo Trucks Korea, the No. 1 commercial vehicle importer by sales, rolled out two models of the FE cargo series seeking to target customers searching for mid-to-large trucks as demand in the local logistics market continues to diversify, the company said Tuesday.The 9.5 ton 6x4 cargo designed to transport big volumes, and a smaller 5 ton 4x2 truck for delivering freight in the city are the first-ever semi-large size trucks introduced here.“We have launched the FE

April 10, 2018

[Behind the Wheel] New S560, optimal choice for CEOs

At first sight, Mercedes-Benz’s new S560 seems to be too big and too old-fashioned. The long-bodied sedan requires drivers to pay careful attention when navigating the narrow streets and maze-like parking lots of Seoul. But don’t be disturbed. Once you get your hands on the mahogany wood grip of the steering wheel, this ponderous vehicle feels as light as a feather.The new S560 offers extraordinarily soft movement, but the engine still has power. The 469-horsepower vehicle boasts a 0-100 kilomet

April 9, 2018

GM Korea to pay salary to assembly line workers this month

GM Korea Co., the South Korean unit of General Motors Co., said Monday it will pay monthly salaries to its employees this month despite a liquidity crisis.　In a letter sent to employees, GM Korea President and Chief Executive Kaher Kazem said the company will provide part of the salaries due to its 11,000 assembly line workers on Tuesday and will make efforts to give the remainder before the end of the week, according to a company spokesman.　Some 2,500 office workers receive their monthly salari

April 9, 2018

Mercedes-Benz Korea pays fine for failing to meet green car quota

Mercedes-Benz Korea, the local unit of the German high-end carmaker, has paid a fine after being sued by the Ministry of Environment for failing to comply with a special act that binds carmakers to sell a certain portion of eco-friendly vehicles annually, the ministry said Monday.For the first time ever among local and import automakers, the ministry sued Mercedes-Benz Korea in August last year for failing to meet its annual green car sales quota.“Mercedes-Benz Korea sold roughly 400 units of gr

April 9, 2018

Hyundai, Kia nab 6 prizes at Red Dot Design Award

Hyundai Motor, South Korea’s No. 1 automotive company, and its sister company Kia Motors swept six awards at the Red Dot Design Award this year, the companies said Monday. Arranged by Germany’s Design Zentrum Nordheim Westfalen, the Red Dot Design Award is one of the three most recognized design awards alongside the iF Design Award and IDEA Design Award. Out of the six awards, the two automakers won a combined five awards for transportation design. Five models of Hyundai and Kia that won the tra

April 9, 2018

GM Korea facing serious challenges amid liquidity shortfalls

The South Korean unit of the US auto giant GM Motors is currently facing difficulties paying its workers and subcontract companies as it faces a serious liquidity crunch, industry watchers said Sunday.According to corporate sources, Kaher Kazem, the CEO of GM Korea, recently organized a staff meeting, where he claimed that the company may soon fail to secure funds to pay subcontractors for auto parts, which could lead to the suspension of production for some models. The suspension may induce GM

April 8, 2018

Audi Volkswagen Korea vows to restore trust

After spending the last two years resolving issues related to emissions in the aftermath of “dieselgate,” Audi Volkswagen Korea, the local distributor of the German carmakers, is now devoted to regaining drivers’ trust by transforming itself, the company said Friday.“We know we have disappointed many people who have placed their trust in Audi Volkswagen Korea. I wish to take this opportunity to express my sincere apology,” said Rene Koneberg, group managing director of Audi Volkswagen Korea, in

April 6, 2018

LS Cable invests W10b in Vietnam for copper rod expansion

A regional unit of South Korean cable maker LS Cable and System has invested about 10 billion won ($9.5 million) in its subsidiary in Vietnam to expand copper rod production, the company said Thursday. The investment by LS C&S Asia will expand the production capacity of its copper rod plant in Vietnam to 100,000 tons a year. LS VINA, a local production unit in the Southeast Asian country, currently manufactures 27,000 tons of copper rod a year. Copper rods are used for electrical or electronic-r

April 5, 2018

Facelifted Range Rover unveiled in Seoul

A face-lifted Range Rover series was released in South Korea on Thursday, in a bid to keep the popularity of the British luxury SUV afloat. The new Range Rover Sport is the latest in the line in five years, equipped with all-round light-emitting diode headlights, a V6 supercharger engine and stone massage functions for both front and back seats. Kim Jung-yong, product manager at Jaguar Land Rover Korea, said the local importer and distributor of the British carmaker aims to sell 1,800 vehicles a

April 5, 2018

[Newsmaker] FSC chief plays down concerns on Elliott’s return

Amid growing speculation on US activist hedge fund Elliott Management’s move towards Hyundai Motor Group, the chief of the nation’s top financial regulator on Thursday urged stakeholders not to react “sensitively,” stressing this time seems different from the group’s previous battles with Samsung.“There’s no need to sensitively respond to Elliott’s move this time,” said Choi Jong-ku, chairman of the Financial Services Commission, at a conference in Seoul.Referring to a series of legal battles in

April 5, 2018