Hyundai Motor Q1 net plunges 21% on weak China sales

Hyundai Motor Co., South Korea's biggest carmaker by sales, on Wednesday posted a 21 percent drop in first-quarter net profit due to weak sales in China and emerging markets.For the three months that ended March 31, the company's net stood at 1.4 trillion won ($1.3 billion) from 1.77 trillion won a year earlier, the company said in a regulatory filing. (Yonhap)"Sharp sales declines in China and some Asian and Middle Eastern markets had an impact on the quarterly bottom line despite rises in such

April 26, 2017

Hyundai ordered to recall Sonata sedans

The transport ministry said Wednesday it had notified Hyundai Motor Co. of its decision to have the carmaker recall tens of thousands of its Sonata sedans for parking brake light problems.The Ministry of Land, Infrastructure and Transport made the decision after reviewing five cases of suspected faulty parts in the Sonata midsize sedan, the i30 hatchback and the Avante compact, a ministry official said. Hyundai's Sonata sedan (Yonhap)A former Hyundai employee tipped off the ministry about possib

April 26, 2017

Korea's passenger car exports dip 2.7% in Q1

Exports of South Korea-made passenger cars dropped 2.7 percent in the first quarter of this year due mainly to increased production in overseas factories, customs data showed Wednesday.The total value of passenger car exports reached $8.7 billion over the January-March period, down from $8.9 billion tallied a year earlier, according to the data by the Korea Customs Service. (Yonhap)Those of imports also sank 16.3 percent on-year to $1.8 billion from $2.1 billion over the cited period.From three

April 26, 2017

Tesla plans 14 supercharger stations in Korea this year

US electric carmaker Tesla Motors Inc. said on Tuesday it will set up 14 rapid-charging stations in South Korea this year.In its webpage, the 14 supercharger sites include five in Seoul, one in Bundang, just south of the capital city, and seven in major cities such as Busan, Daegu, Gwangju and Jeju Island.   This photo taken on March 17, 2017, shows the Model S displayed in Tesla's showroom in Cheongdam-dong in southern Seoul. (Yonhap)Fast chargers are able to provide 80 percent of battery capac

April 25, 2017

Kia unveils high-performance features of Stinger sports sedan

Kia Motors Corp., South Korea's second-biggest carmaker by sales, on Tuesday unveiled the high-performance features of its Stinger sports sedan ahead of the planned launch next month.The car will be domestically available in three trims fitted with a 2.0 twin-turbo, a 3.3 twin-turbo, and a 2.2 diesel engine all mated to eight-speed automatic gear box, the company said. The 3.3 turbo with 370 horsepower on tap and 52.0 kilogram-force meter of torque can push the car from naught to 100 kilometers

April 25, 2017

Nissan smartens up with Maxima

Nissan Korea, the local unit of Japanese automaker Nissan Motor, highlighted the “intelligent mobility” of its flagship luxury sedan Maxima to give a boost to the brand’s image, according to the company Tuesday.Maxima’s intelligent mobility can be broken into three categories: driving, power and integration. Nissan Korea’s Maxima. (Nissan Korea)The automaker introduced the concept with an aim to revolutionize the future of automobile technology, the company said.Intelligent driving refers to saf

April 25, 2017

SsangYong aims to sell 20,000 G4 Rexton SUVs this year

SsangYong Motor Co. said Tuesday it is aiming to sell 20,000 units of the G4 Rexton sport utility vehicle (SUV) this year in the domestic market. "We expect the G4 Rexton SUV will boost our bottom line in coming quarters as our Tivoli crossover helped us turn around last year," SsangYong Motor officials said in a press conference. (Yonhap)SsangYong Motor unveiled the new SUV during the Seoul Motor Show held last month near Seoul. Parent Mahindra Group Chairman Anand Mahindra said he was "confide

April 25, 2017

Hyundai lowers prices of i30 hatchback to boost sales

Hyundai Motor Co. has lowered the prices of its i30 hatchback models to attract customers amid tougher competition from rivals, the carmaker said Thursday. Hyundai Motor has cut the mainstay hatchback's sticker price by 250,000 won to 1.25 million won ($219-$1,097) in the domestic market, South Korea's biggest carmaker by sales said in a statement.  Hyundai's i30 hatchback. (Hyundai Motor)The carmaker has also reduced the number of trims for the car from nine to five. It cut the trims for the 1.

April 20, 2017

Mercedes-Benz launches new GLC Coupe

Mercedes-Benz Korea, the local unit of the German automaker, has rolled out its seventh premium SUV, the new GLC Coupe, with an aim to expand its presence in the local SUV market, the automaker said Thursday.“With the new GLC Coupe, Mercedes-Benz has the world’s widest range of premium SUVs,” said Dimitris Psillakis, president and CEO of Mercedes-Benz Korea at a launch event in Seoul. The new GLC Coupe. (Mercedes-Benz Korea)The automaker highlighted the new GLC Coupe’s dynamic design with a 76 m

April 20, 2017

Hyundai Mobis begins lamp production in Czech plant

Hyundai Mobis Co., South Korea's leading auto parts maker, said Wednesday that it has begun production of head and rear lamps at its Czech Republic plant to supply the core parts of a vehicle to its affiliates Hyundai Motor Co. and Kia Motors Corp.Hyundai Mobis has spent 140 billion won ($123 million) on the plant that is capable of producing head lamps for 750,000 vehicles and rear lamps for another 750,000 units annually, the company said in a statement. (Yonhap)The value-added auto parts will

April 19, 2017

Hyundai, Kia to promote new SUVs in Shanghai

Hyundai Motor Co. and Kia Motors Corp., South Korea's two biggest carmakers, plan to promote China-oriented crossovers at the Shanghai auto show, a move aimed at absorbing growing demand for sport-utility vehicles (SUVs).In the 2017 Shanghai International Automobile Industry Exhibition, open to the public from April 21-28, Hyundai Motor will debut its ix35 and its sister company Kia will reveal the K2 Cross.The two are SUV models tailored from the outset to satisfy the needs of Chinese consumers

April 19, 2017

Kia in final stage of talks to build plant in India: official

Kia Motors Corp., South Korea's second-biggest carmaker by sales, is in the final stage of talks with India over the building of its first plant in the fast-growing automobile market, a company official said Wednesday. "We have searched for the right site for the Indian plant for the past two years. The talks (with a regional authority in India) are in the final stages," a Hyundai Motor Group official told Yonhap News Agency by telephone.  (Yonhap)Kia Motors and Hyundai Motor Co. are key affilia

April 19, 2017

Kia launches turbo direct-injection Morning city car

Kia Motors Corp. on Tuesday launched the all-new turbo-charged Morning city car to offer more options to customers. Kia Motors has added two new choices to the carmaker's existing 1-liter gasoline-powered Morning: one with a powerful turbo direct-injection engine and the other that has a liquefied petroleum gas injection mill, the carmaker said in a statement.Kia's Morning mini car (Kia Motors)The car is sold as the Picanto in some overseas markets.The Morning with a less powerful turbo engine i

April 18, 2017

Kumho Asiana chief passes on Kumho Tire buyback for now

Kumho Asiana Group Chairman Park Sam-koo confirmed Tuesday that he will not exercise the right of first refusal on the sale of a controlling stake in Kumho Tire. Calling the process of selling led by state-run Korea Development Bank “unjust and unfair,” Kumho Asiana said it will “no longer participate in the sale.” Kumho Asiana Group Chairman Park Sam-koo. (Yonhap)This decision means the 42.01 percent controlling stake in Kumho Tire will be sold to Chinese tire maker Doublestar, which signed a s

April 18, 2017

Kia Motors to build its 5th overseas plant in India

Kia Motors, South Korea’s second-largest auto manufacturer, is waiting to seal an agreement with the Indian government to build its fifth overseas factory there, the automaker said Tuesday. “For the most part, reports (of the fifth factory) released so far are true. We will soon sign an investment agreement with the Indian government,” said a Hyundai Motor Group spokesperson.Earlier in the day, India-based news outlet Economic Times reported that the new plant will be located in India’s southeas

April 18, 2017

Hyundai adds 'Extreme edition' to Tucson SUV lineup

Hyundai Motor Co. on Tuesday launched the "Extreme edition" of the Tucson sport-utility vehicle fitted with premium features as part of its effort to strengthen its lineup.The 2.0-liter, diesel-powered Tucson SUV's exterior contains a dark chrome radiator grille, dual twin-tip mufflers, a rear skid plate, 19-inch wheels and front disc brakes that can allow drivers to hit the road with confidence, the company said in a statement. In terms of interior features, red-brown color leather seats and a

April 18, 2017

Korea's auto exports rise for two straight months in March

South Korea's auto exports rose two months in a row in March on increased global demand for green cars, government data showed Tuesday.The total value of autos shipped overseas reached $4.12 billion last month, up 4.1 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. (Yonhap)But the number of exported vehicles dropped 5.1 percent on-year to 246,816 units last month.The trade ministry said exports of electric and hybrid cars led the uptick

April 18, 2017

Renault's Clio to hit Korea in August: official

French carmaker Renault SA is planning to launch the supermini Clio hatchback in South Korea in August to absorb "pent-up" demand here for small and fuel-efficient vehicles, a company official said Monday. "South Korean customers appear to be fed up with similar designs and lack of features in the existing subcompact vehicles. Renault's Clio hatchback (Yonhap)As we have judged, there is demand for a small but powerful and premium hatchback, we will place the Europe-made Clio in the Korean market

April 17, 2017

Genesis releases 2017 EQ900

Hyundai Motor’s luxury brand Genesis released the 2017 EQ900 sedan Monday, emphasizing the model’s upgraded convenience.Options that had previously been applied to higher trims are now being installed in lower trims, the firm said. Genesis 2017 EQ900 sedan (Hyundai Motor Group)An electric glass curtain has been installed in the back seat of all the vehicles. The model is also equipped with an electric trunk, along with a high performance air condition filter.The 2017 EQ900 sedan has a price rang

April 17, 2017

‘Kia’s continued struggles lead to dim Q1 outlook’

The overall first-quarter outlook for Kia Motors remains dim, with analysts lowering its target stock price and predicting decreased earnings. “Kia Motors is facing difficulties in major markets such as the US, China and at home. Adversities have most likely led to a poorer performance than market expectations,” said Lee Myung-hoon, an analyst at HMC Investment and Securities.  (Yonhap)“The ongoing wage lawsuit at home, uncertainty surrounding operations at the Mexico factory and other negative

April 17, 2017