Korea reports first auto trade deficit with China

For the first time, Korea is running a trade deficit of automobiles with China due to Korean firms‘ increased production in China and the entry of Chinese low-cost players in Korea, a report said Friday. As of the end of May, Korea’s trade deficit with China in the auto sector stood at $2 million, the first auto trade deficit with the neighboring country, the state-run Korea Institute for Industrial Economics & Trade said. Cars destined for export overseas stand parked at a port in Korea. (Yonha

July 22, 2016

POSCO ICT to supply home charging stations for GM Bolt

[THE INVESTOR] POCSO ICT will supply home charging stations for General Motors’ first full-electric compact Chevrolet Bolt that debuts in September, the IT solutions unit of POSCO said July 22. The Korean firm recently signed a deal with GM Korea, the Korean unit of the US auto giant, it said.  POSCO ICT’s EV charging stationUnder the deal, the company also plans to build the charging stations at GM Korea’s some 120 after-sales centers, sales stores and other key locations such as large supermar

July 22, 2016

Volkswagen halts sales of nearly 80 models in Korea

[THE INVESTOR] Audi Volkswagen Korea has decided to stop selling certain vehicles that cheated on emission tests in South Korea, local news reported Thursday. The Korean unit informed local dealers of its decision to suspend from Monday the sales of 79 models of cars,  including top-selling ones such as the Volkswagen Golf, Jetta and the Audi A4. Volkswagen GolfThe Ministry of Environment had earlier issued an order to ban sales and cancel the registration of VW’s diesel and gasoline engine vehi

July 22, 2016

Volkswagen Korea to halt sales of cars in emissions scandal

German carmaker Volkswagen has decided to voluntarily suspend sales of its vehicle models implicated in an emissions scandal in South Korea, market sources said Friday.In a recent letter to local dealers, Audi Volkswagen Korea, the South Korean unit of the German carmaker, said it will stop delivering 79 models of 34 vehicle types starting next week.The country's environment ministry earlier said it might revoke its certification of the 79 vehicle models, based on the outcome of a prosecution in

July 22, 2016

Seoul raises subsidies for EV owners

[THE INVESTOR] The Seoul City government announced on July 21 that it will raise the subsidies for electrical vehicle owners by 2 million won (US$ 1,758) to boost sales. A resident who purchases a new electric vehicle will now receive 18.5 million won in assistance, up from 16.5 million won, the Seoul Metropolitan Government said. Hyundai Motor EV Ioniq / Hyundai MotorCorporate buyers will get 14 million won, up from 12 million won, while rental and leasing firms will earn 18.5 million won, a hi

July 21, 2016

Auto market to contract for first time in 3 years

Overall auto sales in South Korea this year is projected to decline for the first time in three years, a report said Thursday.According to a research center under Hyundai Motor, the country‘s largest carmaker, the local car market grew 9 percent in the first half year-on-year thanks to a consumption tax cut and a series of market debuts of vehicles by local carmakers.However, the market would see a significant decline in the latter half of the year with customers feeling less likely to buy cars

July 21, 2016

Hyundai, Samsung, Ssangyong rolling out summer edition cars

[THE INVESTOR] Automakers are rolling out special edition cars for the summer, according to the industry on July 21.Hyundai Motor, South Korea’s largest automaker, recently released a special edition of its midsize sedan Sonata, which will go on sale until October. The special edition is installed with ventilated seats and a dual air conditioning system for driver and passengers to enjoy the cool ride under the scorching sun. The new Sonata features automatic defogging system to detect fog and m

July 21, 2016

Hyundai Mobis to recall 120,000 filters containing toxic substance

[THE INVESTOR] Hyundai Mobis, South Korea’s largest automotive parts supplier, has decided to recall 120,000 car air-conditioning filters after octylisothiazolinone, a toxic chemical substance, was detected, the company said on July 21.“We decided to pull every product from the shelf to put our customers at ease,” the company said. On July 20, the Ministry of Environment released a list of filters containing OIT levels that may be harmful. These filters, which were mostly manufactured by 3M, wer

July 21, 2016

S. Korean auto market to shrink this year: think tank

[THE INVESTOR] South Korea’s automobile market will shrink for the first time since 2013, the Korea Automotive Research Institute forecast in a report on July 21.The Hyundai Motor Group’s think tank estimated an 8.7 percent drop in domestic sales during the second half of the year, offsetting the large increase seen in the first six months of the year. Hyundai, Kia cars wait to be shipped at a port in Ulsan.According to the institute’s estimates, the year-on-year drop expected in the second half

July 21, 2016

Kumho Tire relaunches premier league marketing campaign

Kumho Tire has signed a two-year partnership with Tottenham Hotspur starting from the 2016-17 season, it announced Wednesday. At a ceremony held at Hotspur Way in London on July 19 local time, Kumho Tire CEO Lee Han-seob shook hands with club manager Mauricio Pochettino, celebrating the launch of the partnership with the English soccer club. Players including Son Heung-min and Christian Eriksen attended the event.  (Tottenham Hotspur)“We are thrilled to be working with such a prestigious and glo

July 20, 2016

Hyundai Mobis opens logistics hub in Belgium

[THE INVESTOR] Hyundai Mobis has built a central logistics center in Belgium to serve as the logistics hub in Europe, it announced on July 20. Spread over 56,000m² in Beringen in northern Belgium, the center will receive parts daily and distribute them to regional centers in UK, Germany, Spain, Italy, Sweden and Hungary. The inside of Hyudai Mobis's Belgium central logistics center / Hyundai MobisSouth Korea’s largest auto parts supplier has been delivering motor parts for after service three ti

July 20, 2016

Hyundai Mobis eyes non-Korean carmakers for growth

[THE INVESTOR] Hyundai Mobis, South Korea’s largest automotive parts supplier, aims to target American and Japanese automakers to widen its business beyond local affiliates Hyundai Motor and Kia Motors. Hyundai Mobis, which is highly dependent on local automakers, plans to increase sales of its auto parts to non-Korean manufacturers by 1.5 times by 2025, local news reported on July 25. According to reports, Hyundai Mobis’ overseas sales account for only about 10 percent of total sales, while the

July 20, 2016

Imported car registrations cross 1.5 million in Korea

[THE INVESTOR] The number of registered imported automobiles broke the 1.5 million mark in June, industry data showed on July 20. The country’s automobile market was opened to foreign brands in 1987. According to automotive industry organizations, the number of imported vehicles registered in South Korea came to just over 1.52 million units in June, up 1.7 percent from the previous month. In comparison, the number of all vehicles registered in Korea came to about 21.37 million units at the end o

July 20, 2016

FTC plans to file suit, fine Volkswagen Korea

[THE INVESTOR] South Korea’s antitrust agency has decided to press criminal charges against the former and current executives of Volkswagen Korea for deceiving customers with false advertisements in the German automaker’s emission rigging scandal. It also plans to fine the automaker a maximum of 88 billion won (US$ 77.02 million). The Fair Trade Commission has sent the assessment report to VW Korea, stating it has decided to sue 10 executives, including Johannes Tamer, the CEO of Audi Volkswagen

July 20, 2016

Hyundai dealers in China demand compensation

[THE INVESTOR] Dealers of imported Hyundai Motor vehicles in China are seeking compensation from the South Korean carmaker over alleged unfair treatment, China Daily reported on July 18. According to the newspaper, some of the 41 car dealers selling Hyundai Motor vehicles shipped from South Korea to China established a working group to “safeguard their rights” earlier this month.Hyundai Motor’s vehicles are marketed through two channels in China. Vehicles produced by Beijing Hyundai and fully as

July 19, 2016