Foreign car sales in Korea down 2% in April

Sales of foreign cars in Korea dropped 2 percent on-year in April as some importers failed to secure a sufficient amount of cars to meet demand here, industry data showed Monday.According to the data compiled by the Korea Automobile Importers and Distributors Association, a total of 17,845 units of imported cars were registered last month, down from 18,202 units tallied in the previous year.From a month earlier, April sales plunged 25.9 percent, the data showed.The downturn was attributed in par

May 9, 2016

Driven by practical young consumers, car-sharing market growing fast

South Korea’s car-sharing market is fast expanding with a growing number of young consumers wanting to experiment with a wide range of vehicles rather than own a car. To cash in on the subtle change in the car market, the nation’s industrial giants are responding to such consumer preferences. Retail giant Lotte Group and the nation’s third-largest conglomerate SK Group are already involved in businesses that cater to such demand and the nation’s largest automaker Hyundai Motor is also considerin

May 9, 2016

Korean overseas spending double what foreigners spend in Korea

Last year, Koreans spent nearly double overseas compared to the amount foreign consumers spent here in Korea, data showed Sunday.According to data from Statistics Korea, Korean consumers spent nearly 26.1 trillion won ($22.6 billion) overseas, roughly two times the 13.1 trillion won spent by foreign consumers in Korea.The figures include both consumer spending overseas and direct purchases from foreign websites. Tourists shop at a duty-free store in Seoul. (Yonhap)The disparity indicates a sever

May 8, 2016

[Behind the Wheel] Sharp but stable: All-new Malibu ready to challenge mid-sedan segment

In a dramatic change from previous models, GM Korea’s new Chevrolet Malibu 2016 is sleeker than before in design and has more power.The new Malibu, presented during a media test drive on a rainy day last week, offered a stable driving experience at speeds of around 120 kilometers per hour, proving that it was ready to challenge its rivals in Korea’s mid-sized sedan segment.The new Chevrolet Malibu (GM Korea)At first, the new Malibu gave the impression of a sharp, progressive sedan. But inside, i

May 8, 2016

[Photo News] First Avante Sport

Hyundai Motor said Sunday it held a delivery ceremony at Songdo Street Circuit located in Incheon and delivered its first Avante Sport to a customer who will participate in Korea Speed Festival. The new sport version of Avante is powered by a 1.6-liter T-GDi four-cylinder engine that produces 201 horsepower. (Hyundai Motor)

May 8, 2016

[Photo News] Car-Park Promotion

GM Korea said Sunday it held a sports marketing event featuring Manchester United Ambassador Park Ji-sung in Seoul on Saturday. At the event, Park, a former Manchester United player, met with young soccer players from high schools and Chevrolet customers. Chevrolet is the official automotive partner of Manchester United. (GM Korea)

May 8, 2016

LVMH to operate at Shilla I'Park duty-free shop

Shilla I’Park Duty Free has become the first of last year’s newly-licensed duty-free stores in Korea to house the world’s largest luxury goods maker LVMH Moet-Hennessy Louis Vuitton, according to Hotel Shilla Tuesday.　The two companies recently agreed to launch 20 LVMH-owned brands, including Louis Vuitton, Dior, Bvlgari, Tag Heuer, Givenchy and Marc Jacobs, at the Shilla I’Park Duty Free store in Hyundai I’Park Mall in Yongsan.Hotel Shilla president and CEO Lee Boo-jin looks around Shilla I’Par

May 4, 2016

Hyundai, Kia see mixed sales in U.S.

Kia Motors posted all-time high sales of 56,508 units in the U.S. in April, according to company officials Wednesday. The automaker attributed the record performance to a 78.9 percent on-year increase in sales of its sport utility vehicle Sportage, and a 35.6 percent sales jump of the Forte sedan. Kia Motors’ emblem (Yonhap)In the first four months this year, Kia Motors sold 202,829 units, up 4.3 percent over the same period last year.Unlike Kia’s strong performance, Hyundai Motor sold 62,213 un

May 4, 2016

Hyundai, Kia see April sales in China up first time this year

Hyundai Motor and its smaller affiliate Kia Motors saw their sales in China grow for the first time this year in April, raising prospects that their prolonged slump in the world's largest market might be easing, industry data showed Wednesday.The two Korean carmaking giants sold a combined 146,722 cars last month in China, up 1.8 percent from a year earlier, according to the data obtained by the English-language division of Yonhap News Agency.The figures could be adjusted later as they are preli

May 4, 2016

Korea posts 1st deficit for diesel vehicle trade

Korea posted the first deficit ever for its diesel car trade last year as imports expanded sharply despite the fake emission scandal involving some popular models of Volkswagen, industry data showed Monday.According to the data by the Korean Automobile Importers and Distributors Association, the country's trade deficit for diesel passenger cars came to $1.42 billion last year, a turnaround from a surplus of about $870 million a year earlier. This marked the first ever deficit that the country ha

May 2, 2016

Ssangyong Motor's April sales up 7.4%

Ssangyong Motor, the local unit of Indian auto giant Mahindra & Mahindra, said Monday that its April sales grew 7.4 percent on-year driven mostly by strong domestic demand.Ssangyong Motor sold 13,462 units last month, compared to 12,531 units a year earlier, the company said in a press release. The figure does not include complete knockdown kits that are assembled abroad. Ssangyong Tivoli Air (Yonhap)Domestic sales jumped 12.3 percent to 9,133 units over the cited period, helped by the continued

May 2, 2016

Hyundai’s upturn at 2016 WRC raises expectations for ‘N’ brand

Not many people are aware of the progress Hyundai Motor has made in motor sports in recent years. This is part of the reason why the car-loving community here was surprised to hear that a car racing team run by Germany-based Hyundai Motorsport topped the fourth round of the 2016 FIA World Rally Championship in Argentina last month. The WRC, which began in 1973, is a world-famous motor sports series like Formula One. One big difference being that vehicles in the competition are mass-produced cars

May 1, 2016

[Photo News] GM Korea ties with SOCAR

GM Korea said Thursday it formed a partnership with SOCAR, a car-sharing service company, as part of its marketing efforts. With the partnership, the carmaker will provide more than 700 GM cars including its Chevrolet Spark minicars to SOCAR. (GM Korea)

May 1, 2016

[Photo News] Hankook Tire sponsors Doosan baseball team

Hankook Tire, Korea’s largest tire maker, is sponsoring Doosan Bears, the 2015 Korean league champion, for the 2016 season. Through the sponsorship, the company aims to promote its brand as the top tire manufacturer in Korea. Doosan Bears’ players will wear uniforms with Hankook Tire logos, while Jamsil Stadium, Doosan’s home ground, will display Hankook Tire advertisements. (Hankook Tire)

May 1, 2016

[Photo News] Hyundai Motor launches Avante Sport

Hyundai Motor launches the sport version of its new Avante as part of efforts to strengthen its best-selling compact sedan product lineup. The new Avante Sport, powered by a 1.6-liter T-GDi four-cylinder engine, produces 201 horsepower. Besides its seven-speed DCT dual-clutch transmission, the variant also looks sportier. Prices start from 21 million won ($18,412). (Hyundai Motor)

May 1, 2016

BMW ahead of rivals in CSR reputation

When it comes to corporate social responsibility, German luxury carmaker BMW outshines other foreign automakers in Korea in terms of donations and the quality of its CSR projects, according to companies' regulatory filings over the past five years.The company data showed cumulative donations of the carmaker between 2011 and 2015 reached up to 18.3 billion won ($16 million), which is higher than the 4.5 billion won of its arch rival Mercedes-Benz over the same period. Torben Karasek, chief financ

May 1, 2016

Chinese less loyal to Hyundai cars: report

Chinese consumers are less loyal to Hyundai cars than most other auto brands, according to the latest report of U.S. consulting firm McKinsey & Company.A survey on 3,500 Chinese consumers in March showed that 43 percent of those who owned a Korean brand car wanted to switch to a more upscale brand. That was the highest percentage following those owning French cars. (Yonhap)McKinsey said that those with German cars were the most loyal to the brands they had.   “Korean brands are not yet viewed as

April 29, 2016

Vice chairman Chung on mission to transform Hyundai into mobility company

This is the second of the two-part stories on what drove Hyundai Motor Group toward its 100-million-unit milestone in cumulative car sales. -- Ed.Hyundai Motor vice chairman Chung Eui-sun, who leads projects for future growth of the carmaker, has the busiest year ever as the automotive industry faces a sea change with digital disruption. A recent report by McKinsey & Company forecast technological advances in areas such as electrification, vehicle connectivity and self-driving cars will change t

April 28, 2016

GM Korea gets over 2,000 preorders for all-new Malibu

GM Korea, the local unit of U.S. carmaker General Motors, said Thursday that it has received more than 2,000 preorders for the all-new Malibu midsize sedan in just a day after its official debut here.The figure is much larger than other competing models whose preorders usually stand at a daily average of around 400, experts say. GM Korea Malibu midsize sedan (Yonhap)During an unveiling event on Wednesday, when it started receiving preorders, GM Korea did not elaborate on any sales target for the

April 28, 2016

GM seeks to be game changer with all-new Malibu

GM Korea, the Korean unit of General Motors, unveiled its all-new Malibu on Wednesday, with the goal of becoming a game changer in the midsize sedan market. Hyundai and Kia have dominated the sedan market in Korea, but the newly-launched SM6 of Renault Samsung is changing the landscape of the market competition. During the launch at Gocheok Sky Dome, the automaker expressed confidence in overtaking the sedans of three local rivals -- Hyundai’s Sonata, Renault Samsung’s SM6 and Kia Motors’ K5.  G

April 27, 2016