Will US’ HAAH be able to salvage cash-strapped SsangYong Motor?

After HAAH Automotive Holdings, a US-based automobile distributor, confirmed its intention to acquire SsangYong Motor, eyes are on whether the American firm, which just gave up on its Chinese car business with a bankruptcy filing, will be able to close the deal to salvage the financially troubled automaker in Korea. Speaking to a US media outlet, the founder and chief executive officer of HAAH Automotive, Duke Hale, revealed that it has established a new company, Cardinal One Motors, which wi

July 26, 2021

[Advertorial] Mercedes-Benz accessories enjoy booming sales

Mercedes-Benz Korea is expanding its business beyond cars and car-related items on the back of strong sales: with accessories. The Korean branch of the German automaker currently sells some 4,000 branded accessories and about 1,000 “collection items” made in collaboration with other companies at 41 stores and online. The products are diverse and not limited to car-related uses, such as wallets and clothes. Sales of the accessories have shown steady growth since 2014, Mercedes-B

July 26, 2021

Korea’s 1st travel bubble opens to a slow start

South Korea’s first travel bubble with Saipan kicked off quietly on Saturday morning with just a handful of passengers traveling under the scheme amid a fourth wave of COVID-19 infections. Two flights from Asiana Airlines and low-cost carrier Jeju Air departed from Incheon Airport for the main island in the Northern Mariana island chain. Though a total of 92 passengers were on board both flights, only six people on board the Asiana flight were traveling under the quarantine-free travel a

July 25, 2021

Hyundai Motor to improve safety of second life battery energy storage system

South Korea’s top automaker Hyundai Motor said Sunday it has signed a memorandum of understanding with safety standards company UL to strengthen the safety of its second life battery energy storage system, also known as SLBESS. The move will see both companies work together in adopting the UL Signature Solution to strengthen credibility, jointly developing exclusive UL evaluation standards, as well as collaborate in “multiple aspects” for demonstration projects in North Americ

July 25, 2021

Kia to suspend local plant on COVID-19 infections

Kia Corp., South Korea's second-biggest carmaker, said Sunday it will suspend one of its eight domestic plants on Monday as dozens of workers at the factory were infected with COVID-19 in recent days. The No. 1 Sohari plant's suspension may be extended depending on the result of coronavirus tests on its workers, a company spokesman said. The Sohari plant in Gwangmyeong, just south of Seoul, has an annual output capacity of 320,000 units and mainly produces the Stinger sports car, the K9 flags

July 25, 2021

Hyundai’s honorary chairman inducted into Automotive Hall of Fame

Hyundai Motor Group’s Honorary Chairman Chung Mong-Koo became the first Korean to be officially inducted into the international Automotive Hall of Fame, the automotive giant said Friday. His son, Chung Euisun, who is the incumbent chairman of the group, received the trophy and delivered a speech on behalf of his father at the ceremony for 2020 and 2021 inductees, held at the ICON Convention Center in Detroit, the United States on Thursday, the company said. “Honorary Chairman Ch

July 23, 2021

GM Korea, labor union reach tentative wage deal

GM Korea Co., the South Korean unit of General Motors Co., and its labor union reached a tentative wage deal on Thursday, one day after its unionized workers went on partial strike for higher pay. The deal includes an increase of 30,000 won ($26) in monthly base pay and a one-off bonus of 4.5 million won. The wage agreement is subject to a vote by union members. Unionized workers at GM Korea Co. launched a partial strike Wednesday to demand higher wages amid the protracted pandemic. The uni

July 22, 2021

Hyundai, Kia achieve record Q2 sales from recovering demand

Hyundai Motor and Kia Motors under Hyundai Motor Group posted all-time high sales in the second quarter this year amid rapidly recovering demand for cars after the COVID-19 outbreak. In a regulatory filing, Hyundai Motor said it raked in 30.3 trillion won ($26.36 billion) in sales in the second quarter of this year, a 38.7 percent jump from the same period last year. The operating profit reached 1.88 trillion won, increasing 219.5 percent on-year, according to the automaker. It is the first

July 22, 2021

Volkswagen Korea cuts prices for latest SUV

Hoping to see more imported cars running on the streets in South Korea, German carmaker Volkswagen decided to lower the prices for its latest sport utility vehicles, the company said Thursday. Through an online press conference, Volkswagen Korea’s Managing Director Stefan Krapp announced the launch of The New Tiguan and introduced the automaker‘s “democratization” strategy. “We want to be the most accessible, most affordable, premium brand for Korean customers

July 22, 2021

Hyundai Mobis develops brainwave detector for drivers to prevent drowsy driving

Hyundai Mobis developed a brainwave detection device to alert motor vehicle operators against drowsy driving or sudden health issues, the auto parts developer said Wednesday. According to Hyundai Mobis, it completed development of M.Brain, a brainwave measuring technology that monitors and analyzes the driver’s brainwaves in real time, with earpiece sensors. While health care technologies measuring various biosignals are being developed by many others in the automotive industry, Hyund

July 21, 2021

Renault Samsung Motors’ Mobilize offers convenient traveling for subscribers

As the subscription economy is expanding its scope into the automotive industry, Renault Samsung Motors’ Mobilize offers easy traveling for those planning to embark on a summer break, the automaker said Tuesday. Unlike other car rental programs, Mobilize, which is Renault Samsung’s monthly car subscription service, does not charge by mileage, and comes without an early termination fee, the automaker said. Renault Samsung said Mobilize subscribers can use its major vehicle lineup

July 20, 2021

Korean Air explores satellite launches from planes

Korean Air said Tuesday it recently began a joint research project with Seoul National University, backed by the Republic of Korea Air Force, to explore the possibility of using large commercial aircraft for air launching. As part of the project, the South Korean national carrier will analyze the current technological capabilities, how to apply core technologies to the project, annual operating costs, and aircraft modification in order to develop an air-launch system with the Boeing 747-400.

July 20, 2021

Budget carriers scurrying to raise funds amid extended pandemic

South Korea's low-cost carriers are planning to raise funds through a capital increase to ride out the prolonged coronavirus pandemic and put them in a better financial position, industry sources said Monday. Budget carriers have suffered the most since early last year due to the COVID-19 pandemic and have been struggling to raise their capital bases as business performance does not show signs of improvement in the face of the prolonged pandemic. Jeju Air Co., the country's biggest budget carr

July 19, 2021

Renault Samsung suspends plant on chip shortage

Renault Samsung Motors Corp., the South Korean unit of Renault S.A., said Monday it has temporarily suspended its sole plant due to parts shortages. Renault Samsung will halt the Busan plant, 453 kilometers south of Seoul, from Monday to Tuesday due to lack of semiconductor parts, a company spokesman said. It is the first time for Renault Samsung to suspend the plant on a global chip shortage. In May, the company temporarily closed the plant, as its union continued strikes for a wage hike for

July 19, 2021

Hyundai, Kia's Jan.-May eco-friendly car exports jump 45%

Hyundai Motor Co. and its affiliate Kia Corp.'s environment friendly vehicle exports jumped 45 percent in the January-May period from a year earlier on strong demand for their hybrid sport utility vehicles. Hyundai and Kia shipped a combined 145,781 eco-friendly vehicles in the first five months, up from 100,691 units in the year-ago period, according to data from the Korea Automobile Manufacturers Association (KAMA). Increased overseas sales of hybrid models based on Hyundai's Santa Fe and Tu

July 19, 2021

Jeep pledges to bring 1 electric vehicle every year to S. Korea

Starting with the Wrangler 4xe, Jeep will bring at least one electrified vehicle annually in South Korea from this year onward, the brand’s chief executive officer said, expressing determination to meet their goal for a carbon-free future. Holding a media roundtable Wednesday, Christian Meunier touted the auto company’s record sales in four countries -- South Korea, Japan, Australia and India -- and said it plans to introduce more electrified vehicles into the markets. The press e

July 17, 2021

Asiana Airlines shares resume trading

Asiana Airlines shares resumed trading on Friday, nearly two months after the airline and its affiliates’ shares were suspended following criminal charges surrounding former management in late May. The airline’s stock price briefly soared to 21,450 won during Friday trading before dropping to 18,600 won later in the day. The Korea Exchange’s decision to temporarily suspend the airline’s stocks came after the arrest of former Kumho Asiana Group Chairman Park Sam-koo on s

July 16, 2021

Budget carrier Air Premia wins govt. approval for operations

Budget carrier Air Premia Co. has obtained government approval for its operations amid the extended COVID-19 pandemic, the transport ministry said Friday. The ministry issued an air operator certificate (AOC) to Air Premia to allow it to use aircraft for commercial purposes. "Air Premia needs to report its routes to the aviation authority before it begins flight services," a ministry official said. Air Premia plans to start services on mid-and long-haul routes initially with a 309

July 16, 2021

Stellantis to bring 6 EVs to S. Korea by 2026

Multinational carmaker Stellantis Group said Friday it will bring six electrified models to South Korea by 2026 as it aims to get a share of the emerging local EV market.   Stellantis is a 50:50 joint venture recently set up through the merger of U.S. carmaker Fiat Chrysler Automobiles N.V. and French automaker PSA Groupe.  This year, Stellantis plans to introduce the Wrangler 4xe plug-in hybrid electric vehicle in the Korean market and five other electrified models in the nex

July 16, 2021

Auto exports surge 28% in H1 on global economic recovery

South Korea's exports of automobiles advanced 28 percent in the first half of 2021 on the back of the global economic recovery and rising demand for premium models, data showed Thursday. Outbound shipments of automobiles reached 1,049,658 units in the January-June period, rising from 820,873 units tallied a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. In terms of value, exports also shot up 50 percent to hit $23.6 billion. It marked the first tim

July 15, 2021