Hyundai, Kia warn of $2.9 billion hit to earnings over US quality woes

Hyundai Motor and affiliate Kia Motors  warned of another $2.9 billion of provisions related to engine issues, bringing their total hit from the years-long quality problem that has tarnished their credibility to nearly $5 billion. Hyundai Motor Group said on Monday their third-quarter earnings would reflect quality-related costs of a combined 3.36 trillion won ($2.94 billion), of which Hyundai accounted for 2.1 trillion and Kia for 1.26 trillion. Hyundai and Kia, together the world’

Oct. 19, 2020

[Behind the Wheel] BMW Korea bids to take back throne with revamped 5, 6 GT Series

BMW Korea once led the foreign car market here, dating as far back as the importers association started to record sales in 2003 -- at least most of the time, until Mercedes-Benz took over in 2016. Now, BMW is stepping up its game against the archrival, with the revamped BMW 5 and 6 Gran Turismo Series. The automaker is making clear its intention to take back the throne, as it launched the upgraded version of its bestselling models on Oct. 5, just a week before Mercedes-Benz presented the fac

Oct. 19, 2020

Korean automotive companies witness jumps in sales, production

South Korea’s automotive industry has recovered to see sales and production grow by over 20 percent on-year in September, government data showed Monday. According to the data from Ministry of Trade, Industry and Energy, the production of Korean cars increased by 23.2 percent in September, compared to the same time last year. Overall sales went up as well. In September, 137,771 Korean cars were sold in the domestic market, up 22.2 percent compared to the year earlier. The ministry als

Oct. 19, 2020

Jin Air to begin operating plane converted to carry cargo this week

Jin Air Co. said Monday it will begin operating a passenger plane converted to carry cargo to offset a sharp decline in air travel demand amid the coronavirus pandemic. Jin Air plans to deploy the B777-200ER jet, which has been converted into a cargo plane under approval from the transport ministry, on routes from Incheon to Bangkok and Qingdao from Saturday, the company said in a statement. The 315-seat converted plane will make two flights a week on the Bangkok route and three flights a wee

Oct. 19, 2020

Airlines to levy no fuel surcharges on int'l routes in Nov.

South Korean airlines will not impose fuel surcharges on international routes in November on low oil prices due to the coronavirus pandemic, industry sources said Monday. The surcharge for one-way tickets on international routes will remain at zero next month, unchanged from a month earlier, according to the sources. Local air carriers' fuel surcharges on international routes will stay at zero for the eighth consecutive month, raising expectations that the zero rate may last down the road. L

Oct. 19, 2020

Hyundai, Kia's market share in Europe likely to top 7% this year

   South Korea's top automaker Hyundai Motor Co. and its affiliate Kia Motors Corp. may see their combined share in the European market surpass 7 percent for the first time this year, industry watchers said Friday. Hyundai Motor and Kia Motors sold 101,322 vehicles in Europe in September, down 0.8 percent from a year earlier and representing a 7.8 percent market share, according to the two companies. Hyundai's sales declined 4.6 percent on-year to 49,439 units in Europe last month, w

Oct. 16, 2020

With sound three quarters, Volkswagen Korea unveils new Jetta

Volkswagen Korea unveiled the new seventh-generation Jetta at a press show on Thursday as it posted sales of over 10,000 units during the first three quarters of 2020. The new model comes at a price of around 27 million won ($23,600), while its prestige model is priced at just over 29 million won. The Jetta, since its birth in 1979, has sold 17.5 million units around the world. Of them, 17,000 have been sold in South Korea. As for its Korea operation overall, Volkswagen Korea said its sales w

Oct. 15, 2020

Hyundai chairman’s first stop: Hydrogen economy

Starting his first day as Hyundai Motor Group’s chairman on Thursday, Chung Euisun attended the government’s hydrogen economy committee meeting, riding there in his company’s first hydrogen fuel cell vehicle, the Nexo. Prior to the meeting, Chung had agreed to establish a joint entity with the government to expand the number of hydrogen charging stations across the country, clearly showing his commitment to creating a hydrogen ecosystem. During the meeting, Hyundai Motor s

Oct. 15, 2020

[Behind the Wheel] Will Chevrolet Colorado attract Korean adventure enthusiasts?

Pickup trucks, which often top the list of bestselling cars in the US, were not always so popular in the South Korean market. However, with the recent increase in the number of people enjoying outdoor activities such as camping, fishing and surfing, pickup trucks are being reevaluated by adventure seekers. The local pickup truck market, which used to be dominated by local brand SsangYong Motor, is now expanding with the entry of imported brands such as the Chevrolet Colorado and the Jeep Gl

Oct. 15, 2020

Air Busan resumes flights to China's Qingdao

Air Busan Co., the budget carrier unit of Asiana Airlines Inc., on Thursday resumed flights to the Chinese city of Qingdao to meet travel demand from businessmen. Air Busan will offer one flight a week on the Busan-Qingdao route from Thursday after suspending the route for more than seven months due to the coronavirus impact on the airline industry, the company said in a statement. In July, the carrier resumed the Incheon-Shenzhen route, but other Chinese routes to Ningbo, Chengdu, Qingdao, Ya

Oct. 15, 2020

Bentley Motors Korea unveils revamped Flying Spur V8 in Korea

Bentley Motors Korea unveiled Wednesday the revamped luxury sports sedan Flying Spur with the popular V8 powertrain, for the first time in South Korea. 　 In a media preview event held at a hotel in Gangnam, southern Seoul on Oct. 8, the head of Bentley Motors Korea Warren Clarke presented the Flying Spur V8 and also revealed the company’s brand strategy for the upcoming years. Prior to the global launch this week, Bentley Motors Korea ran a private preview event to allow a peek for pros

Oct. 14, 2020

Mercedes-Benz Korea launches best-selling revamped E-Class

The game is back on between import vehicle archrivals, intensified by Mercedes-Benz Korea’s release of the newest E-Class this week. To drive away the enthusiastic runner up BMW and to maintain its position as Korea’s favorite imported car brand, Mercedes-Benz has returned with a revamped version of the best-selling model Tuesday. The new E-Class is a revamped version of the 10th-generation model, which the automaker hailed for having achieved a “monumental milestone”

Oct. 14, 2020

[News Focus] Chung Euisun moving Hyundai Motor Group toward future mobility

Chung Euisun, who took the helm of the country’s No. 1 automotive company, Hyundai Motor Group, Wednesday, has shown strong and progressive leadership over the past two years. Born in 1970 as the only son of Hyundai Group leader Chung Mong-koo, who is now honorary chairman, Chung Euisun majored in business administration at Korea University before entering group affiliate Hyundai Precision and Industries, now Hyundai Mobis, in 1994. Chung Euisun has since accumulated experience in vari

Oct. 14, 2020

Chung Euisun officially takes helm of Hyundai Motor Group

Chung Euisun became the official chairman of Hyundai Motor Group on Wednesday, seizing full control at a critical juncture when the manufacturing mammoth is positioning itself as a mobility solutions leader. The group said Hyundai Motor, Kia Motors and Hyundai Mobis had held an extraordinary board meeting in the morning and unanimously approved Chung’s appointment as chairman. His father -- outgoing Chairman Chung Mong-koo, under whose leadership Hyundai Motor Group has grown into the w

Oct. 14, 2020

Hyundai heir Chung Euisun set to become group chairman

Hyundai Motor Group Executive Vice Chairman Chung Euisun is set to take the helm of the nation’s largest automaker through the group’s emergency board meeting on Wednesday morning, according to industry sources on Tuesday. This promotion is interpreted as reflecting growing concerns that a chairman should lead the group and has responsible management as the automobile industry has been suffering from the recent coronavirus. His father Chung Mong-koo, 82, who was hospitalized in J

Oct. 13, 2020

Hyundai Motor breaks ground for open mobility innovation center in Singapore

Hyundai Motor Group said Tuesday it had begun the construction of its open mobility innovation center in Singapore. The automaker held an online groundbreaking ceremony for its new global lab called Hyundai Motor Group Innovation Center in Singapore, or HMGICS, at Hyundai-Kia Motors Namyang R&D Center and Jurong Town Hall in Jurong, in western Singapore. The ceremony was held online by connecting the venues in the two countries by video link in consideration of the COVID-19 situation. Th

Oct. 13, 2020

Jeju Air applies for grant, Eastar Jet to make more job cuts

Low-cost carrier Jeju Air is poised to receive a government grant to keep the business afloat, according to industry sources, as another budget airline, Eastar Jet, will proceed with further job cuts on Wednesday. Low-cost carriers along with the entire aviation and travel industry, have been reeling from the impact of the COVID-19 pandemic that has sharply cut travel domestically and internationally. Jeju Air has applied for the grant known as the key industry stabilization fund, which is wor

Oct. 13, 2020

BMW Korea donates 12 cars to schools for research

BMW Korea said Tuesday it donated 12 cars to be used for research and study to high schools and universities that specialize in automobiles. The 12 BMW vehicles, which include BMW Minis, were delivered to five high schools, five universities and two government entities, including Korea Transportation Safety Authority and Korea Petroleum Quality & Distribution Authority. “The donated cars would be the driving force for the students to take a step further toward their future dreams,

Oct. 13, 2020

T'way Air to deploy 2 passenger jets to carry cargo

T'way Air, a South Korean low-cost carrier, said Tuesday it will deploy two passenger jets as cargo planes as it strives to survive the coronavirus crisis. T'way Air will begin using two of its 27 B737-800 passenger jets to carry cargo on the Incheon-Ho Chi Minh City route in early November as the COVID-19 pandemic has driven down travel demand and its earnings, the company said in a statement. The company will place the cargo, such as textiles and electronic parts, on the seats of the two B7

Oct. 13, 2020

Harman named best in class car audio in JD Power survey

Harman Korea said Monday it was named the best car audio supplier by JD Power, a US market research firm, for the highest quality and customer satisfaction. According to Harman, which is a wholly owned subsidiary of Samsung Electronics, its Revel and Lexicon branded speaker systems have been awarded top honors in the JD Power 2020 US Multimedia Quality and Satisfaction Study, released Saturday. Revel speakers are in the Lincoln Navigator, and Lexicon speakers are in the Genesis G70. The J

Oct. 12, 2020