Ssangyong Motor returns to profit on Tivoli sales

[THE INVESTOR] Ssangyong Motor , owned by India’s auto giant Mahindra & Mahindra, bounced back into profit in the first half of the year for the first time in nine years, thanks to the popularity of its Tivoli sport utility vehicle. The automaker posted operating profit of 27.4 billion won (US$24.40 million) in the first half of the year, reversing a nine consecutive loss-making years since 2007, the company said in a regulatory filing on July 29. Sales stood at 1.77 trillion won, while net prof

Aug. 1, 2016

Sales of imported company cars fall on tough tax laws

[THE INVESTOR] Sales of imported company cars in Korea fell in the first half of the year on toughened tax laws, industry data showed on July 29.In the January-June period, sales declined 15.8 percent from the same period in 2015, according to the Korea Automobile Importers and Distributors Association. In total, 40,698 units of company cars were sold to account for 34.9 percent of the nation’s imported car sales. 　 The BMW 520d is cited as one of Korea’s most widely used company cars.The declin

July 29, 2016

Hyundai to unveil new fuel-cell Tucson in 2018

[THE INVESTOR] Hyundai Motor is planning to roll out the second-generation fuel-cell version of its Tucson ix sport utility vehicle in 2018, just in time for the PyeongChang Winter Olympics taking place in South Korea, local news reported on July 29. Hyundai Motor's fuel-cell Tucson ix, the first mass-produced fuel cell vehicle in the world.Since 2013, South Korea’s largest automaker has been producing the first fuel cell version of its Tucson sport utility vehicle, known as Tucson FCEV -- which

July 29, 2016

Hyundai Mobis to invest W643b in Hyundai Motor’s new HQ

[THE INVESTOR] Hyundai Mobis, the auto parts unit of Hyundai Motor Group, will invest 643 billion won (US$571.53 million) to build the auto conglomerate’s new headquarters -- Hyundai Global Business Center -- in Southern Seoul, the company said in a regulatory filing on July 28. Hyundai Global Business Center to be built in Samseong-dong, Seoul.  Hyundai Motor GroupHyundai Motor Group is planning to erect a 105-story skyscraper in Samseong-dong area of Seoul, on a plot purchased from state-run K

July 28, 2016

Gov’t to offer tax break for hydrogen cars

[THE INVESTOR] The government announced July 28 it will provide up to 4 million won (US$ 3,557) tax reduction on hydrogen fuel cell vehicles until the end of 2019. Hyundai Motor`s fuel-cell Tucson ixThe measure included in the tax revision is aimed at boosting the country’s renewable energy businesses’ competitiveness. Until now, reduction in the 5 percent special consumption tax was only provided to electric vehicles and hybrid vehicles. For hybrid vehicles, the tax was cut by up to 1 million w

July 28, 2016

Hyundai Mobis Q2 profit jumps 13% on SUV sales

[THE INVESTOR] Hyundai Mobis on July 28 said that it posted a 13 percent increase in second-quarter operating profit from a year earlier, thanks to favorable currency rates and improved supply to sport utility vehicles. South Korea’s largest automotive parts supplier affiliated with Hyundai Motor Group reported the April-June operating profit of 784.7 billion won (US$696.2 million), compared with the 694.4 billion won from the same period last year. Hyundai Mobis’ Mabuk technical center in Yongi

July 28, 2016

Hyundai Motor slips in US ranking

[THE INVESTOR] South Korea’s largest automaker Hyundai Motor slipped down in the US ranking of cars that measures the overall satisfaction of owning and driving cars. Hyundai Motor ranked ninth, down from second last year, among non-premium brands on the J.D. Power’s Automotive Performance, Execution and Layout Study, released on July 27. The result is based on responses from more than 80,000 purchaser and lessees of new vehicles who assessed the performance and design after 90 days of ownership

July 28, 2016

Prosecutors seek arrest warrant for ex-VW Korea chief

[THE INVESTOR] Prosecutors on July 27 filed for an arrest warrant for Park Dong-hoon, Volkswagen Korea’s former chief executive officer, over the German automaker’s emission rigging scandal. Park has been charged with fabrication of private documents, obstruction of justice and violation of the Clean Air Conservation Act. The 63-year-old headed the Korean unit from its initiation in 2005 to 2013 before moving to Renault Samsung Motors as sales chief. He took helm of the Korean unit of France’s R

July 28, 2016

Kia Motors to launch new SUV to boost Chinese sales

[THE INVESTOR] Kia Motors, a Hyundai Motor's smaller affiliate said on July 27 it plans to roll out a new sport utility vehicle in China in response to stagnating car sales in the world’s second largest economy. “In China, we will unveil a new SUV, similar to Sorento, next year,” Han Chun-soo, Kia’s chief financial officer, said at the conference call after announcing the Q2 results. “Besides SUVs, we will also include compact cars and the K5 hybrid model in the new lineup to increase presence i

July 27, 2016

Kia Motors Q2 profit up 18.5% on new car launches

[THE INVESTOR] Kia Motors posted an 18.5 percent increase in second-quarter operating profit, driven by newly launched cars and solid demand in its major markets including the US and Europe. South Korea’s second largest automaker on July 27 reported the April-June operating profit of 770.9 billion won (US$679.20 million), compared with the 650.7 billion won from the same period last year. It is the first time that the company’s operating profit has exceeded the 700 billion-won mark since the sec

July 27, 2016

BMW’s self-parking system to be available in Korea

[THE INVESTOR] BMW’s latest self-parking system will become available in Korea possibly from November, with the Korean unit waiting for the final approval from the nation’s ICT Ministry. BMW Korea said on July 26 that the self-parking feature, called Park Assistant Plus, will be offered first in the flagship 7 Series sedan this year and then other models such as the smaller 5 Series in phases. The self-parking system -- the first of its kind globally -- allows owners to maneuver their 7 Series i

July 26, 2016