Kia Motors unveils new Carens

[THE INVESTOR] Kia Motors, South Korea’s second-largest automaker, released its new version of compact minivan Carens that features more power, dynamic exterior and affordable price tag on July 26. The new Carens, better known as Ronda in overseas markets, shares the same external dimension with the older model launched in June 2015. “We improved the design of the radiator grille, head lamps, rear lights and wheels to emphasize strong appearance and voluminous body,” a company official said. Kia

July 26, 2016

Credit appraiser considers rating cut of Volkswagen Financial Korea

[THE INVESTOR] Korea's local credit appraiser NICE Investors Service considers cutting credit ratings of Volkswagen Financial Services Korea, a unit of the troubled German carmaker caught in a recent emissions-rigging scandal. A Volkswagen store in Bangbae-dong, southern SeoulThe rating firm said on July 26 the company was included in its latest monitoring list for a possible credit downgrade, maintaining the current credit rating at “A+” for now. “Volkswagen Korea is likely to struggle with its

July 26, 2016

Hyundai Motor posts 0.6% increase in Q2 profit

[THE INVESTOR] Hyundai Motor, the world’s fifth-largest carmaker, said it posted second-quarter operating profit of 1.76 trillion won (US$1.54 billion), up 0.6 percent on-year. From the first quarter of 2016, operating profit rose 31.2 percent, the carmaker said on July 26. Hyundai Motor Group headquartersNet profit for the second quarter fell 1.5 percent on-year to 1.76 trillion won. Sales, however, rose 8.1 percent to 24.67 trillion won. In total Hyundai sold 1,285,860 units during the cited p

July 26, 2016

German car imports fall for first time in 13 years on VW scandal

 [THE INVESTOR] The import volume of German-made cars in South Korea dropped for the first time in 13 years amid an emission-rigging scandal involving Volkswagen and Audi cars, industry data showed on July 26. The number of German vehicles imported in the January-May period came in at 51,736 units to reflect a 12.7 percent decrease from the same period in 2015, according to the Korea Automobile Importers and Distributors Association. Volkswagen cars are lined up at Pyeongtaek Port. / The Investo

July 26, 2016

Renault Samsung to produce next-generation engines for Renault, Nissan cars

[THE INVESTOR] Renault Samsung Motors said on July 25 it will produce next-generation engines for Renault and Nissan vehicles at its Busan plant. The Korean unit of France’s Renault Group had been competing with other overseas plants of the Renault-Nissan Alliance, including those in China and Japan, to host the strategic partner firms’ new engine production facilities. Renault-Nissan Alliance’s 1.6-liter GDI turbo MR engine (left) and 2.0-liter GDI MR engine that will be produced at Renault Sam

July 25, 2016

Volkswagen Korea attends public hearing

[THE INVESTOR] The Ministry of Environment held a public hearing on July 25, attended by Audi Volkswagen Korea.The hearing -- which was held at the National Institute of Environmental Research -- is to offer Volkswagen’s Korean unit a chance to explain itself regarding the ministry’s recent decision to ban the sales of 79 models of Audi and Volkswagen cars that cheated on emission tests, and also cancel their registration here.The decision, however, has yet to go into effect and will be finalize

July 25, 2016

Kia Motors takes legal action against union leaders

[THE INVESTOR] Kia Motors has filed criminal complaints against the leaders of its labor union over the alleged illegal strikes. According to the carmaker, a complaint has been filed against union leader Kim Sung-rak and five other union officials for taking Kia’s union into the nationwide strike organized by the Korean Metal Workers’ Union. The metal workers’ union is a subgroup within the hardline Korean Confederation of Trade Unions. The company claims that its union did not follow legal proc

July 25, 2016

Hyundai Motor to open Genesis brand stores nationwide

[THE INVESTOR] Hyundai Motor plans to open some 10 Genesis brand stores nationwide in its latest upscale push as a luxury car maker. The first store is expected to open at Shinsegae Group’s new shopping center Starfield Hanam in Gyeonggi Province in September. The venue is also rumored to have hosted the nation’s first store of the iconic electric car maker Tesla. Other stores are also said to be located in posh districts in Seoul and major cities around the country. Genesis sports sedan G80Hyun

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

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

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