Hyundai Mobis to recall 120,000 filters containing toxic substance

[THE INVESTOR] Hyundai Mobis, South Korea’s largest automotive parts supplier, has decided to recall 120,000 car air-conditioning filters after octylisothiazolinone, a toxic chemical substance, was detected, the company said on July 21.“We decided to pull every product from the shelf to put our customers at ease,” the company said. On July 20, the Ministry of Environment released a list of filters containing OIT levels that may be harmful. These filters, which were mostly manufactured by 3M, wer

July 21, 2016

S. Korean auto market to shrink this year: think tank

[THE INVESTOR] South Korea’s automobile market will shrink for the first time since 2013, the Korea Automotive Research Institute forecast in a report on July 21.The Hyundai Motor Group’s think tank estimated an 8.7 percent drop in domestic sales during the second half of the year, offsetting the large increase seen in the first six months of the year. Hyundai, Kia cars wait to be shipped at a port in Ulsan.According to the institute’s estimates, the year-on-year drop expected in the second half

July 21, 2016

Hyundai Mobis opens logistics hub in Belgium

[THE INVESTOR] Hyundai Mobis has built a central logistics center in Belgium to serve as the logistics hub in Europe, it announced on July 20. Spread over 56,000m² in Beringen in northern Belgium, the center will receive parts daily and distribute them to regional centers in UK, Germany, Spain, Italy, Sweden and Hungary. The inside of Hyudai Mobis's Belgium central logistics center / Hyundai MobisSouth Korea’s largest auto parts supplier has been delivering motor parts for after service three ti

July 20, 2016

Hyundai Mobis eyes non-Korean carmakers for growth

[THE INVESTOR] Hyundai Mobis, South Korea’s largest automotive parts supplier, aims to target American and Japanese automakers to widen its business beyond local affiliates Hyundai Motor and Kia Motors. Hyundai Mobis, which is highly dependent on local automakers, plans to increase sales of its auto parts to non-Korean manufacturers by 1.5 times by 2025, local news reported on July 25. According to reports, Hyundai Mobis’ overseas sales account for only about 10 percent of total sales, while the

July 20, 2016

Imported car registrations cross 1.5 million in Korea

[THE INVESTOR] The number of registered imported automobiles broke the 1.5 million mark in June, industry data showed on July 20. The country’s automobile market was opened to foreign brands in 1987. According to automotive industry organizations, the number of imported vehicles registered in South Korea came to just over 1.52 million units in June, up 1.7 percent from the previous month. In comparison, the number of all vehicles registered in Korea came to about 21.37 million units at the end o

July 20, 2016

FTC plans to file suit, fine Volkswagen Korea

[THE INVESTOR] South Korea’s antitrust agency has decided to press criminal charges against the former and current executives of Volkswagen Korea for deceiving customers with false advertisements in the German automaker’s emission rigging scandal. It also plans to fine the automaker a maximum of 88 billion won (US$ 77.02 million). The Fair Trade Commission has sent the assessment report to VW Korea, stating it has decided to sue 10 executives, including Johannes Tamer, the CEO of Audi Volkswagen

July 20, 2016

Hyundai dealers in China demand compensation

[THE INVESTOR] Dealers of imported Hyundai Motor vehicles in China are seeking compensation from the South Korean carmaker over alleged unfair treatment, China Daily reported on July 18. According to the newspaper, some of the 41 car dealers selling Hyundai Motor vehicles shipped from South Korea to China established a working group to “safeguard their rights” earlier this month.Hyundai Motor’s vehicles are marketed through two channels in China. Vehicles produced by Beijing Hyundai and fully as

July 19, 2016

SUV, minivan sales set new H1 record

[THE INVESTOR] South Korean carmakers’ SUV and multipurpose vehicle sales hit a new first-half record this year aided by new models, and the tax cut on new purchases, industry data showed on July 19.According to industry figures, 271,523 units of SUVs and multipurpose vehicles produced by local carmakers were sold here during the first six months of the year. Compared to the same period last year, the figure is an increase of 8.7 percent. Kia Motors SorentoThis year’s figure is the highest on re

July 19, 2016

Korean gov’t to lower cost of EV recharging, develop electric truck

[THE INVESTOR] South Korea will halve the cost of recharging electric cars, and increase investment in related fields as part of its EV development strategy.Under the Ministry of Trade, Industry and Energy’s plans revealed on July 18, the government will also launch R&D programs aimed at doubling EVs’ driving range, and to develop electricity powered small truck with 1 metric ton load capacity. Hyundai Motor's IONIQ“(The government) will speed up providing support in R&D, incentives and other me

July 18, 2016

Hyundai Motor chief says Genesis, eco-friendly cars key for survival

[THE INVESTOR] Hyundai Motor Group chairman Chung Mong-koo is scheduled to hold a meeting with some 60 heads of overseas operations at the Seoul headquarters on July 18 to discuss ways to elevate the carmaker’s slowing sales. The meeting, held twice a year, comes after the nation’s largest carmaker -- the fifth globally -- suffered a 2.4 percent decline in sales in the first half of this year compared to a year ago.   Hyundai Motor Group’s chairman Chung Mong-kooIn the January-June period, Hyund

July 18, 2016

Hyundai Motor Group’s BRIC output tops 20 million

[THE INVESTOR] Hyundai Motor Group’s accumulated output at its plants located in BRIC nations broke the 20-million mark this year, the carmaker said on July 18.According to the conglomerate, the combined accumulated output at its 12 plants in Brazil, Russia, India and China came to 20.64 million units at the end of the first half of the year. Hyundai Motor Group headquarter in southern SeoulOf the overseas plants, Hyundai Motor and Kia Motors’ plants in China accounted for the largest proportion

July 18, 2016

Hyundai-Kia's EU market share inches up in H1

[THE INVESTOR] Hyundai Motor Group’s market share in the European Union inched up in the first half of the year aided by faster-than average increase in sales, industry data showed on July 15. According to the European Automobile Manufacturers Association, Hyundai Motor and Kia Motors’ first-half sales outpaced the market’s overall growth, and their combined market share came in at 6.1 percent. Hyundai Motor’s market share was 3.2 percent, and that of Kia Motors’ 2.9 percent. In comparison, Kia

July 15, 2016