For SsangYong, Rexton is not simply a flagship SUV model that has significantly pulled up its sales among its complete lineup of SUVs ranging from those in the small segment to pickup trucks. Following an unprecedented bumper year in 2015 for the small SUV model Tivoli, SsangYong needed to continue the momentum to keep the nickname “leader of SUV.” The fourth generation Rexton, launched in 2017, recorded a 200 percent growth rate that year. A year later, SsangYong took its well-se

Industry Jan. 23, 2022

Kia said Friday that its electric SUV model EV6 has been recognized as Car of the Year and Electric SUV of the Year by the UK automotive What Car?’s Car of the Year Awards, Friday. “The EV6 combines a huge real-world range with the ability to charge at speeds that no rival can keep up with, addressing two of the biggest concerns that people still have about electric cars. Kia has been able to take advantage of the compact size of electric motors and produce a car that’s hugely

Mobility Jan. 21, 2022

Hyundai Glovis, Hyundai Motor Group’s logistics arm, said Thursday that it has launched Autobell, an online platform for used car sales and purchase, to diversify its business portfolio.  Hyundai Glovis has been operating a used car business since 2001, mostly focused on B2B sales of secondhand cars through auctions. Its parent company Hyundai Motor sought to enter the certified used car market lately, but it seems blurry whether the automaker can launch B2C business as planned this

Industry Jan. 20, 2022

Hyundai Motor Group’s launch of B2C secondhand car business has met with headwind after the ministry put a halt on the business launch temporarily, according to the industry on Tuesday.  The Ministry of SMEs and Startups last week advised the nation’s largest carmaker to temporarily suspend the launch of the certified used car sales business here. The advisory comes after the country’s association of used car dealership asked the ministry to intervene the automotive congl

Mobility Jan. 18, 2022

Hyundai Development Company Chairman Chung Mong-gyu stepped down Monday, apologizing for two fatal accidents at the builder‘s construction sites in Gwangju.  “I apologize deeply to the family members of the victims in the accident in Gwangju and to the public,” he said during a press conference at its headquarters in Yongsan, Seoul.  “I promise to give all effort and support to amend the situation at the accident site and regain public trust.” The HDC c

Industry Jan. 17, 2022

Amid pressure building over a series of safety accidents at Hyundai Development Co.’s large-scale construction sites in Gwangju, the builder’s chief is likely to make a public address this week, according to insiders Sunday. A week has passed since an accident at HDC’s 39-story apartment building site in Hwajung-dong in Gwangju, with five people still missing. But HDC Chairman Chung Mong-gyu has remained silent.  The Gwangju accident is the second case involving HDC. In

Industry Jan. 16, 2022

When it comes to luxury sedans, Mercedes Benz’s S-Class easily comes to mind. It’s obviously difficult to go beyond the German carmaker's brand reputation and technology built over decades, but the 6-year-old Korean luxury car brand Genesis is seeking to lure customers in the high-end luxury segment with its flagship full-size sedan G90 that offers a brand new experience different from S-Class.  Rather than presenting state-of-the-art auto technology to easily edge out its Germ

Mobility Jan. 16, 2022

The Gwangju Metropolitan Government will review legal measures to restrict Hyundai Development Company from participating in building projects in Gwangju, the city mayor said Thursday. “If legal measures allow, we will exclude HDC from participating in construction projects in the city for a fixed period,” Gwangju City Mayor Lee Yong-seop said during a briefing held on Thursday. Lee added that authorities are also reviewing whether to order HDC to demolish the collapsed apartment b

Industry Jan. 13, 2022

Taking last year’s momentum of Genesis expanding its global presence, Hyundai Motor’s standalone luxury brand expects to increase its sales by 10 percent this year with its new lineups and electrified versions of high-end vehicles, its chief executive said on Tuesday. “We are expected to (sell) between 215,0000 to 220,000 (in numbers) of Genesis vehicles,” Genesis CEO Chang Jae-hoon told reporters at the G90 launching event, adding that the global sales of the luxury bra

Industry Jan. 13, 2022

Pernod Ricard Korea’s new “Time Well Spent” campaign will solidify its position as a market leader in the local whiskey market, which is constantly expanding, the liquor firm said Wednesday.  According to Pernod Ricard Korea’s marketing director Kim Kyung-yeon, the domestic imported whiskey market made 58 percent growth compared to 2019. “With increased public interest in whiskey, high-end whiskey categories and the malt whiskey saw significant growth -&ndash

Industry Jan. 12, 2022

Daewoo Engineering & Construction on Wednesday named Baek Jung-wan, the current head of the constructor’s housing division, as its new CEO whose appointment will be finalized in an upcoming board meeting once the planned acquisition by the Jungheung Group completes next month.  Baek, 59, a career insider, joined Daewoo E&C in 1985. He has worked as an onsite leader for Daewoo’s major apartment constructions before becoming an executive director at the company’s ho

Industry Jan. 12, 2022

South Korean electric carmaker Edison Motors stepped closer to acquiring major stakes in debt-laden SsangYong Motor on Monday, after the two firms clinched a deal following the court’s approval on the same day.  What remains for Edison is the agreement from the two-thirds of SsangYong’s creditors on the financially troubled SUV maker’s rehabilitation plan, undergoing the same process as a decade earlier.  The carmaker has been under court receivership for the secon

Industry Jan. 10, 2022

South Korea’s largest automaker Hyundai Motor, like other major carmakers around the world, suffered big from global semiconductor shortages last year, despite wide growing demand for new vehicles.  Deliveries of preordered vehicles have been delayed for months, not because of Korea‘s notorious labor strikes or price hikes in materials, but because of the tiny missing auto chips, which are essential for their digitized auto control system. Not just sharing common roots as Kor

Industry Jan. 7, 2022

Descendants of South Korea's chaebol founders have recently sold their stakes in spin-offs in an apparent move to avoid the antitrust watchdog’s tougher intra-group trade scrutiny based on the revised fair trade act.  The Korea Fair Trade Committee’s revised fair trade act came into effect on Dec. 30, expanding the list of target companies in order to prevent chaebol family owners from fattening their wealth through affiliates in family business. Previously, the regulation ta

Industry Jan. 7, 2022

SK ecoplant, a construction unit of SK Group, unveiled a blueprint of what they call Zet Zero City, a circular economy system in line with the company’s focus on eco-friendly energy solutions, at the 2022 Consumer Electronics Show on Wednesday. Debuting at CES, SK ecoplant said the purpose of Net Zero City is to solve environmental and energy problems by turning waste and air pollutant into resources and energy through high-technology. SK ecoplant, which has been transforming itself fr

Business Jan. 7, 2022