Hyundai Motor Group said Sunday its Executive Vice Chairman Chung Euisun met with state governors in the US during a summit where he exchanged his thoughts on the future of hydrogen economy and mobility innovation.  The National Governors Association Winter Summit is held twice a year, inviting governors of 50 states and five self-governing dominions, where major business and political leaders gather to exchange issues and policies.  Chung offered a toast during the reception for th

Mobility Feb. 9, 2020

Autobell, a second-hand vehicle retail selling service operated by Hyundai Glovis, has seen growing popularity among users amid the expanding used car market. As of last year, government data showed that a total of 3.69 million second-hand vehicles have been registered, about double that of newly registered cars at 1.8 million units.  Hyundai Glovis, which runs three auction houses across the country – Sihwa, Bundang and Yangsan -- launched its vehicle auction service in 2001. 

Industry Feb. 9, 2020

Hyundai Motor Group said Thursday it has decided to urgently inject 1 trillion won ($847 million) of capital into local small and midsized auto parts makers struggling amid low demand from automakers due to a disruption in parts supply from China. Some 350 companies that supply auto parts to Hyundai Motor, Kia Motors, Hyundai Mobis, Hyundai Wia and Hyundai Transys will be given 692 billion won worth of product payment in advance, as well as 308 billion won of interest-free loans for the automot

Mobility Feb. 6, 2020

Fears of the new coronavirus have prompted South Korean air carriers to suspend more than 60 percent of their flights to China as of Thursday, according to industry sources. A total of 58 of the 94 China-bound routes operated by eight Korean carriers have been suspended due to the coronavirus scare.  The airlines have also reduced the number of flights on 25 routes to China, meaning 88 percent of all routes between the two countries have been affected by the outbreak.  The country&

Mobility Feb. 6, 2020

The prolonged outbreak of novel coronavirus has taken a toll on South Korean companies, especially automakers, due to their high dependence on various types of irreplaceable auto parts manufactured in China, according to industry insiders Wednesday. Four of the country’s five major carmakers -- Hyundai Motor, Kia Motors, SsangYong Motor and Renault Samsung Motors -- have decided to temporarily suspend operations at their plants here due to the shortage of a crucial auto part called wirin

Mobility Feb. 5, 2020

With Cho Hyun-ah, heiress of Hanjin Group -- which owns South Korea’s flagship carrier Korean Air -- teaming up with the largest and third-largest stakeholders prior to the shareholders meeting in March to take over control, her brother and current Chairman Cho Won-tae is preparing more arrows in his quiver, according to industry watchers. The sibling feud has escalated ahead of the upcoming shareholders meeting, with each side maximizing tools to woo the rest of the shareholders as thei

Industry Feb. 3, 2020

South Korean automakers are struggling to operate manufacturing lines here following difficulties in sourcing components from China due to the suspension of factory operations in the mainland.  According to Hyundai Motor Group, the automaker has decided to cancel extra working hours at its Ulsan and Jeonju plants this week, following the temporary shutdown of the two partnering factories in China that are responsible for supplying components such as wiring.  To contain the rapidly s

Mobility Jan. 31, 2020

After the government flew the first chartered flight using Korean Air’s B747 to Wuhan and brought 368 South Koreans here on Friday morning, the future use of the plane has come under public scrutiny, despite assurances by doctors about very low possibility of getting infected. According to the real-time air traffic tracker Flight Radar 24, Korean Air’s 22-year-old B747 which has tail number HL7461 was used to evacuate Koreans based in Wuhan, the epicenter of the coronavirus outbrea

Mobility Jan. 31, 2020

Asiana Airlines said Friday that it has sent relief goods including masks and medical products worth 40 million won to support the people in Wuhan, China, as well as authorities’ effort to contain the virus.  The products will be delivered to people in need in China, the air carrier said, adding that it has sent the items on OZ331 flight bound for Beijing and OZ323 bound for Chengdu. By Kim Da-sol (ddd@heraldcorp.com)

Mobility Jan. 31, 2020

Hyundai Motor Group’s key affiliate Hyundai Mobis said Thursday that its operating profit hit 2.35 trillion won ($1.9 billion) last year, up 16.5 percent year-on-year, according to the auto parts maker’s regulatory filing.  The company’s sales inched up by 8.2 percent to 38.48 trillion won over the same period, while its net profit recorded 2.29 trillion won, up 21.5 percent on-year.  Hyundai Mobis attributed last year’s improved performance to expanded sales

Mobility Jan. 30, 2020

Hanjin Group Chairman and Korean Air CEO Cho Won-tae will be onboard the chartered flight that the government has arranged to bring back South Korean citizens from Wuhan, China, industry sources said Thursday. The government plans to send chartered flights of Korean Air’s A330 and B747 which can seat around 300 and 400 people, respectively, on Thursday and Friday, to bring back some 700 Koreans from Wuhan, the epicenter of the coronavirus outbreak. The first of the four flights was set

Mobility Jan. 30, 2020

A senior executive from Renault Group visited the South Korean unit’s manufacturing plant in Busan on Wednesday, amid deepening labor and management conflict and falling productivity at Renault Samsung Motors. According to the South Korean unit of the French automotive group, Renault Group’s Deputy Alliance Executive Vice President Jose Vicente de los Mozos visited the Busan plant and held a meeting with manager-level employees. The company said the trip was part of his tour of Ren

Mobility Jan. 29, 2020

Hyundai Wia said Wednesday that it has clinched a 702 billion won ($596 million) deal with European and US automakers to supply constant-velocity joints (CV joints).  Hyundai Motor Group’s automotive parts manufacturing arm did not disclose the names of the companies, but said that under the deal 55 percent of the parts will be supplied to eco-friendly vehicles. This is its first major deal with overseas carmakers.  CV joints enable a drive shaft to transmit power from the eng

Mobility Jan. 29, 2020

South Korean aviation and travel industries have been hit hard by refunds and cancellations in response to the new Chinese coronavirus outbreak, according to the industry on Tuesday. Several airlines have suspended the operation of routes to China and fully refunded customers for reservations, without applying the usual surcharge.  The travel authorities and related businesses have also strengthened hygiene guidelines for their employees, such as obligating all cabin crew on flights and

Mobility Jan. 28, 2020

The outbreak of a deadly coronavirus in the Chinese city of Wuhan has cast a pall over Korean companies operating offices there, with some firms evacuating staff and suspending business trips, according to industry sources Monday.  Currently, some 600 South Koreans reside in Wuhan, Hubei province, which also hosts local offices of Posco, SK Global Chemical, Hyundai Wia and LG Hausys. As of Monday afternoon, the official count of confirmed cases across China stood at 2,744. SK Global Che

Industry Jan. 27, 2020