Kia Motors has vowed to cultivate its brand power to near that of European and Japanese automakers within five years, following a similar vision its affiliate Hyundai Motor unveiled in April.Kia disclosed the goal to become a premium auto brand during the 2012 gathering of Kia dealership owners worldwide at a hotel in Vancouver May 14-17.Kia Motors vice chairman Lee Hyung-keun told participants that the company has set a vehicle sales target of 2.21 million units in the overseas market in 2012,

Mobility May 18, 2012

Hyosung Group chairman Cho Suck-rai stressed that Korea and Japan should seek a comprehensive and high-level of bilateral trade liberalization.His remarks came during his keynote speech as the chief of the Korean delegation during the 44th annual gathering of Korea-Japan business leaders in Osaka, which kicked off Wednesday.“Like the members of the European Union, it would be better for us ― Asian countries ― to push for market integration,” Cho told participants. “For the success of the Asian m

Industry May 16, 2012

Two powerful acquirers tender bids for both Hi-Mart, Woongjin CowaySK Group and Lotte Group are engaging in fierce competition to take over big enterprises in the mergers and acquisitions market.The groups’ units -- SK Networks and Lotte Shopping -- have submitted letters of intent for the bidding to take over Hi-Mart. They also tendered bids for Woongjin Coway.The participation of the nation’s third-largest and fifth-largest business groups in the two biddings is drawing wide attention in the m

Industry May 16, 2012

 More non-Korean chiefs arrive in Korea as import auto market heats upAs Korea’s import car market grows, global automakers are increasingly opting for foreign chief executives for their Korean units.When the Korea Automobile Importers and Distributors Association was established 17 years ago, the import car sector had only one foreign CEO.Of the 16 member firms of KAIDA, seven now have foreign CEOs. They are Mercedes-Benz, Audi, Chrysler, Jaguar/Land Rover, Stuttgart Sports Cars (or Porsche Kor

Mobility May 15, 2012

Samsung Electronics chief operating officer Lee Jay-yong dismissed market rumors that Samsung Group may have big new plans for the automotive industry.“(Samsung Group) will not carry out automobile business,” Lee told reporters over the weekend.He reiterated that executives had already made it clear that the auto sector would not be included in the group’s future business categories.The group will only continue to provide carmakers with auto-oriented semiconductors and batteries for electronic-v

Industry May 14, 2012

Four models to be unveiled in the biennial event for first time in AsiaThe sixth Busan International Motor Show, which will kick off on May 24, will feature futuristic concept cars with state-of-the-art technologies, carmakers said Friday.Some of the concept cars ― prototypes that give consumers a peek at future designs ― will be showcased for the first time in Asia via the 11-day auto fair at the BEXCO in Busan, they said.Hyundai Motor will unveil several futuristic models, such as the HND-7/He

Mobility May 11, 2012

U.S. automakers are still posting sagging car sales in Korea despite the free trade agreement between the two countries that took effect two months ago.Three U.S. companies ― General Motors, Chrysler and Ford Motor ― grabbed only 6.1 percent of the nation’s import car market with combined sales of 656 units in April.While their market share has stayed below 10 percent among import brands over the past few years, the three players have been pinning hopes on the Korea-U.S. FTA, implemented on Marc

Mobility May 9, 2012

LG Group chairman Koo Bon-moo pledged to overhaul its corporate structure during his meeting with executives on Tuesday.“To take the initiative in the market, we need basic changes in our internal structure,” he told a monthly meeting of about 300 group executives.Koo also stressed the significance of creativity: “Bearing customer value in mind, we should build up differentiated competitiveness.”The LG chief has been leading the drive to nurture future growth projects by visiting LG Group units’

Industry May 8, 2012