Hyundai Motor, the nation’s top automaker, announced Monday that it would invest 2 trillion won ($1.8 billion) in raising its annual production capacity of commercial vehicles to 100,000 units ― a 54 percent increase from the current 65,000 units ― by 2020.“About 80 percent of the investment will be allocated to research and development, while the remaining 20 percent will be spent on expansion of the commercial auto production line in Jeonju, North Jeolla Province,’’ the company said in a press

Mobility Feb. 16, 2015

The Korea International Trade Association is looking for a new leader as its current chief Han Duck-soo said he would not take on a second term.  Han, whose term will end this month, announced his decision at the KITA chairmen’s meeting on Saturday, saying the organization needed new leadership. KITA would launch a selection process for the new chairman after Lunar New Year. KITA said a committee would soon recommend a candidate and seek approval at the annual general meeting scheduled for Feb.

Industry Feb. 15, 2015

Sales in Korea of the Italian luxury sports car brand Maserati soared to a record high of 723 units last year, up 469 percent from 2013, a company executive said last week. The jump was the highest among markets in the Southeast Asia and Pacific region.Sales of the Italian company’s luxury vehicles with price tags of over 100 million won ($91,000) grew at 252 percent on average in the same period. “If we look at Korea, this is the strongest and the biggest market in the (SEAP) region, accounting

Mobility Feb. 15, 2015

Sales of Japanese vehicles in Korea, which dominated the Korean import car market in the mid-2000s, are picking up again, boosted by falling oil prices, a weak yen and new car launches. Currently, four German brands ― BMW, Mercedes-Benz, Volkswagen and Audi ― hold the top four spots in the market, with a combined 68 percent market share last year. The market share of five Japanese brands ― Toyota, Lexus, Honda, Nissan and Infiniti ― stood at 12.26 percent in 2014. “The business environment has b

Mobility Feb. 15, 2015

AERIX, a leading South Korean solution provider for air pollution control and protection, is stepping up its efforts to enter China as the country is poised to raise the bar for air quality improvement from 2016.“The company has set its sights on the growing business opportunities in Chinese power generation and manufacturing sectors,’’ AERIX CEO Kim Kun-ho said in a recent interview with The Korea Herald.More specifically, the company will target China’s coal-powered plants and other industrial

Industry Feb. 12, 2015

State-run Korea Water Resources Corp., or K-water, will increase sharing of its water resource management solutions with developing countries, together with the Korea International Cooperation Agency. K-water CEO Choi Gye-woon signed an agreement in Seoul on Thursday with KOICA chief Kim Young-mok to cooperate on projects to help emerging markets solve water-related issues, the company said in a press release. Under the agreement, K-water will carry out water projects in emerging markets, while

Industry Feb. 12, 2015

Han Sung Motor, the largest Mercedes-Benz dealer in Korea, is strengthening its social contribution this year by expanding its young artist development program, Dream Gream. The program, which offers a variety of art classes, a summer camp and mentoring, has nurtured 20 teenage students from financially challenged families as young artists every year since 2012. The company decided to double the number of sponsored students to 40 this year, motivated by impressive feedback from all stakeholders

Mobility Feb. 12, 2015

 For Ssangyong Motor, spring appears to have arrived earlier than expected. The labor strife-marred automaker is poised to celebrate the high unexpected sales of its new compact sport utility vehicle Tivoli and select its new leader in six years.The automaker said on Wednesday it sold more than 8,000 Tivoli vehicles in the first month since its market debut on Jan. 13.“The morale of employees is riding high due to the sales,’’ a company official said. The Tivoli, rival to small SUVs like Renault

Mobility Feb. 11, 2015

The bidding for Korea’s 8.5 trillion won ($8.3 billion) homegrown fighter jet development program fell through after Korean Air failed to submit its proposal on Monday, leaving state-run Korea Aerospace Industries as the sole bidder for the so-called KF-X project.But analysts said Korean Air apparently aimed to earn time to participate in the final competition with KAI.The Defense Acquisition Program Administration, the state-run arms procurement agency, said according to the government’s procur

Industry Feb. 9, 2015

Hyundai Motor Group is expected to see its dominance slip further in the domestic car market this year as the combined market share of its two automakers, Hyundai Motor and Kia Motors, dipped to around 60 percent in January, the lowest monthly record ever.According to the Korea Automobile Manufacturers Association, the market share of the two automakers here fell 5 percent to 60.7 percent last month from the same period a year ago. “Behind the sharp fall in domestic sales last month was a steep

Industry Feb. 6, 2015

The Boleo copper processing plant in Baja California Sur, Mexico. KORESBy Seo Jee-yeon The state-run Korean Resources Corp. has commenced copper production at its mining process plant in Mexico, company officials said Wednesday.“Minera y Metallurgica del Boleo, or MMB, in which KORES holds 90 percent stake, obtained the first production from its copper mining process plant in Santa Rosalia, Mexico, on Jan. 17,’’ the company said in its statement. “We expect MMB to produce 24,000 tons of copper t

Industry Feb. 6, 2015