Kia Motors will start producing small cars, including its compact sedan brand K3 ― also known as Forte in overseas markets ― in Mexico from the first half of next year, Hyundai Motor Group said in a press release. The plan was officially announced when the Korean automotive group chairman Chung Mong-koo paid an on-site visit to the construction site for Kia’s first plant in Latin America on Thursday. The sister firm of Hyundai Motor broke ground last October to build the assembly line in Mexico

Mobility March 26, 2015

SK Networks, the trading arm of SK Group, said it would introduce American Eagle, a U.S. casual apparel brand, and Canali, an Italian luxury menswear brand, to the local market in June and August, respectively. “The firm’s fashion division has completed a deal with each brand for exclusive domestic sales,” the company said in a press release.  Cho Joon-hang (right), head of SK Networks’ fashion division, poses with Kareem Gahed, vice president of American Eagle Outfitters, Thursday. (SK Networks

Industry March 26, 2015

The board of Ssangyong Motor, the nation’s fourth-largest automaker, owned by India’s Mahindra & Mahindra, appointed vice president Choi Johng-sik as its new CEO during the annual shareholders’ meeting in Seoul on Tuesday.“Choi, who has been in charge of global sales and marketing for Ssangyong Motor since 2010, has shared the company’s vision and growth strategy,’’ the corporate board said, raising hopes that he will contribute to the automaker’s turnaround.The board promoted current CEO Lee Yo

Mobility March 24, 2015

The All-New Chrysler 200, the midsize family sedan brand of Fiat Chrysler Automobiles, has hit the market with drastic changes in design and auto technology. It has been freshly repackaged, with a revised powertrain, restyled cabin, better fuel efficiency based on nine-speed transmission, and numerous safety features. This is the first vehicle to be built on the joint platform of Chrysler and Fiat after their merger in 2014 and it is fun to discover how Italian flavors are mixed with the America

Mobility March 22, 2015

The top management of Korea Aerospace Industries, the nation’s sole aircraft manufacturer, has set a 30 percent growth target for sales this year, boosted by growing revenue from exports.  “When the sales goal is achieved, the company’s revenue will soar to a record high of 3 trillion won ($2.7 billion) by year-end,’’ KAI CEO Ha Sung-yong said during the firm’s annual general meeting. The event was held at the company’s headquarters in Sacheon, South Gyeongsang Province, on Friday. The bold sale

Industry March 20, 2015

Kia Motors, the nation’s second largest carmaker, released an artistic rendering on Thursday of its new K5, a midsize sedan brand, ahead of its official launch at the Seoul Motor Show to be held April 3-12. The second-generation K5 comes five years after the brand debuted in 2010.  An artist’s rendering of the new K5. (Kia Motors)“All new K5 will set new standards in design,” the carmaker said in a press release. “The new K5 was developed in pursuit of the world-class sporty design and a bulked-

Industry March 19, 2015

Hankook Tire, the nation’s largest tiremaker, will soon participate in the management of Halla Visteon Climate Control Corp., having acquired a 19.49 stake for 1.08 trillion won ($983.84 million) in December, to diversify its business domain into the car parts sector. HVCC is a global supplier of automotive thermal management solutions and partners with car manufacturers worldwide, most of which are clients of Hakook Tire. Hankook Tire recorded solid growth last year, posting about $6.3 billion

Industry March 16, 2015

Hyundai Motor, the nation’s top automaker, launched its first “tech experience” event for the local press with its seven-speed dual clutch transmission-mounted cars at its Namyang Technology Research Center in Hwaseong, Gyeonggi Province, on Friday in an effort to strengthen communication to address its technological prowess.“The event was designed to raise public understanding of Hyundai Motor’s technological advancements,” an official from the automaker said. The move was expected as the growt

Mobility March 15, 2015

Shareholders of Korean conglomerates, in particular institutional investors, are becoming vocal about their voting rights in an effort to raise the bar on the qualification of board members at firms they have invested in. “They are the most interested in getting advice on whether to vote for or against appointment of board members in the 2015 annual shareholders’ meetings,’’ said Kim Sang-yoon, an analyst of Sustinvest, an advisory firm for shareholder votes.The trend is finally gathering steam

Industry March 12, 2015

Hyundai Motor, the nation’s top automaker, plans to start building its second factory in the U.S. within this year to ramp-up the supply of sport utility vehicles to the world’s second-largest car market, industry sources said. The new plant with an annual production capacity of 300,000 SUVs will be completed by 2017, but the company has yet to decide the plant location, the sources added.It is the first time that Hyundai Motor has disclosed a concrete plan for the second factory.Although a Hyun

Mobility March 11, 2015

Chiefs of overseas branches of Daewoo International, one of the nation’s biggest trading companies, get together on Wednesday after attending a three-day meeting for marketing strategy for this year at Songdo, Incheon. (Daewoo International)

March 11, 2015