BUSAN -- A representative from the Korean unit of emissions-rigging scandal-marred German carmaker Volkswagen said the company is set to submit software to the Korean Ministry of Environment to fix about 125,000 affected vehicles, a critical step to push for its recall plan here.“The software will be presented in the near future (to the ministry). Once the software is tested and approved by the ministry as planned, we expect the recall can start this summer,” Volkswagen Korea CEO Thomas Kuehl to

Business June 2, 2016

BUSAN - Genesis, the luxury brand Hyundai Motor created last November as an independent brand with the first model G90, unveiled second model G80 and its sport version G80 Sport for the first time at the media preview day for the 2016 Busan International Motor Show on Thursday. The G80 is a redone version of the Genesis DH luxury sedan from Hyundai Motor.  Manfred Fitzgerald (right), head of the Genesis brand, and Luc Donckerwolke, head of the design center for Genesis, pose with the G80 after t

Mobility June 2, 2016

The nation’s outbound shipments, a key pillar for economic growth, continued to fall in May compared to the same period a year ago, extending their longest year-on-year monthly fall to 17 months, according to data from the Ministry of Trade, Industry and Energy on Wednesday. “Despite the continued fall in exports, the decline trend slowed last month,” the ministry said in a press release. Exports stood at $39.78 billion last month, down 6 percent from the same period a year ago.The on-year month

Industry June 1, 2016

The founders of many South Korean conglomerates have led dramatic lives, with resemblance to the domestic economy rising fast from the ashes of the Korean War.One thing that the business tycoons have in common is the culture of pursuing fast growth, which has contributed to the nation’s rapid rise. Their growth obsession, however, sometimes ends in tragedy. The latest conglomerate leader to suffer a freefall is STX Group founder and former chairman Kang Duk-soo. Former STX Group chairman Kang Du

Industry May 31, 2016

PYEONGTAEK, Gyeonggi Province -- About 400 Rexton W -- midsize sport utility vehicle of Ssangyong Motor -- lined up for shipment Monday to Peru’s capital at a pier of Pyeongtaek Port, Gyeonggi Province.  Officials from Ssangyong Motor, KOTRA and POSCO Daewoo celebrate the loading of the carmaker’s midsize Rexton SUV-based police cars to the ship heading for Lima, the capital city of Peru, at Pyeongtaek Port, Gyeonggi Province, on Monday. The shipment is part of the carmaker’s supply deal for the

Mobility May 30, 2016

The Korean auto industry is gearing up in Busan this week as the nation’s second biggest city will host the 2016 International Busan Motor Show at BEXCO from June 2 for a 10-day run.Under the slogan “Inspiring Technology Making Waves in the Future,” the biennial motor festival in Korea will showcase about 230 vehicles from 25 domestic and foreign brands, the motor show’s organizing committee said in a press release last week.Genesis G80 (world premiere)Visitors to the auto show will have a chanc

Mobility May 29, 2016

The Korean unit of General Motors will host a premiere night to draw more attention to its new car lineup for the Busan Motor Show on June 1, one day before the official media preview.The carmaker has remained low-key on which cars will take the stage at the premiere event “GM night,” but industry watchers predict GM Korea CEO James Kim will highlight three models from its Chevrolet and Cadillac brands. Cadillac’s new CT6 full-size luxury sedan (GM)For the mass market, GM is forecast to unveil t

Mobility May 29, 2016

Officials from Hyundai Motor Group, World Vision and state-run international aid agency KOICA take part in a groundbreaking ceremony to build an auto mechanical training center in Ethiopia, Friday. The project is part of Kia Motors’ vocational education support program in Africa, dubbed the “Green Light Project.” Participants included World Vision’s Edward Brown (from left), KOICA head Kim In-shik, Ethiopian First Lady Roman Tesfaye, Hyundai Motor President Chung Jin-haeng and Kia Motors vice pr

Mobility May 29, 2016

The Korean unit of German luxury carmaker BMW is set to unveil its five new models in Korea at the 2016 Busan International Motor Show slated to kick off on June 2, according to the automaker on Sunday. The automaker said it would showcase one flagship model 750Li Individual, two high-performance cars -- M2 Coupe and X4 M40i -- and two plug-in hybrid vehicles -- 330e M Sport and X5 xDrive40e -- at the upcoming biennial auto event. BMW M2 CoupeIts flagship 750Li Individual sedan is limited editio

Mobility May 29, 2016

Given the 2016 Busan Motor Show’s “smart premium” theme, Renault Samsung said Sunday that it would be showcasing three new vehicles at the event: the QM6, a revamped version of the QM5 sport utility vehicle, the Twizy electric smart car and the Renault Clio R.S. -- all of which are slated to be rolled out here in the second half of this year. “We are confident that the high-end QM6 SUV will wow visitors as it is the only fully modified SUV model among mass-produced car brands this year,” the com

Mobility May 29, 2016

The state-run Korea Electric Power Co., the nation’s largest utility giant, was ranked 97th for 2016 in an annual ranking of the top 2,000 public companies in the world, released by Forbes, a U.S. business magazine. The surveyor said the ranking was based on a mix of four metrics -- sales, profit, assets and market value.It is the first time for KEPCO to enter the top 100 list in the survey. The firm was ranked 197th last year. In addition, the Korean utility giant topped in the electric utility

Industry May 26, 2016

Korea will select a site for an underground storage facility to permanently dispose spent nuclear fuel, or high-level radioactive waste, by 2028 and complete the construction of the facility by 2053, according to the first roadmap for the project released by the Ministry of Trade, Industry and Energy on Wednesday. “A further delay in building the facility will put a drag on future generations, considering the saturation level of interim storage units located in the nuclear power complexes nation

Industry May 25, 2016

Mercedes-Benz on Tuesday unveiled its luxury mid-size business saloon, the new E-class, at a media preview event at Wangsan Marina, Incheon, setting a goal of taking the top spot in sales here in 2016. The Korean unit of the German luxury carmaker has high hopes for the 10th generation of its best-selling luxury mid-size executive sedan. The new E-Class is the best in the segment in terms of performance, consumption and efficiency, the company added.  Mercedes-Benz Korea CEO Dimitris Psillakis p

Mobility May 24, 2016

There are a couple of things in common among Ssangyong Motor’s Tivoli Air, Renault Samsung’s SM6 and GM Korea’s all-new Malibu. They are new cars gaining high attention in the market from the preorder stage and they have also adopted steel sheets made by POSCO for their car bodies.“The growing popularity of the new cars by the three Korean automakers this year gives a boost to sales of the company’s high value-added automotive steel products,” a POSCO spokesperson said. POSCO chairman Kwon Oh-jo

Mobility May 23, 2016

Mobile app-driven new businesses are budding in the automotive after sales and service market, drawing the attention of investors focusing on start-ups, and the car wash business is no exception. The car wash sector in Korea, which is crowded with small players, has recently seen a resurgence as an online-to-offline business.“An O2O car wash mobile application, matching an offline service provider with a customer regardless of time and place, tremendously saves the customers’ time without any ad

Business May 23, 2016