Hyundai Motor Group denied rumors that it could seek a takeover bid to save faltering shipper Hyundai Merchant Marine via its logistics arm Hyundai Glovis. HMM, which faces a liquidity crisis, is a key affiliate of Hyundai Group and so has been categorized as a member of the pan-Hyundai empire. “It is true that the group was invited to a takeover bid for the shipper, but the group has no interest in the deal due to little synergy effect,” a high-ranking official of the automotive group said Mond

Industry March 21, 2016

Jeju Province Gov. Won Hee-ryoung gives a thumbs up during a test drive of Kia's Soul EV in Jejudo.        Jeju ProvinceKorea’s ambitious green project to transform Jejudo Island into a carbon-free island by 2030 is drawing attention from policy makers and electric carmakers from around the world. Jejudo Island is the nation’s largest island with a population of 600,000. Since vision 2030 was presented last year, citizens and visitors there have seen a growing number of electric cars, smart home

Mobility March 20, 2016

The 3rd International Electric Vehicle Expo, which kicked off Friday on Jejudo Island, has gradually transformed into an ideal venue for stakeholders in the global EV adoption, including government officials, industry executives and leading academics, for the past three years since its inception in 2014. Jejudo, a beautiful resort island located off the southwestern coast of Korea, was the perfect place to attract the event as it has sought its eco-friendly vision to become a carbon-free island

Mobility March 20, 2016

Joylong Automobile, a Chinese electric vehicle manufacturer, signed a memorandum of understanding with Gwangju Metropolitan City on Wednesday to build its first overseas production line.It is the first time for a foreign EV maker to tap the Korean market for its production base abroad.  Gwangju City Mayor Yoon Jang-hyun (center) signs a memorandum of understanding with Joylong Automobile vice president Ou Yangguang (left) for the plant building project, at Gwangju City Hall on Wednesday.Under th

Mobility March 17, 2016

SK Innovation, the holding company of energy-related business at SK Group, announced Thursday it would expand its electric vehicle battery cell plant, in Seosan, South Chungcheong Province.“When the facility expansion is completed in the third quarter of the year, the plant will be able to produce enough battery cells to power 40,000 EVs per year, up from the current 30,000 EVs,” the company said in a press release. The SK Innovation’s EV battery cell plant in Seosan, South Chungcheong Province.

Mobility March 17, 2016

With the recent launch of its all-new X1, German luxury carmaker BMW is targeting those in Korea who are looking for affordable, upscale, sport-utility vehicles. The X1 is the carmaker’s best-selling compact SUV. Industry watchers said the arrival of the second generation of X1, which has an upgraded design and specifications, will heat up competition among German luxury carmakers in the compact SUV segment.  The driving shot of the all-new BMW X1 (BMW Korea)The all-new BMW X1 is vastly differen

Mobility March 17, 2016

SK Group chairman Chey Tae-won faces a bumpy road for his return to the boardroom of the holding company SK Holdings, with some shareholders and civic groups strongly opposing the move.According to local news reports, the fund management division of the National Pension Service, the nation’s largest investor, will convene an investment committee meeting Wednesday to discuss a voting decision on the SK chief’s return to the board of directors. The public pension fund is the second biggest shareho

Industry March 15, 2016

DEBUT OF EQ900 LIMOUSINE -- Hyundai Motor unveiled the limousine version of the EQ900 on March 9 in Seoul. Its body is 290 millimeters longer than the flagship sedan of the Genesis. EQ900. The price tag of the EQ900 limousine, which boasts more premium features, starts from 150 million won ($125,000). (Hyundai Motor)(EQ900)

Mobility March 13, 2016

Ssangyong Motor models pose with models at a launch event for the Tivoli Air, the long-body version of the firm’s compact Tivoli SUV, in Seoul on Tuesday. (Yonhap)Ssangyong Motor, the Korean unit of India’s Mahindra & Mahindra, launched the diesel-fueled long-body version of its best-selling compact Tivoli crossover Tuesday, targeting the growing compact SUV market. “The Tivoli Air, which evolved from the luxurious and stylish brand of the original crossover, boasts more enhanced utility feature

Mobility March 13, 2016

Shareholders of Hyundai Motor approved the third term of the automaker’s vice chairman Chung Eui-sun’s board membership at its annual general meeting Friday. As a registered board director of Hyundai Motor responsible for management issues, the heir apparent of the group is expected to spur the global launch of G90 (EQ900 in Korea), the first model of Genesis, its independent premium brand.  Chung Eui-sunIndustry watchers said he will also focus on capitalizing on the carmaker’s green car projec

Mobility March 13, 2016

Hyundai Motor Group said Thursday it has extended its initiative to grow together with its vendors for another year.In an agreement with the Fair Trade Commission, officials from the automotive group pledged to build a cooperative ecosystem for the group and its small vendors.The nation’s anti-trust body has made such fair trade agreements with major conglomerates since 2007. Hyundai Motor Group joined the FTC’s “economic democratization” initiative in 2008, pledging to encourage its affiliates

Mobility March 10, 2016

Board membership of South Korean business tycoons is emerging as a main interest for investors ahead of annual shareholders meetings in March, as responsible leadership is required amid worsening business conditions. Entry to the board of directors involves becoming a registered board member with the obligation to be responsible for management decisions. Some of top management at Korea’s family-controlled conglomerates, dubbed chaebol, however, continue to exercise power over management issues f

Latest News March 9, 2016

 The only son of China’s richest man appears to be helping K-pop bands increase their presence in China. 　“Wang Sicong, the founder of Banana Project, has been in discussion for investments since he signed a contact with two girl groups T-ara and EXID last year,’’ a music industry insider, who wished to be identified only by his last name Cho, told The Korea Herald. Wang Sicong attends the charity event at a branch of his family’s cinema chain. China Daily　Banana Project, a new Chinese show busi

Industry March 8, 2016

The head of the Korea Chamber of Commerce and Industry called on the National Assembly to act on a set of economic bills before the closure of the parliamentary extraordinary session this week.“It is regrettable that the debate on pending economic bills in the Assembly has stopped,” KCCI chairman Park Yong-maan said in a meeting with a group of reporters on Monday. KCCI chief Park Yong-maan meets the press in Seoul on Monday.　Among more than 10 pending bills aimed at economic revitalization and

March 8, 2016

Hyundai Motor Group denied a local new report on Monday that Kia Motors -- one of its two auto units alongside Hyundai Motor -- is mulling a plan to build a plant with an annual production capacity of 300,000 units in India. The reports also mentioned Tada in the state of Andhra Pradesh as the strongest candidate for the site location.“India is one of countries Kia inspected for an overseas plant, following its investment in Mexico, but nothing has been decided yet for the Indian project,’’ an o

Mobility March 7, 2016