Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Probe of first lady on Dior bag allegations set to begin
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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'Queen of Tears' riding high on Netflix chart
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Chip up cycle won’t stay long: SK chief
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U.S.-made cars still unpopular under FTA
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
May 9, 2012
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‘Most Remarkable Award’ for Avante at Beijing show
Hyundai Motor’s Avante won the Most Remarkable Award at the Beijing International Motor Show, the country’s leading carmaker said on Tuesday. Winning the most out of the 6.75 million votes counted, the award-winning sedan has made a promising premier in the automobile market, the company said. First presented in 2005, the Most Remarkable Award is given by three major motor shows in China, Shanghai Motor Show, Beijing International Motor Show and Guangzhou International Motor Show. The award is p
May 8, 2012
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Ferrari targets Korean wealth, casts eye on Vietnam
Ferrari SpA said it expects South Korea’s economic growth to make the country a standout for sports car demand, and Vietnam may be next.“A surprise over the next five years will be South Korea,” Herbert Appleroth, Ferrari’s Asia Pacific chief executive officer, said in an interview. “It has an abundance of wealth and economic prosperity, and there is appreciation for supercars. I think you will see very strong growth.”Appleroth’s projections point to the next pockets of growth for luxury carmake
May 6, 2012
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Chrysler leads April auto sales boosting U.S. manufacturing
Chrysler Group LLC led the five largest automakers by U.S. sales in exceeding analysts’ estimates for April as the industry’s increased production drove expansion in the manufacturing sector.Chrysler sales climbed 20 percent to 141,165 light vehicles and Toyota Motor Corp.’s deliveries rose 12 percent to 178,044, according to company statements. Those results beat eight analysts’ average estimate for increases of 16 percent and 10 percent. General Motors Co., Ford Motor Co. and Honda Motor Co. s
May 6, 2012
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Cheap import cars make Korean inroads
Foreign automakers aggressive in launching models priced under 30 million wonA series of import cars with relatively low price tags are aggravating the worries of Korea’s automakers, who are suffering a continuing drop in month-on-month vehicle sales at home.“Cheap import cars have emerged as a threat not only to Hyundai-Kia but companies which operate manufacturing factories in Korea ― GM, Renault Samsung and Ssangyong,” said an executive in the local automotive industry.Among the foreign playe
May 6, 2012
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Hyundai-Kia to provide eco-friendly cars to Yeosu Expo
The Hyundai Kia Automotive Group said Sunday it will provide 51 eco-friendly vehicles to the organizing committee of the Yeosu Expo 2012 to help facilitate logistics. The Expo will run for three months from Saturday and is expected to attract more than 8 million visitors from across the globe with the emphasis being put on challenges posed by climate change and protecting the marine environment.
May 6, 2012
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Hyundai, Kia see sales increase, others suffer drop
South Korea’s leading automaker Hyundai Motor Co. said Wednesday its April sales gained 7.9 percent from a year earlier due mainly to solid demand in overseas markets.Hyundai Motor sold 371,597 vehicles last month, compared with 344,231 units a year earlier, the company said in a statement. Its April sales, however, were down 2.9 percent from the previous month, when the company sold 382,659 vehicles overall.Domestic sales contracted 7.6 percent on-year to 55,497 vehicles, while overseas sales j
May 2, 2012
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Hyundai Motor to add third shift, 877 workers at Alabama factory
Hyundai Motor Co., South Korea’s largest automaker, will add a third shift at its main assembly plant in Montgomery, Alabama to meet rising demand for its vehicles in the U.S.Capacity at the factory, currently able to build at least 300,000 vehicles a year, will increase by 20,000 units after the increase in shifts that begins in September, the company said today in an e-mailed statement. The added shift will result in 877 extra workers, raising employment there to more than 3,000, the Seoul-bas
May 1, 2012
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Hyundai, Kia strive to defend dominant position in local market
K9, New Santa Fe to compete with U.S.-manufactured Japanese models Hyundai Motor and Kia Motors are signaling fierce competition with import car brands in a bid to protect their dominant market share at home.Following Hyundai’s launch of the third-generation Santa Fe in April, its affiliate Kia will unveil the K9, a luxury premium sedan, on May 2.Hyundai Motor has more than 40 percent of the local market while its affiliate Kia Motors’ market share hovers at 30 percent.But their position has
May 1, 2012
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Hyundai Motor unveils Yeosu Expo pavilion
Hyundai Motor Group on Monday introduced its exhibition hall for the upcoming Yeosu Expo 2012, which underscores the carmaker’s efforts to save resources and the environment. Under the theme “Living Ocean and Coast,” 106 countries and nine international organizations plan to showcase their marine development and oceanic technology on the southern shore of the Korean Peninsula starting May 12.The auto giant is one of the seven local corporations to run pavilions during the three-month event along
April 30, 2012
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GM to start selling Chevy Corvette in Korean market
General Motors Co., the world’s largest automaker, will begin selling the Chevrolet Corvette sports car in South Korea this month as the U.S. company seeks to expand sales in overseas markets.The Corvette Coupe, equipped with a eight-cylinder engine delivering 430 horsepower, will go on sale May 4 starting at 86.4 million won ($76,300), GM’s Korean unit said in an e- mailed statement on Monday. That’s more than 50 percent higher than the car’s sticker price in the U.S.The coupe will be the ninth
April 30, 2012
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Volkswagen zooms into 2012 with 86% increase in profits
Europe’s biggest car maker, said Thursday that profits raced ahead in the first three months of this year, driven by strong demand worldwide for all of its brands.VW said in a statement it booked net profit of 3.186 billion euros ($4.222 billion) in the period from January to March, an increase of 86 percent from a year earlier. Underlying earnings, as measured by operating profit, revved up 10.2 percent to 3.209 billion euros, as the auto giant sold 11.3 percent more vehicles ― 2.26 million wor
April 29, 2012
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Kia Motors to complete K-series this year
Carmaker yet to launch K2 compact in Korea despite strong sales in ChinaThe K series of Kia Motors Corp. will likely be completed this year after the automaker unveiled the first model ― the K7 sedan ― in November 2009.Kia, which launched the K5 sedan in April 2010, is scheduled to fill the K line-up by unveiling the third and fourth models ― the K9 and K3 ― in May and later this year, respectively, according to company executives.“We plan to launch the K9 on May 2 and the timing of the K3 will
April 29, 2012
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Kia’s quarterly earnings climb to record high
Following Hyundai Motor, affiliate Kia Motors reported all-time high quarterly earnings on the back of its robust vehicle sales in the overseas market.Kia said Friday that its operating profit reached 1.12 trillion won ($1 billion) during the first quarter of 2012, up 33.4 percent over the same period last year.The carmaker also saw its net profit climb by 26 percent to 1.2 trillion won. Its sales came to 11.7 trillion won.On a quarterly basis, the figures for the operating profit, net profit an
April 27, 2012
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Hyundai Motor to train European jobseekers
Korean carmaker to offer education program to 10,000 students in 15 nationsHyundai Motor Co., Korea’s largest carmaker, will offer a series of vocational education program for young jobseekers in 15 European countries for the next two years under its social contribution activities, company officials said Friday.The program, dubbed “Skills for the Future,” is designed to support employment of vocational school students aged between 15 and 18 years old in Europe, the company said.Hyundai’s oversea
April 27, 2012
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Hyundai Motor posts record operating profit
Performance aided by emphasis on product-quality than mass productionHyundai Motor reported a record performance on the back of improved profitability despite sluggish sales at home.The nation’s largest carmaker said Thursday that it posted 2.28 trillion won ($2.02 billion) in operating profit during the first quarter of 2012, up 24.9 percent from the same period last year.This marked all-time high quarterly earnings for the automaker. Company executives attributed the performance to a product q
April 26, 2012
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Provost says SM series key in China
BEIJING ― The SM sedan series of Renault Samsung Motors is expected to play a significant role in the its parent Renault Group’s project to expand its presence in China.Renault Samsung chief executive Francois Provost stressed that the consumer preferences of the Chinese are quite similar to those of Koreans.His remarks came right after France-based Renault Group unveiled the Talisman, a luxury sedan dubbed the SM7 in Korea, during the 2012 Beijing International Automotive Exhibition ― also call
April 24, 2012
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Carmakers strive to increase sales in China
Renault to produce some models in world’s largest automobile marketBEIJING ― Global carmakers including Korean players are competing to increase their market share in China, the world’s largest automobile market.In the past several years, China has overtaken the Untied States in vehicle sales per annum.While General Motors and Volkswagen had dominated the Chinese market, Hyundai Motor has continued to increase its share since it established the Beijing Hyundai corporation and factories a decade
April 23, 2012
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Hyundai Motor expands aid to suppliers
Hyundai Motor Group plans to up the funds it provides to its subcontractors, giving out about 600 billion won ($530 million) this year. About 320 billion won will support suppliers’ research and development activities and the rest will be allocated as loans with low interest rates, the group said in a statement on Sunday.The automotive group said it is showing its commitment to co-prosperity, as its 11 business units, including Hyundai Motor, Kia Motors and Hyundai Mobis, have signed a pact with
April 23, 2012
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European car sales fall to 14-year low as economy stalls
European car sales fell to a 14- year low last month, with Fiat SpA, Renault SA and PSA Peugeot Citroen posting the biggest drops, as the region’s sovereign- debt crisis caused economic growth to stall. Registrations in the 27-member European Union plus Switzerland, Norway and Iceland fell 6.6 percent from a year earlier to 1.5 million vehicles, the lowest figure for March since 1998, the Brussels-based European Automobile Manufacturers’ Association said today in a statement. First- quarter sale
April 22, 2012