Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Medical reform committee kicks off despite boycott from doctors
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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Jaguar Land Rover bolsters service networks
Jaguar Land Rover, one of the fastest-growing foreign carmakers in Korea, is ramping up efforts to expand its service networks and investments in the market to win the hearts of luxury drivers in South Korea. In the first half of this year, the British premium brand posted a staggering 32 percent growth in Korean sales from a year ago. Its two brands ― Jaguar and Land Rover ― sold 1,045 and 1,904 vehicles, respectively, during the same period. Buoyed by strong growth in recent years, the Korean
Aug. 10, 2014
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Lexus sees $375,000 LFA supercar return after generation
Long live the Lexus supercar.Toyota Motor Corp.’s Lexus, which ended a two-year production run of the $375,000 LFA in 2012 after manufacturing 500 units, may build a successor to the 552-horsepower car, executive vice president Mark Templin told reporters Friday. The long-term plan has President Akio Toyoda’s backing, he said.“Akio believes that every generation deserves to have a car like an LFA, so we’re building an LFA for the generation we have today,” Templin said in Kyushu, Japan, before a
Aug. 10, 2014
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China auto sales cool further in July
China’s auto sales decelerated further in July while global automakers continued to mop up the market share of local brands, industry figures showed Friday. Sales rose 9.7 percent to 1.3 million vehicles, according to the China Association of Automobile Manufacturers. That was down from June’s 11.5 percent growth and May’s 13.9 percent. Total vehicle sales in the world’s biggest auto market rose 6.7 percent over a year earlier to 1.6 million vehicles.Global automakers see China as crucial to the
Aug. 10, 2014
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Hyundai Motor fined $17m in U.S. for delaying recall
Hyundai Motor was fined $17.35 million in the United States for delaying the recall for its Genesis models in the market.According to the U.S. National Highway Traffic Safety Administration, the Korean carmaker delayed the recall on 43,500 Genesis sedans from the model years 2009-2012 for a brake defect that can corrode the braking system. Hyundai Motor knew about the potential problem in 2012, but issued a recall in October 2013 after the government opened an investigation into the matter, the
Aug. 8, 2014
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Hyundai chairman emphasizes quality control at U.S. plants
Hyundai Motor Group chairman Chung Mong-koo stressed quality control at the carmaker’s U.S. production plants, urging efforts to make Hyundai and Kia the most beloved auto brands in the market within the next 10 years. On his first business trip to the United States this year, the chairman this week visited the local production plants of Hyundai Motor and its affiliate Kia Motors, located in Alabama and Georgia, respectively.“Our success story in the U.S. market started at this Alabama plant whe
Aug. 7, 2014
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Hyundai Motor chairman urges readiness for volatile currency
Hyundai Motor Group chairman Chung Mong-koo, who is visiting the carmaker’s U.S. operations this week, stressed readiness for currency fluctuations, especially the weakening Japanese currency.Taking advantage of the weaker yen, Japanese carmakers like Toyota and Honda are upping their offensive in the U.S. market. Their generous cash incentives, however, are taking a direct toll on the Korean auto giant. “We will not follow in the footsteps of our rivals (in offering more discounts),” he said du
Aug. 6, 2014
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Hyundai Motor chairman heads to U.S.
Hyundai Motor Group chairman Chung Mong-koo on Tuesday left for the United States, where the Korean auto giant recalled more than 1.3 million vehicles last week. According to the Seoul head office, Chung was scheduled to visit the carmaker’s U.S. headquarters in California to be briefed on sales and marketing situations there. He was also planned to look around the production plants of Hyundai Motor and its affiliate Kia Motors, located in Alabama and Georgia, respectively, officials said.The ch
Aug. 5, 2014
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Hyundai Motor Group head visits U.S. to assess market conditions
Hyundai Motor Group's global chairman left for the United States Tuesday to assess overall market conditions and review corporate strategies to help the carmaker capitalize on opportunities and deal with challenges in the coming months. The trip by Chung Mong-koo comes 15 months after his last visit to the world's second-largest new vehicle market, and is his third overseas tour of 2014. Earlier in the year, he inspected operations of Hyundai Motor Co. and Kia Motors Corp. in Europe and Chin
Aug. 5, 2014
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Toyota Korea upbeat on SUV sales
In light of the nation’s boom in leisure activities, Toyota Korea is enjoying upbeat sales of its sport utility vehicles ranging from the RAV4 crossover to the Sienna minivan and its latest model the FJ Cruiser.Toyota’s SUV sales soared to 1,613 vehicles, or 22 percent of the total 7,438 units, in Korea last year. In the first five months of this year, 36 percent of its cars sold were SUVs. Its Sienna is the best-selling minivan in the Korean import car market. Since its introduction in 1998, th
Aug. 3, 2014
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Mercedes-Benz vows to cut parts prices
ANSEONG, Gyeonggi Province ― Mercedes-Benz is seeking to cut prices on parts in an effort to lower the high costs of owning a foreign-brand luxury vehicle here. In its latest push, the Korean unit in July opened a 52 billion won ($50 million) parts distribution center in Anseong, Gyeonggi Province ― one of the carmaker’s largest investments here in recent years. Workers inspect inventory at Mercedes-Benz Korea’s new parts distribution center in Anseong, Gyeonggi Province. (Mercedes-Benz Korea)“W
Aug. 3, 2014
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BMW Financial Services Korea names new CEO
BMW Financial Services Korea said Friday that Christian Wiedmann, former CFO and CEO of BMW Group Thailand, has joined the Korean team as its new managing director as of the day. Wiedmann entered BMW Group in 2001 and has served diverse positions at the leasing arm of the German luxury carmaker. He has worked in Germany, Japan and Australia. From 2011 until recently, he served as CFO and CEO at the carmaker’s Thai unit.With the soaring sales of BMW cars here, the local finance unit is also enjoy
Aug. 3, 2014
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SUV back in vogue in U.S.
The SUV is dead. Long live the SUV.Not so long ago, the sport utility vehicle seemed on the road to extinction. When the economy cratered and gasoline prices surged, droves of Americans parked their land yachts or traded them in for something small and peppy. It became tacky to drive around in a Hummer getting 15 miles to the gallon.Now SUVs are back in vogue. For the first time in decades, more people are buying SUVs than sedans. Two forces are driving the revival. One: Americans are feeling a
Aug. 3, 2014
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Hyundai Motor unions vow to strike in August
Labor unions at Hyundai Motor Co. and its 14 affiliates vowed to go on strike next month unless the companies meet their wage demands.Workers at South Korea’s largest automaker and affiliated companies including Kia Motors Corp. and Hyundai Mobis Co. plan to put down their tools beginning Aug. 18 if management refuse to count bonuses as base wages, Lee Kyung-hoon, union leader at Hyundai Motor, said at a press conference in Ulsan today. Lee was joined at the briefing by 19 other union leaders of
July 30, 2014
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Jaguar Land Rover offers long-term rentals for expats
Jaguar Land Rover Korea said Tuesday that it will be offering long-term rentals for foreign nationals as part of efforts to make it easier for them to enjoy luxury vehicles during their stay in South Korea. Offered in connection with local capital firm KB Capital, the new rental program was created as a tailor-made service exclusively for expats ― the first of its kind in Korea ― that allows customers to rent cars on minimum conditions, Jaguar Land Rover Korea said. The Jaguar F-Type (left) and
July 29, 2014
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GM Korea recalls over 14,000 vehicles
GM Korea Co., the local unit of U.S. automaker General Motors Co., is recalling over 14,000 cars sold here for a defective front drive shaft that can separate from the front right wheel while on the road, the transportation ministry said Monday.According to the Ministry of Land, Infrastructure and Transport, the vehicles’ front right axle shaft may “separate while driving on a curved road, possibly creating a condition where the power is not properly delivered to the wheel.”The recall affects th
July 28, 2014
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[Herald Interview] Nissan Korea chief enjoys best year
Takehiko Kikuchi, president of Nissan Korea, said he had the most exciting and memorable moments of his career over the past year as its Korean business gained sales momentum. “It was the most exciting year of my life,” Kikuchi recalled during an interview with The Korea Herald. He joined the Korean unit of the Japanese auto giant last July.With the successful launches of several new models ranging from the Nissan Juke crossover to the Infiniti Q50 sports sedan, Nissan and its luxury sibling Inf
July 27, 2014
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Renault Samsung zeroes in on midsize SM5 sedans
Renault Samsung Motors said Sunday it would focus on the midsize sedan market for the rest of the year as part of its efforts to become the third-largest domestic carmaker by 2016. With the first diesel-powered version of its SM5 series going strong, the France-based automaker is hoping that its best-selling models could beef up the overall midsize sedan market and the entire auto industry. According to Renault Samsung, its SM5 D received more than 2,000 orders between June 23 and July 9. “The m
July 27, 2014
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BMW lures drivers with savvy SUVs
German luxury carmaker BMW is betting big on its savvy sport utility vehicles to lure customers in South Korea, where competition is heating up in the luxury SUV market. BMW plans to introduce several new X Series models, including the face-lifted X3 and all-new X4 and X6 in the latter half of this year. BMW opened a new era of sportier SUVs with the X3. Since its debut in 2003, more than 1 million units have been sold globally. The new X3, which will hit the Korean market in August, is a revamp
July 27, 2014
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Hyundai Motor’s net earnings drop 6.9% in Q2
Hyundai Motor Co., South Korea’s largest automaker, said Thursday its net earnings for the second quarter dropped 6.9 percent to 2.35 trillion won ($2.29 billion), mainly due to unfavorable exchange rates. Operating profit also plunged 13.3 percent to 2.08 trillion won in the same period, with sales falling 1.9 percent to 22.75 trillion won, the company said in a regulatory filing. Hyundai Motor said it sold 1.3 million cars in the three-month period.The company said unfavorable exchange rates t
July 24, 2014
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Ssangyong Motor to include regular bonuses as ordinary wages
Ssangyong Motor Co., the local unit of Indian sport utility vehicle maker Mahindra & Mahindra, said Wednesday that it has offered to count regular bonuses as part of ordinary wages to settle labor disputes. Industry sources said the management made the proposal during talks with union representatives the day before. The move can raise all types of allowances such as overtime pay and severance pay that can exert negative influence on the company’s bottom line.Last Thursday, GM Korea Co., the loca
July 23, 2014