Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Yoo Jae-suk, Yoo Yeon-seok team up in 'Whenever Possible'
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Korea’s homegrown nanosatellite successfully launches into space
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Aging population to drive down Korea's housing prices from 2040: experts
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Malibu trails competitors in price, performance
GM Korea launched its sales of the Malibu, a midsize sedan of Chevrolet series, in the local market a week ago.Though the company is pinning hope on the Malibu for its goal to grab more than 10 percent of the Korean market, data showed that the sedan fell behind the similar sedans of major competitors in terms of fuel efficiency, engine performance and price competitiveness.According to each company’s data for sales at dealerships, the gasoline-fueled Malibu with an engine capacity of 2.0 liters
Nov. 7, 2011
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Hyundai, Toyota vie for No. 1 in Africa
Hyundai Motor has been closely competing with Toyota Motor to become No. 1 in automobile sales in Africa, posting about 60 percent in growth since to the beginning of the year.The company saw its sales in Africa reach 16,011 units in October, compared with 10,051 units in January.Hyundai has ranked second with a 12.8 percent share of the African market while Toyota captured 14.7 percent of the market.Hyundai has surpassed Toyota in the five major countries ― Egypt, Algeria, Morocco, Angola and t
Nov. 6, 2011
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GM may block Saab sale to Chinese firms
NEW YORK (AFP) ― U.S. automaker General Motors said Saturday that it may block the sale of Saab to two Chinese companies aiming to buy the insolvent Swedish carmaker and provide it with substantial long term funding.“We have many unanswered questions about the transaction,” GM spokesman Jim Cain told AFP, referring to the proposed $142 million sale announced on October 28 of Saab to Chinese companies Pang Da and Youngman.“GM would not be able to support a change in the ownership of Saab which co
Nov. 6, 2011
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Land Rover, Mercedes working on new SUVs
HAMBURG (DPA) ― Land Rover and Mercedes are planning new models of their Range Rover and GL models next year, with increased demand for large, luxury sports utility vehicles (SUVs) in China and Russia, Germany’s Autobild newspaper reports.The new Mercedes GL, built on the basis of the M-Class, is expected to be ready early next year, with only small changes to the exterior, the report said.Both the Mercedes GL and the new Range Rover, which is expected to weigh some 300 kilograms less than the p
Nov. 6, 2011
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VW takes last hurdle in acquisition of MAN
FRANKFURT (AFP) ― Volkswagen, Europe’s biggest carmaker, said on Thursday it had received approval from Chinese authorities to increase its stake in MAN, the final hurdle in the takeover process. “The Chinese competition authorities have approved the increase of the stake of Volkswagen in MAN,” VW said in a statement.Approval by the Chinese competition authorities marked the completion of all regulatory clearances necessary for settlement and with it, VW had been able to take another “decisive s
Nov. 6, 2011
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BMW quarterly profit beats estimates on demand for X3 SUV
Bayerische Motoren Werke AG, the world’s largest maker of luxury vehicles, reported better-than- expected profit in the third quarter as demand for the X3 sport- utility vehicle offset lower 1-Series sales.Earnings before interest and taxes rose 44 percent to 1.72 billion euros ($2.35 billion) from 1.19 billion euros a year earlier, the Munich-based company said today. Profit beat the 1.58 billion-euro average estimate of 18 analysts surveyed by Bloomberg. Revenue climbed 3.8 percent to 16.5 bil
Nov. 6, 2011
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Toyota, Honda see U.S. sales decline as Hyundai, Nissan rise
Toyota Motor Corp. and Honda Motor Co. posted U.S. sales declines for October, rather than the increases they had forecast, while Nissan Motor Co. and Hyundai Motor Co. led gains among Asian carmakers amid improving demand.Deliveries fell 7.9 percent from a year earlier for Toyota, Asia’s biggest automaker, and 0.5 percent for Honda, as both of the Japanese companies did better than analysts had estimated. Sales rose 18 percent for Nissan, 23 percent for Hyundai and 21 percent for Kia Motors Cor
Nov. 6, 2011
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U.S.-built Japan cars hit Korea for tax perks
The Korean parliament’s ongoing dispute over the free trade agreement with the United States is dimming prospects for its early ratification. But global carmakers operating in the United States were already fixing plans to launch vehicles here for the tax advantages in the pact that will greatly impact the auto industries of the two countries.Toyota Motor Corp., among them, is the first to bring its made-in-America cars to Korea at a lower price in expectation of lower taxes. As all cars manufac
Nov. 6, 2011
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Kia Motors to build 3rd plant in China
Kia Motors Corp., South Korea’s No. 2 automaker, signed an investment contract on Wednesday to build a new Chinese assembly plant in an effort to better meet demand growth in the world’s largest car market.The deal calls for the Kia plant, which will be the third in the country, to be built by the second half of 2014 and have an annual production capacity of 300,000 cars.This output will compliment the 430,000 cars that are currently being made by the carmaker’s two car assembly lines in Yanchen
Nov. 2, 2011
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Car exports up, domestic sales down
Korea’s major automakers posted contrasting sales performances at home and abroad last month.Hyundai Motor and Kia Motors saw their exports increase in October from a year earlier. But their sales at home dropped on a yearly basis.Hyundai Motor sold 305,923 units, including exports and overseas production, abroad last month, up 18.3 percent from 258,644 units a year ago.The nation’s largest automaker saw exports of 114,454 units and sales of 191,469 units from overseas factories, increases of 18
Nov. 1, 2011
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Hyundai, Kia No. 2 in China
Hyundai Motor and its affiliate Kia Motors ranked No. 2 in sales of small vehicles in China during the first nine months of 2011, automotive data showed.It said the two carmakers saw their ranking climb by four notches on a year-on-year basis by grabbing 10.9 percent of the Chinese market. They placed sixth during the same period last year.The data showed that Hyundai-Kia sold a combined 162,472 units in the compact car segment between January and September.The companies saw their sales jump 52.
Oct. 31, 2011
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Hyundai’s car production helps economy in Czech Republic
OSTRAVA, Czech Republic ― It has been more than two years since Hyundai Motor established a large-scale manufacturing plant in the Czech Republic.Apart from the factory’s role as a logistics base for Hyundai’s automobile sales in Europe, an issue has emerged as to whether the Korean company has been gaining favorable image from Czech citizens and its government.Though the automaker’s factory is located in a small city of Nosovice, whose population stays only at about 1,000, it has been playing a
Oct. 30, 2011
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Hyundai Motor in Czech Republic helps economy
Jobs popular among female workers from border countriesOSTRAVA, Czech Republic -- It has been more than two years since Hyundai Motor established a large-scale manufacturing plant in the Czech Republic.Apart from the factory’s role as a logistics base for Hyundai’s automobile sales in Europe, an issue has emerged as to whether the Korean company has been gaining favorable image from Czech citizens and its government.Though the automaker’s factory is located in a small city of Nosovice, whose pop
Oct. 30, 2011
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Hyundai, Kia focus on quality in Europe
Korean carmakers seek sustainable growth rather than blind pursuit of market shareFRANKFURT, Germany ― Hyundai Motor and its affiliate Kia Motors overtook Toyota Motor in their combined sales in the European market in 2010. The Korean carmakers’ aggressive sales marketing may catapult them to the level of Volkswagen and BMW in Europe. But the Hyundai Motor Group turned its eyes from market share to quality control. “Separately, Hyundai is expected to surpass the Japanese competitor in European m
Oct. 27, 2011
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[Meet the CEO] BMW Korea CEO’s secret to long reign
Kim puts priority on communication, pride in staffMunich-based BMW Group regards Korea as one of the important markets for their global management despite its small portion in Korea of the automaker’s total sales worldwide.Apart from the boom in the import vehicle market in Korea, the automobile giant’s focus on Korea appears based on its strong confidence in its Korea branch CEO Kim Hyo-joon.Last year, personnel managers at the company’s German headquarters asked the 54-year-old Korean CEO to w
Oct. 26, 2011
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[Meet the CEO] BMW shows strong confidence in Korea branch CEO
Automaker puts value on three P’s -- product, people and partnersMunich-based BMW Group regards Korea as one of the important markets for their global management despite its small portion in Korea of the automaker’s total sales worldwide.Apart from the boom in the import vehicle market in Korea, the automobile giant’s focus on Korea appears based on its strong confidence in its Korea branch CEO Kim Hyo-joon.Last year, personnel managers at the company’s German headquarters asked the 54-year-old
Oct. 26, 2011
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Korea’s domestic car market to shrink in 2012: think tank
South Korea’s domestic car market is expected to shrink for the first time in four years in 2012 mainly due to the economic slowdown and rise in household debt, an automotive think tank said Tuesday.The Korea Automotive Research Institute said sales may contract 1.1 percent to 1.58 million vehicles next year from this year’s estimate of 1.60 million units.The dip will the first time since 2008 that the domestic market fell from the previous year, the institute said.“Weak economic growth, rise in
Oct. 25, 2011
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VW likely to overtake Toyota as top carmaker in 2011
Volkswagen AG will probably become the world’s biggest carmaker this year, vaulting past Toyota Motor Corp. and General Motors Co . on gains in emerging markets.Volkswagen AG will probably become the world’s biggest carmaker this year, vaulting past Toyota Motor Corp. and General Motors Co . on gain
Oct. 25, 2011
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Hyundai exports 2m cars to Latin America
Hyundai Motor Co., South Korea’s largest automaker, said Sunday that total car exports to Latin America reached 2 million units, fueled by competitiveness in quality and successful marketing efforts.The company said the milestone, which was reached on Saturday with the loading of 800 Tucson ix sport
Oct. 23, 2011
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Import car sales to top 100,000 units in 2011
The nation’s automobile market is set to mark an epoch-making figure in import vehicle sales this year as more foreign companies’ expand their marketing and businesses here.Apart from the big four ― BMW, Mercedes-Benz, Volkswagen and Audi, new competitive players such as Nissan and Jaguar/Land Rover
Oct. 23, 2011