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BMW Group Deepens Ties with South Korean Suppliers, Purchasing 6.63 Trillion Won in Parts Last Year

BMW Group Deepens Ties with South Korean Suppliers, Purchasing 6.63 Trillion Won in Parts Last Year

SEOUL, Apr. 16 (Korea Bizwire) — BMW Group Korea announced on April 15 that the German automaker purchased components worth 4.5 billion euros (approximately 6.63 trillion won) from South Korean suppliers in 2023, a figure that surpasses the company’s total revenue of 6.17 trillion won in the country last year.  The 2023 purchase amount represents a [...]

Hybrid Vehicles Surpass Gasoline Models in South Korea’s Imported Car Market for First Time

Hybrid Vehicles Surpass Gasoline Models in South Korea’s Imported Car Market for First Time

SEOUL, Apr. 16 (Korea Bizwire) — In a significant shift within South Korea’s imported car market, hybrid vehicle sales surpassed gasoline-powered models for the first time in the first quarter of this year, signaling a robust trend favoring hybrid offerings.  Following the initial milestone in November 2023, when hybrid cars outsold gasoline variants on a monthly [...]

GM Korea Posts Record Profits Fueled by Success of Strategic Models

GM Korea Posts Record Profits Fueled by Success of Strategic Models

SEOUL, Apr. 15 (Korea Bizwire) — General Motors’ South Korean operations, GM Korea, reported operating profits exceeding 1 trillion won in 2023, marking the highest level since the company’s establishment in 2002 as GM Daewoo. This remarkable performance was driven by the success of strategically allocated models from the global headquarters, the Chevrolet Trailblazer and Trax [...]

China’s BYD Struggles to Gain Traction with Electric Truck in South Korean Market

China’s BYD Struggles to Gain Traction with Electric Truck in South Korean Market

SEOUL, Apr. 12 (Korea Bizwire) — BYD, China’s leading electric vehicle manufacturer, is grappling with dismal sales of its T4K electric truck, launched in South Korea last year. As electric vehicle subsidies were significantly reduced this year, GS Global, the official importer and distributor of the T4K, has resorted to offering discounts of around 10 million [...]

SUVs and Vans Dominate South Korea’s Auto Sales in First Quarter

SUVs and Vans Dominate South Korea’s Auto Sales in First Quarter

SEOUL, Apr. 11 (Korea Bizwire) – In the first quarter (January-March) of the South Korean automobile market, SUVs and vans, collectively known as RVs (recreational vehicles) locally, captured the top four spots in sales rankings. Hyundai’s Grandeur, which had consistently held a place in the top five, fell to sixth position, leaving no sedans among the [...]

Hyundai Expands Trade-In Incentives for Certified Used Cars

Hyundai Expands Trade-In Incentives for Certified Used Cars

SEOUL, Apr. 10 (Korea Bizwire) – The Hyundai Motor Company announced on April 9 a significant expansion of its trade-in program, offering substantial cash discounts to consumers who trade in their existing vehicles for certified used cars and purchase new Hyundai or Genesis models. The trade-in program allows customers to return their current vehicle to the [...]

Ford Sales Service Korea Logs 19 Billion Won Loss Amid Market Exit Rumors

Ford Sales Service Korea Logs 19 Billion Won Loss Amid Market Exit Rumors

SEOUL, Apr. 10 (Korea Bizwire) – Ford Sales Service Korea, the South Korean subsidiary of the American automaker, recorded a staggering net loss of 19.5 billion won in 2023, fueling speculation about the company’s potential exit from the Korean market. According to an audited report released on April 9, Ford’s sales in South Korea plummeted by [...]

Hyundai and Innocean Unleash ‘Dogbility’ Campaign With AI-Generated Car Concepts

Hyundai and Innocean Unleash ‘Dogbility’ Campaign With AI-Generated Car Concepts

SEOUL, Apr. 8 (Korea Bizwire) – Innocean, a global marketing and communications service provider, has collaborated with Hyundai Motor on an imaginative “Dogbility” campaign showcasing a virtual series of automotive concepts designed for canine companions, the companies announced on April 8. Utilizing generative artificial intelligence, the campaign visualized innovative vehicular features tailored to dogs through [...]