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Hyundai’s Car Selling Prices Jump Over Past 5 Years on Weak Won, Higher Costs

Hyundai’s Car Selling Prices Jump Over Past 5 Years on Weak Won, Higher Costs

SEOUL, May 20 (Korea Bizwire) — Hyundai Motor Co.’s vehicle selling prices soared over the past five years due to a weak won, higher costs and high-end models, the company’s data showed Monday. In the domestic market, the average selling price of Hyundai’s passenger vehicles rose to 53.19 million won (US$39,000) in the January-March period, [...]

Hyundai Faces Calls to Extend Retirement Age as Major Issue Looms in Wage Talks

Hyundai Faces Calls to Extend Retirement Age as Major Issue Looms in Wage Talks

SEOUL, May 20 (Korea Bizwire) – With extending the retirement age emerging as a key issue in this year’s wage and collective bargaining negotiations at major South Korean companies, discussions on the matter are expected to take place at Hyundai Motor, a leader in the country’s automotive industry.  On May 19, the Dong-A Ilbo reported that [...]

Genesis Luxury Brand Chips Away at Import Car Sales in South Korea

Genesis Luxury Brand Chips Away at Import Car Sales in South Korea

SEOUL, May 13 (Korea Bizwire) – Within Hyundai Motor Company, there is a growing perception that Audi customers are starting to buy Genesis models, according to industry sources on May 12. This assessment is backed by more than just surface-level sales figures. Some imported car brands, unable to withstand the Genesis onslaught, are downsizing operations in [...]

N. Korean Minister Says Pyongyang Ready to Cooperate with Iranian Carmaker Saipa

N. Korean Minister Says Pyongyang Ready to Cooperate with Iranian Carmaker Saipa

SEOUL, May 7 (Korea Bizwire) — North Korea’s external economic relations minister has expressed intent for his country’s cooperation with Iranian automaker Saipa during a recent rare trip to Tehran. Yun Jong-ho made the remark as he visited a booth run by Iran’s second-largest automaker at a trade show in Tehran during his 10-day stay [...]

S. Korea Notes Industry Concerns over U.S. Inquiry, Proposed Rules on Connected Vehicle Supply Chains

S. Korea Notes Industry Concerns over U.S. Inquiry, Proposed Rules on Connected Vehicle Supply Chains

WASHINGTON, May 6 (Korea Bizwire) — South Korea has raised its automotive industry’s concerns with the United States over Washington’s inquiry and envisioned rules to address potential security risks from “connected vehicles” that use technology from China and other countries of concern. On April 30, the South Korean government submitted its comments to the U.S. [...]

Regulator Approves EV Charging Joint Venture of LG Uplus, Kakao Mobility

Regulator Approves EV Charging Joint Venture of LG Uplus, Kakao Mobility

SEOUL, Apr. 29 (Korea Bizwire) — The antitrust regulator approved a joint venture between LG Uplus Corp. and Kakao Mobility Corp. for operating electric car charging stations Monday, noting that the partnership is unlikely to impede market competition. The approval by the Fair Trade Commission (FTC) came as LG Uplus, the nation’s No. 3 mobile [...]

Hyundai to Produce Hybrid Vehicles at New U.S. Electric Car Plant

Hyundai to Produce Hybrid Vehicles at New U.S. Electric Car Plant

SEOUL, Apr. 26 (Korea Bizwire) – Hyundai Motor Company has announced plans to manufacture hybrid vehicles at its upcoming electric vehicle (EV) plant in Georgia, United States, scheduled to commence operations in the latter half of this year.  During a conference call discussing the company’s first-quarter earnings on April 25, Lee Seung Jo, Head of Hyundai’s [...]

Kakao Mobility to Introduce Affordable Membership Category for Taxi Drivers Beginning June

Kakao Mobility to Introduce Affordable Membership Category for Taxi Drivers Beginning June

SEOUL, April 25 (Korea Bizwire) – Kakao Mobility Corp., the operator of South Korea’s leading taxi-hailing service Kakao T, said Thursday it will introduce a new membership category with cheaper commissions for its taxi drivers. Starting from June, the new plan will require 2.8 percent commission from its drivers, compared with the current membership plan, [...]