SEOUL, Feb. 16 (Korea Bizwire) – U.S. electric car maker Tesla Motors is soon set to launch its vehicles in South Korea, the local government said Thursday, raising both hope and concern for the local electric vehicle market. According to the Ministry of Land, Infrastructure and Transport, the U.S. carmaker is expected to begin selling [...]
SEOUL, Feb. 15 (Korea Bizwire) – Ssangyong Motor Co., a local unit of Indian carmaker Mahindra & Mahindra Ltd., said Wednesday that it swung to the black last year, posting a net profit for the first time in nine years. Net profit came to 58.1 billion won (US$50.9 million) in 2016, compared with a net [...]
SEOUL, Feb. 15 (Korea Bizwire) – The first batch of 120 Kenbo 600s, a Chinese sport utility vehicle (SUV), sold out in South Korea, about one month after the vehicle debuted here, the Chinese car’s local importer said Wednesday. China-Korea Motor Co., the local importer and distributor of the Chinese vehicle, unveiled the Kenbo 600 [...]
SEOUL, Feb. 14 (Korea Bizwire) – Subcontractors that provided the metal body for LG’s G5 smartphones criticized the electronics company on Monday, arguing that LG’s initial design failure for the products ultimately left them holding the short end of the stick. A temporary committee formed by a dozen secondary subcontractors, who demanded that LG swiftly [...]
SEOUL, Feb. 13 (Korea Bizwire) – Shareholders of Harman International Industries Inc. will hold a meeting later this week to vote on a deal by Samsung Electronics Co. to acquire the U.S. car technology firm, according to industry sources Monday. In a deal worth US$8 billion, Samsung announced last November that it would buy Harman [...]
SEOUL, Feb. 9 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major shipyard in South Korea, said Thursday that it has signed a letter of intent with a U.S. firm to build up to seven floating storage and regasification units (FSRUs). Under the deal with Excelerate Energy, Daewoo Shipbuilding will receive an order [...]
SEOUL, Feb. 8 (Korea Bizwire) – South Korean steel and chemical products, the country’s leading export items, have increasingly become targets of import restrictions in other countries, a trade agency said Wednesday. Reports sent in by overseas offices of the Korea Trade-investment Promotion Agency (KOTRA) showed that of the 19 new investigations launched against products [...]
SEOUL, Feb. 8 (Korea Bizwire) – Sales of semi-large sedans in South Korea have been on a roll recently with their shipments one-upping those of midsize cars for a second month in January, industry data showed Wednesday. Domestic sales of semi-large sedans, including Hyundai Motor Co.’s Grandeur and Kia Motors Corp.’s K7, totaled 15,242 units [...]
SEJONG, Feb. 7 (Korea Bizwire) – South Korea launched a joint committee of the government and the private sector to coordinate policies on the car industry, which has been suffering from contracted demand at home and abroad, the government said Tuesday. “The South Korean car industry is at a turning point amid the ongoing fourth [...]
SEOUL, Feb. 7 (Korea Bizwire) – SK hynix Inc., the world’s second-largest maker of computer memory chips, has submitted a bid to acquire a 20 percent stake in Toshiba Corp.’s memory chip business, an industry source said Tuesday. The bid is aimed at strengthening SK hynix’s NAND flash memory business as global demand for flash [...]