SEOUL, Jan. 23 (Korea Bizwire) – Ssangyong Motor Co., the local unit of Indian carmaker Mahindra & Mahindra Ltd., is believed to have posted an operating profit in 2015 for the first time in nearly a decade, market observers noted Monday. The observers estimated the company’s operating profit at 50 billion won (US$42.5 million) last [...]
SEOUL, Jan. 20 (Korea Bizwire) – A series of new shipbuilding orders in recent weeks have raised hopes of recovery in South Korea’s troubled shipbuilding industry, boosted by rising oil prices and a global supply shortage of new ships. Samsung Heavy Industries Co. said this week that it had won a US$230 million deal to [...]
SEOUL, Jan. 19 (Korea Bizwire) – The Ministry of Trade, Industry & Energy announced Wednesday that it will invest 245.1 billion won ($208 million) this year to help Korea’s dwindling shipbuilding industry diversify and hopefully breathe life into the sector. The investment will be divided into four areas – R&D (5 billion won), commercialization (4.5 [...]
SEOUL, Jan. 18 (Korea Bizwire) – Renault Samsung Motors Co., the local unit of French automaker Renault S.A., aims to sell some 270,000 units this year, its chief said Wednesday. Last year, the carmaker’s global sales jumped 12 percent from the previous year to 257,345, on a sharp increase in domestic sales. The sales tally [...]
SEOUL, Jan. 18 (Korea Bizwire) – The total number of EVs registered by the government surpassed 10,000 in 2016, setting a new milestone and taking another step forward towards a greener automotive industry. According to the Ministry of Land, Infrastructure and Transport, there were 10,855 electric vehicles officially registered as of the end of last [...]
SEOUL, Jan. 18 (Korea Bizwire) – The average sales price of LG Electronics Inc.’s smartphones is about one-fifth that of Apple Inc.’s iPhones, industry data showed Wednesday, underlining LG’s difficulty in reviving its loss-making smartphone business. According to a survey of 12 LG smartphones sold at KT Corp.’s online store, the average sales price of [...]
SEOUL, Jan. 17 (Korea Bizwire) – South Korea’s largest automaker Hyundai Motor Group may consider building additional production facilities in the United States, but only when or if a future rise in demand there requires it to do so, group officials said Tuesday. The remarks came after foreign news outlets, citing Hyundai Motor Group President [...]
SEOUL, Jan. 17 (Korea Bizwire) – GM Korea Co., the South Korean unit of U.S. automaker General Motors Co., will again see domestic sales grow this year, its CEO James Kim said Tuesday, adding he was confident the company’s market share will breach the 10-percent mark for the first time in a decade. “I believe [...]
SEOUL, Jan. 17 (Korea Bizwire) – The chief of Kumho Asiana Group, parent of Asiana Airlines Co., said Tuesday that he will exercise his right to buy back a tire-making unit from its creditors currently up for sale. The creditors of Kumho Tire Co., led by the state-run Korea Development Bank, are set to announce [...]
SEOUL, Jan. 16 (Korea Bizwire) – Mercedes-Benz will launch six new vehicle models in South Korea this year while expanding local dealerships and service centers as part of efforts to further increase its market presence here, head of the company’s local unit said Monday. Dimitris Psillakis, CEO of Mercedes-Benz Korea, said the company planned to [...]