SEOUL, April 25 (Korea Bizwire) — Hyundai Motor Co. said Monday its first-quarter net profit rose 17 percent from a year earlier as an improved product mix and a weak won helped offset the impact of chip shortages. Net profit for the three months ended in March rose to 1.78 trillion won (US$1.42 billion) from [...]
SEOUL, April 22 (Korea Bizwire) — Hyundai Motor Group said Friday it has received 17 awards at this year’s International Forum (iF) Design Award competition, proving the “excellence” of the South Korean carmaker’s models. Hyundai Motor Co., Hyundai’s independent Genesis brand and Hyundai’s smaller affiliate Kia Corp. obtained 17 awards in the five categories of [...]
SEOUL, April 22 (Korea Bizwire) — Hyundai Motor Co. has introduced a new program to support senior employees who want to look for new career opportunities after early retirement. The South Korea’s leading carmaker recently started operating a Career Consulting Service (CCS) program targeting employees over 50 who want to change jobs or careers, according [...]
SEOUL, April 21 (Korea Bizwire) — Austrian automotive light maker ZKW Group, a subsidiary of South Koran tech giant LG Electronics Inc., said Thursday that it will supply smart digital lighting for the all-new Range Rover. The lighting system comes with significantly smaller, glare-free LED headlights, which “increase comfort, enhance road safety and mark the [...]
SEOUL, April 21 (Korea Bizwire) — Hyundai Motor Group is joining hands with retail giant Lotte Group and the asset management arm of the KB Financial Group to set up infrastructure for ultra-fast charging stations for electric vehicles (EVs). The three companies signed an agreement to establish a special purpose company (SPC) dedicated to the [...]
SEOUL, April 20 (Korea Bizwire) — GM Korea Co., the South Korean unit of General Motors Co., said Wednesday it will adjust vehicle production and relocate workforce in its plants amid an extended global chip shortage. GM Korea and its union agreed to switch to a one-shift system, or regular daytime shift, from the two-shift [...]
SEOUL, April 20 (Korea Bizwire) — Hybrid vehicles are enjoying rising popularity in both domestic and import car markets as Russia’s invasion of Ukraine has jacked up energy costs. According to Seoul-based Carisyou Data Lab, sales of hybrid cars reached 62,277 units in the first quarter of this year, up 172.1 percent from a year [...]
SEOUL, April 18 (Korea Bizwire) — Three firms have submitted their bids to acquire the debt-ridden automaker SsangYong Motor Co., sources here said Monday, after a previous sales deal with a local electric vehicle maker fell apart. Local underwear company Ssangbangwool Group, chemical-to-steel conglomerate KG Group and homegrown private equity (PE) firm Pavilion PE submitted [...]
SEOUL, April 18 (Korea Bizwire) — Kia Corp., South Korea’s second-biggest carmaker, on Monday outlined its used car business plans to expand customers’ choices following the government’s approval despite objection from existing players. Last month, the Ministry of SMEs and Startups decided not to designate secondhand car sales as one of the “livelihood businesses” that [...]
SEOUL, April 15 (Korea Bizwire) — South Korea’s car exports fell 7.7 percent in March due mainly to the continued shortage of automotive chips and supply disruptions of car parts in China amid the COVID-19 pandemic, data showed Friday. Outbound shipments of automobiles stood at 179,630 units last month, compared with 194,562 units a year [...]