SEOUL, March 28 (Korea Bizwire) — SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Monday it has canceled the deal to sell its controlling stake to Edison Motors Co. due to the electric bus maker’s payment failure. SsangYong announced the termination of the contract with a local consortium [...]
SEOUL, March 28 (Korea Bizwire) — Hyundai Motor Group’s cumulative sales of eco-friendly vehicles in the United States surpassed the 500,000-unit mark in February, 11 years after its entry into the American market, the group said Monday. The group’s two flagships — Hyundai Motor Co. and Kia Corp. — sold a combined 15,218 environmentally friendly [...]
SEOUL, March 27 (Korea Bizwire) — A local consortium’s planned acquisition of SsangYong Motor Co. may fall apart, as it failed to pay the remaining acquisition money for the SUV maker by the deadline, industry sources said Sunday. In January, the consortium led by Edison Motors Co. signed a final deal with SsangYong to take [...]
SEOUL, March 25 (Korea Bizwire) — Kia Corp., South Korea’s second-biggest carmaker, said Friday it will build a purpose-built vehicle (PBV) plant in one of its domestic plants, as it strives to become a future mobility solutions provider. Kia plans to complete the PBV plant by the end of 2024 and start operations in 2025, [...]
SEOUL, March 21 (Korea Bizwire) — Major overseas units of South Korean automaking titan Hyundai Motor Group were profitable in 2021 on brisk sales of eco-friendly vehicles and increased capacity utilization, company data showed Monday. Hyundai Motor Co., the group’s flagship, said its U.S. production unit swung to a net profit of 237 billion won [...]
SEOUL, March 20 (Korea Bizwire) — South Korea’s top carmaker Hyundai Motor Co. and China’s Beijing BAIC Motor will inject over 1 trillion won (US$825 million) into their joint venture to enhance the competitiveness of its electric car making amid sluggish sales, company officials said Sunday. They will increase the capital stock of Beijing Hyundai [...]
SEOUL, March 20 (Korea Bizwire) — South Korean leading carmaker Hyundai Motor Co. said Sunday that its independent Genesis brand surpassed 700,000 units in accumulative global sales, thanks to the rising popularity of its brand power. The premium brand’s global sales totaled 700,612 units from its launch in November 2015 to end-February 2022, 30.5 percent [...]
SEOUL, March 18 (Korea Bizwire) — Electric vehicle (EV) drivers are increasingly concerned that the lack of liability insurance at charging stations may prevent them from receiving any compensation in case of a fire or explosion. There were 112 EV charging stations in South Korea as of June last year, with approximately 104,000 charging stands. [...]
SEOUL, March 17 (Korea Bizwire) — The government decided Thursday to allow large companies to advance into the secondhand car market despite opposition from small players in the business. A deliberation committee under the Ministry of SMEs and Startups decided not to designate secondhand vehicles sales as one of the “livelihood businesses” that must be [...]
SEOUL, March 17 (Korea Bizwire) — Sales of Hyundai Motor Co. and its affiliate Kia Corp. in Europe surged more than 20 percent on-year last month on the back of the popularity of environment-friendly models, industry data showed Thursday. Hyundai sold 37,032 vehicles in the European market in February, up 25.5 percent from a year [...]