SEOUL, Aug. 31 (Korea Bizwire) — Hyundai Motor Group’s Honorary Chairman Chung Mong-koo will donate 10 billion won (US$8.6 million) to a vaccine development center run by a local university to help fight the new coronavirus pandemic, the company said Tuesday. Chung Euisun, chairman of the South Korean automotive group, attended a signing ceremony for [...]
SEOUL, Aug. 29 (Korea Bizwire) — Cash-strapped carmaker SsangYong Motor Co. plans to receive acquisition proposals through mid-September, as a two-way race between two local investors is expected, industry sources said Sunday. The firm plans to receive bids from potential buyers through Sept. 15. So far, a total of 11 investors from home and abroad [...]
SEOUL, Aug. 27 (Korea Bizwire) — Unionized workers at Kia Corp., South Korea’s second-biggest carmaker, voted Friday to accept the company’s wage proposals without a strike for the first time in a decade. Kia said 68 percent of 26,945 workers voted in favor of wage offers that include an increase of 75,000 won (US$64.30) in [...]
SEOUL, Aug. 27 (Korea Bizwire) — Imported plug-in hybrid vehicles (PHEVs) are seeing a major sales boost this year as they are becoming more affordable or even less costly than vehicles with internal combustion engines. Getcha, a local data provider of new car releases, reported that BMW’s 530e sedan, this year’s best-selling PHEV model with [...]
SEOUL, Aug. 25 (Korea Bizwire) — The government plans to increase the distribution of electric and hydrogen-powered taxis to 100,000 units by 2025. To this end, it intends to establish a collaborative venture with municipal governments and related industries. The Ministry of Environment on Tuesday formed a business agreement with the Seoul Metropolitan Government, the [...]
SEOUL, Aug. 24 (Korea Bizwire) — Unionized workers at GM Korea Co., the South Korean unit of General Motors Co., accepted the company’s revised wage proposals for the year, the union said Tuesday. In their second vote held Monday and Tuesday, some 65 percent of GM Korea’s unionized workers agreed to accept the revised proposals [...]
SEOUL, Aug. 24 (Korea Bizwire) — With the new ‘contactless’ culture that has settled in with COVID-19, cars are beginning to be sold online, sparking a nationwide controversy as online car shopping is threatening the livelihood of offline dealers. Gwangju Global Motors, a firm jointly established by Hyundai Motor Co. and the southwestern city of [...]
SEOUL, Aug. 23 (Korea Bizwire) — South Korean automaker Hyundai Motor Co.’s electric vehicle (EV) sales increased in the first half of the year compared with a year ago, but its global market share fell in the face of toughening competitions with Chinese rivals, industry data showed Monday. Hyundai Motor was in sixth place in [...]
SEOUL, Aug. 21 (Korea Bizwire) — American automaker General Motors said it will expand the recall of Chevy Bolt electric vehicles equipped with South Korean supplier LG’s batteries over fire risks, which is expected to additionally cost about US$1 billion. The latest recall covers 73,000 Bolt EVs and EUVs from model years 2019 through 2022 [...]
SEOUL, Aug. 19 (Korea Bizwire) — Major South Korean credit card issuer Samsung Card Co. said Thursday it has decided to sell its entire 19.9 percent stake in Renault Samsung Motors Corp. Samsung Card said it recently made the decision and selected Samsung Securities Co. as the lead manager of the stake sale. The card [...]