SEOUL, April 2 (Korea Bizwire) — A court-led restructuring process for SsangYong Motor Co. is set to begin as early as next week as a sole potential investor didn’t submit a letter of intent to acquire the financially troubled carmaker, industry sources said Friday. SsangYong Motor’s Indian parent Mahindra & Mahindra Ltd. has been in [...]
SEOUL, April 2 (Korea Bizwire) — Hyundai Motor Co. and affiliate Kia Corp., South Korea’s two biggest carmakers, said Friday their combined U.S. sales jumped 76 percent in March from a year earlier on robust demand for their SUV models. Hyundai and Kia sold a total 141,926 vehicles in the United States last month from [...]
SEOUL, April 1 (Korea Bizwire) — South Korean carmakers’ sales rose 12 percent last month from a year earlier helped by robust overseas demand for SUVs amid the COVID-19 pandemic, industry data showed Thursday. The five carmakers — Hyundai Motor Co., Kia Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. — [...]
SEOUL, April 1 (Korea Bizwire) — Hyundai Motor Co. on Thursday released a teaser for the Santa Cruz pickup ahead of its unveiling in the United States this month. The Santa Cruz sport adventure vehicle (SAV), a model that sits between a sport utility vehicle and a pickup truck, boasts a bold yet sophisticated design, [...]
YONGIN, March 31 (Korea Bizwire) — Hyundai Mobis Co., South Korea’s leading auto parts maker, said Wednesday it will seek to transform itself from a traditional auto parts maker into a future mobility services and platform provider. “Auto parts makers are required to make a structural reform in their business portfolios as carmakers are integrating [...]
SEOUL, March 31 (Korea Bizwire) — Genesis, the independent luxury brand of Hyundai Motor Co., on Wednesday unveiled a premium electric concept car ahead of the launch of the brand’s first electric vehicle later this year. The Genesis X, showcased in a digital event and an offline debut in Los Angeles, is an EV-based high-performance [...]
SEOUL, March 30 (Korea Bizwire) — Kia Corp. on Tuesday unveiled the EV6, its first all-electric model built on a dedicated platform that can travel over 500 kilometers on a single charge. In an online world premier event, South Korea’s No. 2 automaker showcased its crossover EV6 based on its parent Hyundai Motor Group’s electric [...]
SEOUL, March 30 (Korea Bizwire) — Hyundai Motor Co. said Tuesday it will suspend production at a domestic plant that produces the IONIQ 5 all-electric model due to a chip shortage. Hyundai plans to halt the operation of the No. 1 plant in Ulsan, 414 kilometers southeast of Seoul, which also produces the Kona subcompact [...]
SEOUL, March 30 (Korea Bizwire) — A global semiconductor chip shortage is set to spill over into Korean automakers as well, raising concerns that a prolonged supply glitch may derail local carmakers off track amid the pandemic. The chip shortage stems from multiple factors such as chipmakers shuttering plants or cutting production due mainly to [...]
SEOUL, March 29 (Korea Bizwire) — South Korea’s Hyundai Motor Co. said Monday it is considering suspending production at a domestic plant next month due to a global semiconductor chip shortage. Hyundai Motor mulls halting the operation of the No. 1 plant in Ulsan, 414 kilometers southeast of Seoul, which produces the Kona subcompact SUV [...]