SEOUL, Apr. 12 (Korea Bizwire) — BYD, China’s leading electric vehicle manufacturer, is grappling with dismal sales of its T4K electric truck, launched in South Korea last year. As electric vehicle subsidies were significantly reduced this year, GS Global, the official importer and distributor of the T4K, has resorted to offering discounts of around 10 million [...]
SEJONG, Apr. 11 (Korea Bizwire) – South Korea’s auto exports moved up 2.7 percent on-year in the first quarter of 2024 on the back of strong demand for eco-friendly models, data showed Thursday. The combined value of car shipments came to US$17.5 billion in the January-March period, with the export volume reaching 690,000 units, according [...]
SEOUL, Apr. 11 (Korea Bizwire) – In the first quarter (January-March) of the South Korean automobile market, SUVs and vans, collectively known as RVs (recreational vehicles) locally, captured the top four spots in sales rankings. Hyundai’s Grandeur, which had consistently held a place in the top five, fell to sixth position, leaving no sedans among the [...]
SEOUL, Apr. 10 (Korea Bizwire) – The Hyundai Motor Company announced on April 9 a significant expansion of its trade-in program, offering substantial cash discounts to consumers who trade in their existing vehicles for certified used cars and purchase new Hyundai or Genesis models. The trade-in program allows customers to return their current vehicle to the [...]
SEOUL, Apr. 10 (Korea Bizwire) – Ford Sales Service Korea, the South Korean subsidiary of the American automaker, recorded a staggering net loss of 19.5 billion won in 2023, fueling speculation about the company’s potential exit from the Korean market. According to an audited report released on April 9, Ford’s sales in South Korea plummeted by [...]
SEOUL, Apr. 8 (Korea Bizwire) – Innocean, a global marketing and communications service provider, has collaborated with Hyundai Motor on an imaginative “Dogbility” campaign showcasing a virtual series of automotive concepts designed for canine companions, the companies announced on April 8. Utilizing generative artificial intelligence, the campaign visualized innovative vehicular features tailored to dogs through [...]
SEOUL, Apr. 5 (Korea Bizwire) –Mercedes-Benz Korea defied a drop in sales volumes last year to post record revenue nearing 800 billion won, buoyed by strong demand for its premium models costing over 100 million won apiece, the company’s financial filings showed. In its 2023 audited financial statements released on April 3, the German automaker’s [...]
SEOUL, Apr. 4 (Korea Bizwire) – Hyundai Mobis, a leading automotive parts supplier, announced on April 4 the launch of a button-integrated smart key in the form of a slim card, designed for enhanced portability and convenience. While card-style smart keys have previously been used in certain export models of the Genesis brand, this marks [...]
SEOUL, Apr. 4 (Korea Bizwire) — Mercedes-Benz Korea, Stellantis Korea and two other carmakers will recall more than 50,000 vehicles due to faulty components, the transport ministry said Thursday. The four companies, including Honda Motor Co. and Jaguar Land-Rover Korea, are voluntarily recalling a total of 50,760 units of 62 different models, the Ministry of [...]
SEOUL, Apr. 2 (Korea Bizwire) – Hyundai Motor Group has become the largest shareholder of a leading mobile carrier, KT Corp., the communications service provider said Tuesday in a regulatory filing. Hyundai’s status as the largest shareholder, however, requires approval from the science ministry. The change came as the National Pension Service, previously the largest [...]