SEOUL, Oct. 26 (Korea Bizwire) — Hyundai Motor Group unveiled the electrified Genesis G80 limousine, the official escort vehicle for the upcoming G20 summit scheduled for next month in Bali, Indonesia. Hyundai held a ceremony on Tuesday in Jakarta to deliver the vehicles. The company sent 44 units of long wheel-based G80, 87 units of [...]
SEOUL, Oct. 26 (Korea Bizwire) — South Korea’s Hyundai Motor Group said Wednesday it has held a groundbreaking ceremony for its dedicated electric vehicle plant in the United States as it seeks to make a presence in the North American EV market. Hyundai Motor Group’s Chairman Euisun Chung attended the ceremony held in Bryan County, [...]
SEOUL, Oct. 25 (Korea Bizwire) — Kia Corp., South Korea’s second-biggest carmaker, said Tuesday its third-quarter net profit plunged 60 percent from a year earlier on provisions for additional engine-related recall costs. Net profit for the three months ended in September fell to 458.89 billion won (US$319 million) from 1.13 trillion won during the same [...]
SEOUL, Oct. 25 (Korea Bizwire) — Hyundai Motor Group is considering raising the speed limit imposed on its first Level 3 autonomous driving vehicle, which is expected to be released soon. The carmaker will release the new G90 sedan under the independent Genesis brand later this year, which is expected to be equipped with its [...]
SEOUL, Oct. 24 (Korea Bizwire) — Hyundai Motor Co. on Monday raised its annual revenue and operating profit margin guidance after reporting a 5 percent on-year decline in third-quarter net profit on provisions involving engine-related services. The South Korean carmaker expected its on-year revenue will grow by 19-20 percent this year, which is higher than [...]
YANGYANG, Oct. 21 (Korea Bizwire) — Stellantis will soon launch the Jeep brand’s first fully electric model, Avenger SUV, in South Korea to boost local sales and in line with the group’s zero emission goals, its Korean managing director has said. Stellantis — a 50:50 joint venture between U.S. carmaker Fiat Chrysler Automobiles and French [...]
SEOUL, Oct. 19 (Korea Bizwire) — Hyundai Motor Co., South Korea’s leading carmaker, on Wednesday unveiled the design of the all-new Grandeur sedan ahead of its launch next month. The new Grandeur will be available with a 2.5-liter gasoline direct injection (GDI) engine, a 3.5-liter GDI engine, a 3.5-liter liquid petroleum injection engine, or a [...]
CHANGWON, Oct. 19 (Korea Bizwire) — General Motors Co. said Wednesday it is targeting to transform its South Korean operations into a “profitable and sustainable business” next year by increasing exports of next-generation vehicles. GM Korea Co., GM’s South Korean unit, reported net losses for eight consecutive years through 2021 and expects losses to narrow [...]
SEOUL, Oct. 19 (Korea Bizwire) — “Used but nearly new cars” are drawing attention due to lengthy delivery delays for new cars resulting from the prolonged disruption in the supply of chips for automobiles. According to used car platform Encar, the share of “nearly new cars” among overall sales of used cars has been on [...]
SEOUL, Oct. 18 (Korea Bizwire) — Hyundai Motor Co. and its affiliate Kia Corp. said Tuesday they reflected 2.9 trillion won (US$2 billion) worth of provisions in their third-quarter earnings results, a move that could weigh on their September quarter bottom lines. Hyundai and Kia put aside the provisions — 1.36 trillion won and 1.54 [...]