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 [...]
SEOUL, Oct. 18 (Korea Bizwire) — Hyundai Mobis Co., South Korea’s leading auto parts maker, said Tuesday it has recently begun to supply chassis modules for Mercedes-Benz AG’s four all-electric EV models assembled in the United States. Hyundai Mobis became the first non-European supplier of chassis modules for the German carmaker, the company said in [...]
SEOUL, Oct. 18 (Korea Bizwire) — Sport utility vehicles (SUVs) are sweeping South Korea’s car sales charts this year, thanks to a shift in consumer sentiment resulting from the COVID-19 pandemic and carmakers’ profitability-centered strategy. The domestic sales of SUVs, including recreational vehicles (RVs), stood at 618,384 units in the first nine months of this [...]
SEOUL, Oct. 14 (Korea Bizwire) — South Korea’s car exports jumped 34.7 percent on-year in September on brisk demand for eco-friendly cars, data showed Friday. The value of outbound shipments of automobiles came to US$4.79 billion last month, the largest ever for any September, according to the data from the Ministry of Trade, Industry and [...]
SEOUL, Oct. 14 (Korea Bizwire) — Unionized workers at Kia Corp. have tentatively agreed to a wage deal for 2022 amid the extended chip shortage and COVID-19 pandemic, the company said Friday. Kia’s 30,000-strong union tentatively accepted the company’s proposals, including a 98,000 won (US$68) increase in basic monthly pay, three months of performance-based pay, [...]
SEOUL, Oct. 12 (Korea Bizwire) — Hyundai Motor Group said Wednesday it will invest 18 trillion won (US$13 billion) to apply an advanced software program to all of its vehicles and offer its customers regular software updating services. The South Korean carmaker has decided to make the massive software investment to launch most of its [...]
SEOUL, Oct. 11 (Korea Bizwire) — Renault Group will make a massive investment in South Korea, which it sees as a key export hub for the French carmaker, in the next six years, the company’s chief executive officer said Tuesday. Renault is planning to invest hundreds of millions of euros in its South Korean operations [...]