SEOUL, Aug. 3 (Korea Bizwire) — South Korea’s largest car-sharing and mobility service provider SOCAR Inc. on Wednesday said that its planned initial public offering (IPO) will be successful despite unfavorable market conditions. SOCAR, established in 2011, is seeking to make a market debut later this month after going through IPO subscription Thursday and Friday [...]
SEOUL, Aug. 3 (Korea Bizwire) — Sales of imported vehicles in South Korea fell 12 percent last month from a year earlier as the chip shortage continued to affect vehicle production, an industry association said Wednesday. The number of newly registered foreign vehicles stood at 21,423 units last month, down from 24,423 units a year [...]
SEOUL, Aug. 3 (Korea Bizwire) — Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday their combined sales in the United States fell 11 percent last month from a year earlier amid the prolonged global chip shortage. Hyundai, its independent Genesis brand, and Kia sold 128,283 vehicles in the world’s most important automobile market [...]
SEOUL, Aug. 2 (Korea Bizwire) — Hyundai Motor Co. said Tuesday it will ship 27 hydrogen-powered trucks to Germany in its second European export deal for the zero-emission commercial car. Hyundai will supply 27 Xcient hydrogen fuel-cell electric trucks to seven German companies. The German firms will receive local government subsidies for environment-friendly commercial cars, [...]
SEOUL, Aug. 1 (Korea Bizwire) — As electric vehicles (EVs) rise as the ‘new standard’ in the automobile industry, tire producers are responding with EV-exclusive tires. Industry sources said almost half of all tire orders placed with Hankook Tire and Technology Co. for new cars were EV-exclusive tires. Hankook Tire has concluded contracts with 22 [...]
SEOUL, July 29 (Korea Bizwire) — Exports of South Korean-made passenger cars expanded 2.5 percent in the first half of the year, thanks mainly to brisk overseas demand for green cars, data showed Friday. Local carmakers shipped passenger cars worth a combined US$22.3 billion during the January-June period, up from $21.7 billion a year earlier, [...]
SEOUL, July 26 (Korea Bizwire) — Hyundai Motor Co. announced on Monday that the company’s Veloster N ETCR won the fifth round of the Pure ETCR, an all-electric multi-brand touring car championship. The series consists of four short-distance races and a final race. The ranking of the manufacturers and drivers is set by adding the [...]
SEOUL, July 24 (Korea Bizwire) — Hyundai Motor Co. and its affiliate Kia Corp. recorded robust on-year sales growth in Vietnam and Indonesia in the first half of 2022, delivering strong performances in the markets traditionally dominated by Japanese automakers, local industry associations’ data showed Sunday. The combined sales of Hyundai Thanh Cong Manufacturing Vietnam [...]
SEOUL, July 22 (Korea Bizwire) — Kia Corp., South Korea’s second-biggest carmaker, said Friday its second-quarter net profit jumped 40 percent from a year earlier on an improved product mix and a weak won. Net profit for the three months ended in June rose to 1.88 trillion won (US$1.43 billion) from 1.34 trillion won in [...]
SEOUL, July 21 (Korea Bizwire) — South Korea’s Hyundai Motor Co. said Thursday its second-quarter net profit jumped 56 percent from a year earlier on improved product mix and a weak won. Net profit for the three months ended in June rose to 3.08 trillion won (US$2.34 billion) from 1.98 trillion won during the same [...]