SEOUL, Jul. 19 (Korea Bizwire) — A tax imposed on new car owners known as the special consumption tax will be lowered temporarily until the end of the year starting with car purchases made today. For example, consumers who buy a mid-sized sedan for 20 million won will be paying 430,000 won less tax due [...]
SEOUL, May 23 (Korea Bizwire) — Although the total number of Korean cars exported this year thus far has dropped, the average unit price has risen due to the increase in exports of SUVs and luxury sedans. This is expected to help carmakers cash in on profits despite the industry’s overall slowed growth. According to [...]
CHANGWON, March 8 (Korea Bizwire) – The Changwon municipal government will launch a series of hydrogen car projects in a bid to promote the use of alternative fuel vehicles, starting with the opening of a hydrogen station tomorrow. Changwon is the latest city in South Korea to join the recent trend of encouraging the use of [...]
SEOUL, Nov. 7 (Korea Bizwire) – The South Korean government said Monday that it will soon revise the law on vehicle safety to allow camera monitor systems to replace side and rear view mirrors in cars, reducing greenhouse gas emissions, as well as the possibility of accidents. A mirrorless vehicle may save up to 10 [...]
SEJONG, Sept. 13 (Korea Bizwire) – South Korea’s car exports shrank to a seven-year low in August due mainly to contracted global demand and partial strikes at local carmakers, the government said Tuesday. Outbound shipments of vehicles came to 142,987 units last month, down 18.6 percent from 175,610 units tallied a year earlier, according to [...]
SEOUL, Feb.18 (Korea Bizwire) – With the adoption of a new account transfer system and Individual Savings Accounts (ISA), banks are going all out to attract clients with various giveaways. Industry analysts note that Shinhan Bank is currently running a promotion in which customers will have a chance to win a Hyundai Avante. Clients who [...]
SEOUL, Nov. 1 (Korea Bizwire) -- South Korean insurers are moving to raise premiums for local car owners starting this month, as they cope with rising payment obligations, market watchers said Sunday. According to insurance sector sources, the move comes as the loss ratio for coverage contracts has risen to unsustainable levels recently, forcing many [...]
SEOUL, Oct. 4 (Korea Bizwire) – The higher the demand for imported vehicles has soared up, the much greater the financial size of South Korea’s credit-specialized finance companies (CSFCs) for auto installment loans and facility leasing is for the first half of 2014. According to the report from the Financial Supervisory Service in South Korea, [...]
Tae Jung Technical MFG Co., Ltd. has fulfilled a noteworthy achievement through studies, reducing the weight of JACK ASS’Y, a core item supplied to General Motors. (image credit: Tae Jung Technical MFG Co., Ltd.) CHOUNGJU, Korea, Apr. 10, 2014 (Korea Bizwire) — POSCO Research Institute says, “There are megatrends that continually influence the future auto [...]
LONDON, UNITED KINGDOM, Jan. 10 (Korea Bizwire) – The New Generation Hyundai i10 city car has been crowned ‘Car of the Year’ by leading car review website, CarBuyer. After scooping the ‘Best City Car’ category, it was awarded the overall title with the judges praising its quality, refinement, style and value. Steve Fowler, Editor-in-Chief, Auto Express and [...]