SEOUL, May 6 (Korea Bizwire) — South Korea’s car sales plunged 48 percent last month from a year earlier as the spreading coronavirus outbreak continued to affect vehicle production and sales, data showed on Wednesday. The country’s five carmakers — Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong [...]
SEOUL, April 29 (Korea Bizwire) — South Korean carmakers enjoyed an increased market share in global markets in the first quarter as they preemptively responded to the coronavirus outbreak, a local car industry association said Wednesday. Korean automakers’ global market share rose to 8.4 percent in the January-March quarter, up from 7.3 percent in the [...]
SEOUL, April 10 (Korea Bizwire) — South Korean carmakers and auto parts firms will suffer a cash shortage of over 28 trillion won (US$23 billion) if the coronavirus outbreak continues to affect the automobile industry for the next four months, a local industry association said Friday. In a meeting with industry officials and auto experts, [...]
SEOUL, March 19 (Korea Bizwire) — Hyundai Motor Co. and Kia Motors Corp., South Korea’s two biggest carmakers, said Thursday their U.S. plants stopped operations as their American rivals have agreed to close factories as a precaution against the rapid spread of the coronavirus. Hyundai Motor suspended its plant in Alabama on March 18 (local [...]
SEOUL, March 17 (Korea Bizwire) — South Korean carmakers are likely to post poor earnings results for the first quarter due to the escalating fallout from the coronavirus pandemic, analysts said Tuesday. The country’s five carmakers — Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. — [...]
SEOUL, March 2 (Korea Bizwire) — South Korea’s car sales fell 11 percent last month from a year earlier as supply disruptions caused by the coronavirus outbreak resulted in reduced production. The country’s five carmakers — Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. — sold [...]
SEOUL, Feb. 17 (Korea Bizwire) — South Korean carmakers said Monday they are on track for normalizing production later this week after suffering parts shortages from China amid the spreading coronavirus outbreak. The country’s five carmakers — Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp., and SsangYong Motor Co. — [...]
SEOUL, Feb. 15 (Korea Bizwire) — Carmakers in South Korea said Saturday some of their assembly lines are still short of auto components as parts suppliers in China partially resumed operations this week amid no signs of the new coronavirus slowing. Hyundai Motor Co. and its affiliate Kia Motors Corp., the country’s two biggest carmakers, [...]
SEOUL, Feb. 11 (Korea Bizwire) — Carmakers in South Korea said Tuesday they have partially resumed vehicle production that was halted due to parts shortages caused by the new coronavirus outbreak, on resumed supply of parts from China. Hyundai Motor Co. and its affiliate Kia Motors Corp., the country’s two biggest carmakers, said they restarted [...]
SEOUL, Feb. 10 (Korea Bizwire) — Carmakers in South Korea on Monday said they are set to resume their vehicle production this week temporarily suspended due to parts shortages caused by the new coronavirus outbreak, easing concerns an extended output loss will cut into their first-quarter earnings. Hyundai Motor Co. and its affiliate Kia Motors [...]