SEOUL, Feb. 12 (Korea Bizwire) — Rising costs have become a growing source of concern for carmakers operating in South Korea, with GM Korea Co. now eyeing financial assistance from the government here, an association said Monday. Carmakers in the country generally have lower hourly vehicle production rates than rivals in Japan and the United [...]
SEOUL, Aug. 31 (Korea Bizwire) — Mercedes-Benz, Volkswagen and two vehicle importers will recall over 40,000 vehicles in South Korea for faulty parts, the transport ministry said Thursday. This is the latest in a series of recall orders issued by the Ministry of Land, Infrastructure and Transport to both domestic and foreign carmakers. The carmakers, [...]
SEOUL, Aug. 22 (Korea Bizwire) — South Korean carmakers on Tuesday cited high costs and low productivity as major sources of concern as they compete in an ever competitive market. In a seminar held in Seoul to discuss outstanding issues facing local carmakers, executives from Hyundai Motor Co. and Kia Motors Corp. expressed worries about [...]
SEOUL, Aug. 13 (Korea Bizwire) — South Korean carmakers posted lackluster profitability over the first half of 2017, industry data showed Sunday, falling far behind major overseas rivals. Top carmaker Hyundai Motor Co.’s first-half operating margin was 5.4 percent, down 1.2 percentage points from a year earlier, industry data showed. Its sister company Kia Motors [...]
SEOUL, Jan. 5 (Korea Bizwire) – Carmakers in South Korea are rushing to unveil their new models in an apparent bid to preempt the domestic market this year by appealing to customers with upgraded and enhanced functions and designs, industry sources said Tuesday. Hyundai Motor Co., the country’s largest automaker, plans to launch the Ioniq [...]