SEOUL, April 24 (Korea Bizwire) – An increasing number of people have junked their cars this year, statistics showed Monday, apparently to take advantage of a government-backed trade-in program for old diesel-powered vehicles. A tally from the Ministry of Land, Infrastructure and Transport said 210,705 cars were scrapped in the January-March period this year, up [...]
SEOUL, March 20 (Korea Bizwire) – Diesel cars are locked in a tight race with gasoline-powered models for a bigger slice of South Korea’s imported vehicle market as diesel cars increasingly lose favor with local motorists following “dieselgate” in 2015, data showed Monday. According to the industry data, 8,058 imported gasoline cars were sold in [...]
SEOUL, Dec. 5 (Korea Bizwire) – A bit of good news for old diesel car owners. Starting Monday, the government is offering an exemption of up to 1.43 million won ($1,217) in new vehicle purchasing taxes for those who junk diesel cars that are over 10 years old, a revision to the Restriction of Special [...]
SEOUL, Dec. 5 (Korea Bizwire) – Diesel cars that were once fancied by consumers for their higher fuel efficiency are losing ground in Korea, mainly from the global emissions scandal in addition to the government imposing stricter diesel car regulations, labeling them as one of the main sources of fine dust. According to the Ministry [...]
SEOUL, Sept. 22 (Korea Bizwire) – Gas stations are closing down in greater numbers and at a quickened pace from a profit squeeze in a market that has become too competitive, industry officials said Thursday. People had jumped into the filler station business that until a few years ago was highly lucrative. The market entry [...]
SEOUL, July 27 (Korea Bizwire) – Diesel cars have been at the center of attention recently, primarily due to the official investigation into Audi-Volkswagen Korea’s fraudulent emissions reporting. Diesel emissions have also been identified by the Korean government in May as major producers of fine dust and ozone, and a potential health risk. Seoul Metropolitan [...]
SEOUL, July 14 (Korea Bizwire) – South Korea’s diesel consumption hit a monthly record in May, state statistics showed Thursday, an indication that diesel-powered cars are still dominant over electric and hybrid vehicles. According to an informational website operated by state-run Korea National Oil Corp. (KNOC), South Korea consumed a record 14.31 million barrels of [...]
SEOUL, June 30 (Korea Bizwire) – German carmaker Volkswagen on Wednesday ruled out compensations to South Korean owners of Volkswagen cars for cheating on emissions, a move that could spark anger and disappointment from local consumers. Volkswagen said its agreements reached with the U.S. regulators and private plaintiffs over the scandal “are not an admission” [...]
DAEGU, June 22 (Korea Bizwire) – Oil theft in Korea is becoming more elaborate and highly organized. Two Korean males, referred to only as Lee (50) and Kim (57), were sentenced to four and three years in prison, respectively, for robbery and violation of the oil pipeline maintenance law. Song (56), who also took part [...]
POHANG, June 6 (Korea Bizwire) – South Korean steel giant POSCO is faced with a dilemma over plans to build a new thermoelectric power plant. In an effort to tackle the prevailing issue of airborne fine dust particles, the Korean government revealed a new policy last Friday to shut down old coal-powered thermoelectric power plants, and [...]