SEOUL, Dec. 5 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical company, said Thursday it will invest US$916 million in its U.S. affiliate for a plan to set up an electric vehicle (EV) battery manufacturing joint venture with General Motors in the United States. Earlier in the day, Reuters reported that the two [...]
SEOUL, Oct. 10 (Korea Bizwire) — General Motors Co. is set to violate an initial agreement signed between the carmaker’s South Korean unit and the South Korean government by attempting to establish a separate R&D corporation, a lawmaker said Wednesday. In his policy review submitted as part of a parliamentary audit, Jung You-sub, a representative [...]
SEOUL, May 29 (Korea Bizwire) — Hyundai Mobis Co., South Korea’s largest auto parts maker by sales, has emerged as a key supplier of General Motors Co. after it secured a US$1.1 billion deal to provide auto parts for eight years, the company announced Tuesday. The Detroit-based carmaker recently picked Hyundai Mobis as one of [...]
SEOUL, April 18 (Korea Bizwire) – General Motors Co. on Wednesday offered to relocate workers from the South Korean plant it plans to close next month to other local production lines in an effort to get the union to accept the restructuring plan laid out by management. The suggestion comes against a background of strong resistance from GM Korea Co.’s union to the U.S.-based carmaker’s decision to [...]
SEOUL, Sept. 4 (Korea Bizwire) — Hyundai Motor Co. and Kia Motors Corp., South Korea’s two biggest carmakers, saw their sales growth in Chile slow down this year due to the won’s strength, a state-run trade promotion agency said Monday. In the January-July period, Hyundai’s sales in the Latin American market grew 11 percent on-year to 17,276 [...]
SEOUL, March 17 (Korea Bizwire) – GM Korea Co., the South Korean unit of U.S. automaker General Motors Co., will recall over 66,000 cars sold here for engine and software issues that will also lead to over 1 billion won in penalties, the transportation ministry said Friday. The Next Spark minicar was found to have [...]
SEOUL, Feb. 2 (Korea Bizwire) – General Motors Co. and Tesla Motors Inc. are poised to debut their long-range electric vehicles (EVs) in South Korea this year in a move that could help galvanize the budding local EV market dominated by short-range models, industry sources said Thursday. GM Korea Co., GM’s South Korean unit, is [...]
SEOUL, July 11 (Korea Bizwire) – The Volkswagen scandal has withered the general reputation of German automakers in Korea. Nonetheless, domestic demand for imported vehicles continues to rise. Surprisingly, Volkswagen’s Tiguan 2.0 TDI BlueMotion claimed the number one spot as the best-selling foreign car according to the KAIDA (Korea Automobile Importers and Distributions Association). The [...]
SEJONG, Jan. 18 (Korea Bizwire) – The number of registered vehicles in South Korea rose 4.3 percent in 2015 from a year earlier on the back of the government’s tax-cut programs and solid demand for foreign-made cars, government data showed Sunday. Car registration stood at 20,989,885 units, up 4.3 percent or some 872,000 vehicles from [...]
SEOUL, April 15 (Korea Bizwire) – Hyundai Motor, South Korea’s top automaker, denied a media report Wednesday that it is seeking to build a factory in Mexico, calling it “groundless.” Bloomberg earlier reported that Hyundai Motor is pushing to build a plant in Mexico, citing an interview with a high-ranking official of the local unit of [...]