SEOUL, Sept. 14 (Korea Bizwire) – Samsung and Hyundai Motor groups slashed their cash reserves in the first half of the year, while other major conglomerates increased their cash piles, data showed Sunday. Listed affiliates of Samsung Group, South Korea’s top family-controlled conglomerate, had a combined 40.5 trillion won (US$34.1 billion) in cashable assets as [...]
SEOUL, Sept. 11 (Korea Bizwire) – Kia Motors, an affiliate of the world’s fifth largest automaker, Hyundai Motor Group, is strengthening marketing activities targeting next generation customers with an animated film. On September 10, Kia released “Super Racer Enzy,” an animated film featuring Kia characters Enzy and His Friends, at approximately 100 screens nationwide. The [...]
SEOUL, Sept. 8 (Korea Bizwire) – City car sales in South Korea hit the highest level in eight months in August, driven by a spike in demand for the latest edition of the Spark launched by GM Korea, industry data showed Tuesday. Sales of city cars with an engine displacement of smaller than 1,000 cc [...]
SEOUL, Aug. 31 (Korea Bizwire) – “Labor costs in Korea are rising rapidly. For example, Indian assembly plants can produce cars at half the cost of those in Korea. The so-called ‘ordinary wage’ issue will affect all Korean industries – not just the automobile industry.” Last May, Sergio Rocha, president and CEO of GM Korea, [...]
SEOUL, Aug. 21 (Korea Bizwire) — A South Korean lawmaker is seeking a law revision aimed at levying taxes on vehicles based on their prices instead of displacement volume, a change that could result in a hike in taxes on many high-end foreign brands, industry sources said Friday. Currently, South Korea levies vehicle taxes based [...]
SEOUL, Aug. 19 (Korea Bizwire) - Hyundai Motor reshuffled personnel in China in a bid to boost its performance in the world’s second-largest economy. The company appointed Tan Tao-hung, the vice president of sales in Sichuan, as the head of Chinese strategies, Lee Byung-ho, who was vice president of the machinery & vehicle parts division, [...]
SEOUL, Aug. 17 (Korea Bizwire) – Kia Motors unveiled rendered images of the fourth generation of its Sportage model on August 17. With design keywords “Sporty and Powerful Energy”, Kia realized more a powerful and innovative SUV style in its design based on creative structure and plentiful volume, compared to the existing model. Kia describes its [...]
SEOUL, Aug. 4 (Korea Bizwire) — The ratio of diesel engine cars sold during the first half of the year in South Korea topped 50 percent, industry data showed Tuesday, as carmakers offered diverse models running on the cheaper fuel. According to the data, five carmakers in South Korea, including Hyundai Motor and Kia Motors, sold a [...]
SEOUL, July 31 (Korea Bizwire) – In spite of low oil prices, hybrid car fever is fierce in the Korean automotive market, fueled by growing demand for eco-friendly vehicles. Thanks to the fever, sales of hybrid cars in Korea are expected to reach an all-time high this year. According to industry watchers, 15,953 units of [...]
Seoul, July 20 (Korea Bizwire) – Among the domestic cars launched during the first half of the year, the Tivoli from Ssangyong Motor was selected as the best car. Among foreign cars, a new Landrover model was selected. According to a survey conducted by SK Encar, 42.3 percent of the 345 male and female adult respondents selected [...]