SEOUL, May 19 (Korea Bizwire) – Carmakers are betting on sport-utility vehicles (SUV) in the South Korean market amid strong consumer demand, industry insiders said Friday. In the next two to three years, local and foreign carmakers have plans to introduce a series of premium SUVs to reflect the popularity of recreational vehicles, according to [...]
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, 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, June 24 (Korea Bizwire) — Hyundai Motor‘s Accent subcompact was the best-selling export model among cars produced and shipped overseas in 2014, industry data showed Wednesday. According to the data by the Korea Automobile Manufacturers Association, South Korea’s top automaker exported a total of 260,386 units of the Accent last year. The figure was the [...]
SEOUL, April 11 (Korea Bizwire) – The number of imported cars from last year that are still in stock is estimated to be about 63,000, triple the number from three years ago and a record high in Korea. The Korea Automobile Manufacturers Association (KAMA) and Korea Automobile Importers & Distributors Association (KAIDA) reported on April 9 [...]