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Foreign Carmakers Blamed for Making Undue Profits Cashing in on Tax Benefit

SEOUL, June 17 (Korea Bizwire) – In an effort to stimulate Korea’s moribund domestic consumption, the government lowered its special consumption tax on vehicles from 5 percent to 3.5 percent, starting from August 2015. This tax benefit — which will expire at the end of June — however, has brought about “undue profit” to foreign car makers while [...]

GM Korea, Toyota to Recall 1958 Vehicles for Defects

SEJONG, Dec. 16 (Korea Bizwire) - GM Korea and Toyota will recall 1958 cars sold in South Korea for safety-related mechanical defects, the Ministry of Land, Infrastructure and Transport said Wednesday. GM Korea, the South Korean unit of U.S. automaker General Motors Co., said ignition coils on its Veritas full-size sedans have problems that could [...]