Industry

  • Possible inspection into financial records of GMs S. Korean unit: Yonhap
    Possible inspection into financial records of GM's S. Korean unit: Yonhap SEOUL, Feb. 12 (Aju News) -- South Korean authorities may look into the accounting records of the local unit of General Motors Co. amid speculation that it has been involved in unfair practices, industry sources said. A possible inspection into GM Korea's financial records has been raised amid rumors that the Detroit-based carmaker may leave South Korea if it does not get help from South Korean financial authorities. Such assistance could allow it to maintain its busi February 12, 2018
  • Samsung forges alliance with Singapore-based ride-hailing firm Grab
    Samsung forges alliance with Singapore-based ride-hailing firm Grab SEOUL, Feb. 02 (Aju News) -- Grab, a Singapore-based ride-hailing firm, has forged a strategic alliance with Samsung Electronics to develop customized solutions for Southeast Asia's ride-hailing industry, including micro-financing schemes for Grab's driver-partners, improved customer booking and in-car experiences and new mobility solutions. It was Grab's second business deal with a South Korean company this year. In January, Hyundai Motor acquired a stake in February 2, 2018
  • Hyundai to launch all-new Santa Fe SUV in U.S. this summer: Yonhap
    Hyundai to launch all-new Santa Fe SUV in U.S. this summer: Yonhap SEOUL, Jan. 30 (Aju News) -- Hyundai Motor Co., South Korea's largest carmaker by sales, will launch the all-new Santa Fe sport utility vehicle (SUV) in the United States this summer to capture a growing demand for crossovers, the company said Tuesday. Hyundai Motor suffered an 11.5 percent on-year decline in U.S. sales last year due to a lack of new models, particularly SUVs. Total sales in the key North American market reached 685,555 vehicles. "We are planni January 30, 2018
  • Hyundai auto group reports worst earnings in eight years
    Hyundai auto group reports worst earnings in eight years SEOUL, Jan. 25 (Aju News) -- South Korea's Hyundai auto group reported its worst corporate earnings in eight years due to a strong won, slowing demand in major markets and a diplomatic row with China over the deployment of a U.S. missile shield. Hyundai Motor said its full-year net profit in 2017 fell 21 percent on-year to 4.54 trillion won (4.29 billion US dollars). Operating profit was down 12 percent to 4.57 trillion won last year while sales rose 2.9 percent to January 25, 2018
  • Hyundai Motor workers resume partial strike for higher payment
    Hyundai Motor workers resume partial strike for higher payment SEOUL, Jan. 04 (Aju News) -- Unionized workers at South Korea's top carmaker, Hyundai Motor, resumed a partial strike Thursday to push for higher payment despite concern about the company's weakening competitiveness abroad. Hyundai's 51,000-member union went ahead with a four-hour work stoppage in the southeastern industrial city of Ulsan. Partial strikes would come for four more working days. Union leaders and management agreed on a wage packa January 4, 2018
  • Hyundai auto group sets modest sales target for 2018
    Hyundai auto group sets modest sales target for 2018 SEOUL, Jan. 02 (Aju News) -- Car sales of South Korea's Hyundai auto group hit a four-year low last year, falling far short of its earlier goal due to poor performances abroad, prompting the world's fifth-largest carmaker to set a modest target for 2018. In 2017, Hyundai Motor's sales fell 6.5 percent on-year to 4.5 million units while sales of its affiliate, Kia Motors, were down 7.8 percent to 2.75 million. Together, the two companies sold a total of 7.25 million January 2, 2018
  • Hyundai chairman vows to expand investment in new technology
    Hyundai chairman vows to expand investment in new technology SEOUL, Jan. 02 (Aju News) -- The chairman of South Korea's Hyundai auto group vowed to expand investments in developing technologies related to autonomous and eco-friendly vehicles that could become the company's new growth engine. Chung Mong-koo said in his New Year message that Hyundai would seek a structural change for quick decision-making, saying the auto industry is seeing a rapid change because of innovation in future technologies and competition. "The auto January 2, 2018
  • Hyundai did not rule out possible ties with FCA over hydrogen fuel cell cars
    Hyundai did not rule out possible ties with FCA over hydrogen fuel cell cars South Korea's Hyundai auto group did not rule out possible technical ties with Fiat Chrysler Automobiles N.V. (FCA), an Italian-American corporation, in developing hydrogen fuel cell electric vehicles. "It is too early to speak officially," Hyundai's senior vice president Lee Ki-sang told reporters. "We are coordinating internally in case discussions with FCA are in progress." In 2010, the country's top carmaker unv December 13, 2017
  • S. Korea picks BMW 520d as this years safest car
    S. Korea picks BMW 520d as this year's safest car ​ BMW's 520d sedan was selected as this year's safest car in South Korea, followed by Mercedes-Benz's E220d and Stinger, a high-performance car produced by Kia Motors as a strategic model to compete with foreign brands on its home turf. The three cars scored high points in the annual safety checking of four imported and seven home-made cars selected by the Ministry of Land, Infrastructure and Transport. BMW's 520d was the safest car with 99.1 points. E22 December 13, 2017
  • Hyundai Motor ready to use Samsung batteries for eco-friendly vehicles
    Hyundai Motor ready to use Samsung batteries for eco-friendly vehicles Hyundai's full-electric vehicle Ioniq South Korea's leading Hyundai auto group is ready to cooperate with any domestic companies, including a battery-making unit of its domestic rival, Samsung Group, to enhance competitiveness in eco-friendly vehicles, a senior Hyundai official said. For their eco-friendly vehicles, Hyundai and its affiliate, Kia Motors, have never used batteries produced by Samsung SDI, relying heavily on two other battery producers, LG Chem December 11, 2017