Industry

  • Hyundai Motor faces fresh strike amid slow sales
    Hyundai Motor faces fresh strike amid slow sales South Korea's top carmaker, Hyundai Motor, faces a fresh interruption to domestic production after its militant union called for a four-day partial strike for up to three hours from December 5 in protest at a delayed wage deal. The strike comes after workers suspended production for two days this week at their main plant in the southeastern city of Ulsan due to disagreement over the expanded production of Hyundai's new compact SUV, Kona. The suspension caused p December 1, 2017
  • Hyundai unveils new roadmap to bolster regional autonomy
    Hyundai unveils new roadmap to bolster regional autonomy In an effort to cope with sluggish sales in China and the United States, South Korea's Hyundai auto group has unveiled a new roadmap aimed at reforming its global operations by 2020 to strengthen the autonomy of regional headquarters. Hyundai's global operations would be split into nine regions -- South Korea, China, North America, Europe, India, Russia, Middle East and Asia Pacific. China would have a different concept of management because production and sales t November 7, 2017
  • Hyundai Motor vows to step up investment in China
    Hyundai Motor vows to step up investment in China Unfazed by a business setback in China, South Korea's leading carmaker Hyundai Motor vowed to step up marketing with a diversified lineup of new sport utility vehicles and eco-friendly cars in the world's biggest auto market. Hyundai's investor relations executive Koo Ja-young told a conference call that the company would expand the lineup of SUV models from four to seven in China by 2020 while releasing eco-friendly cars. "We will strengthen o October 26, 2017
  • Hyundai Motors sales show signs of recovery in China, and U.S.
    Hyundai Motor's sales show signs of recovery in China, and U.S. South Korea's leading carmaker, Hyundai Motor, seems to be coming out of a business slump in the United States and China. Sales have been slow, but the slowdown is gradually recovering. According to industry sources, Hyundai's sales in China last month reached 85,040 units, up about 60 percent from a month ago, marking the highest level of monthly sales this year. Sales were still 18 percent lower than last year's, but Hyundai is showing a possible r October 4, 2017
  • Hyundai plant in China suspended due to payment dispute: Yonhap
    Hyundai plant in China suspended due to payment dispute: Yonhap Hyundai Motor Co.'s plant in China was forced to suspend operations Tuesday as a German company refused to supply auto components due to payment problems, the South Korean carmaker said. Hyundai's plant in Cangzhou, Hebei District, was brought to a halt as the supplier has stopped delivering air intake components due to delayed payments, a company spokesman said over the phone. "We are in talks with the German partner so work can resume at the No. 4 plant (in September 5, 2017
  • Auto companies anxiously await court ruling on wage definition
    Auto companies anxiously await court ruling on wage definition Helped by strong labor union activities, auto company workers are relatively well paid, along with good fringe benefits and welfare, but concerns are growing about low productivity and frequent strikes more than ever as South Korean cars are losing their competitiveness abroad. At the end of 2016, the average income of workers at five car manufacturers stood at 92.13 million won (81,387 US dollars), which is higher than that of Volkswagen and Toyota, according to the Korea Au August 23, 2017
  • Hyundai Motor Q1 net plunges 21% on weak China sales: Yonhap
    Hyundai Motor Q1 net plunges 21% on weak China sales: Yonhap Hyundai Motor Co., South Korea's biggest carmaker by sales, on Wednesday posted a 21 percent drop in first-quarter net profit due to weak sales in China and emerging markets. For the three months that ended March 31, the company's net stood at 1.4 trillion won (1.3 billion US dollars) from 1.77 trillion won a year earlier, the company said in a regulatory filing. "Sharp sales declines in China and some Asian and Middle Eastern markets had an impact on the qu April 26, 2017
  • S. Korean car carrier seized in Libyan waters: report
    S. Korean car carrier seized in Libyan waters: report ​ A carrier packed with thousands of South Korean cars has been seized by Libyan militants for violating their territorial waters, reports said Tuesday. The car carrier, Morning Compass, was held at a Lybian port after it was seized last Saturday, Yonhap News Agency said, adding there was no Korean sailor aboard the ship, which was carrying 5,107 cars produced by South Korea's Hyundai Motor and its affiliate Kia Motors. Yonhap said the South Korean embassy in February 21, 2017
  • GMs Chevrolet Volt EV makes debut in S. Korea
    GM's Chevrolet Volt EV makes debut in S. Korea The Chevrolet Volt EV produced by US carmaker General Motors will make its debut in South Korea this week, with its price set at 38 million won (US$32,478), ahead of an electric sedan from Tesla Motors. The new plug-in hybrid car is available from on Wednesday, GM Korea said in a statement, adding it has an extended range of 676 kilometers (419 miles). The car can travel up to 89 kilometers off its battery after each full recharge. Its 1.5-liter gasoline engine will a January 31, 2017
  • Hyundai Motor posts lowest Q4 profit in six years
    Hyundai Motor posts lowest Q4 profit in six years ​ ​ South Korea's leading automaker, Hyundai Motor Co., reported a 30 percent drop in fourth-quarter net profit Wednesday, reflecting sluggish sales and lost production caused by a prolonged work stoppage. In the October-December period last year, net profit stood at 1.07 trillion won (917 million US dollars), down 30.1 percent from the same period in 2015. Sales fell 0.9 percent on-year to 24.54 trillion won. Operating profit nosedived 32.6 percent on-year January 25, 2017