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S. Korea singer-actor files lawsuit against US company Tesla Son Ji-chang, an inactive South Korean singer-actor, has been locked in a truth game with US electric vehicle maker Tesla Motors over his sports utility vehicle Model X that allegedly crashed into his garage due to sudden and spontaneous acceleration. The celebrity filed a lawsuit with a US court last week, claiming his Model X suddenly accelerated on September 10 when he was parking it into the garage, ramming through his living room. The case came after Tesla January 3, 2017
[UPDATES] Samsung acquires US-based Harman International for $8.0 bln South Korean tech giant Samsung Electronics announced the acquisition Monday of Harman International Industries, a US-based global leader in connected car technology, for about eight billion US dollars. It was the biggest acquisition of foreign companies by a South Korean company. Samsung said in a statement that the deal, approved at its board meeting, would help the world's largest smartphone and microchip producer diversify its business portfolio into the rapidly growin November 14, 2016
Mitsubishi and Denso fined in S. Korea for fixing car component prices Two Japanese companies have been slapped with a combined fine of 9.7 million US dollars for a price-fixing conspiracy to supply scroll-type compressors to General Motors, South Korea's anti-trust watchdog said Tuesday. Mitsubishi Heavy Industries and Denso Corp. were involved in the price-fixing cartel targeting GM abroad, but the South's Fair Trade Commission ruled their conspiracy hurt the interests of South Korean firms and consumers. The two Japa November 1, 2016
Hyundai Motor posts 7.5 % drop in third-quarter net profit South Korea's leading Hyundai Motor posted a 7.5 drop in its third-quarter net profit because of strikes and slow sales at home and abroad. In the July-September period, Hyundai said its net profit fell to 1.12 trillion won (991 million US dollars) from 1.21 trillion won a year earlier. Sales were down 5.7 percent on year to 22.08 trillion won and operating profit dropped 29 percent to 1.07 trillion won. Hyundai normalized operations this month following a series of October 26, 2016
Hyundai executives propose 10% pay cut to tide over crisis: Yonhap South Korea's leading automaking group Hyundai Motor Group said Tuesday that executives of its 51 affiliates will have their salaries cut by 10 percent starting this month as part of efforts to tide over worsening business conditions at home and abroad. "Executives of the group's affiliates are moving to voluntarily cut their salaries," said a high-ranking official at Hyundai Motor Group told Yonhap News Agency. "As far as I know, it (pay cu October 25, 2016
Hyundai Motor opens new car factory in China South Korea's leading Hyundai Motor opened a new factory in China Tuesday to boost its annual production capacity to 1.5 million in the world's largest auto market. The new factory in Cangzhou, Hubei Province, has an annual capacity of 300,000 units. The first model to be produced there is Verna Yuena. Hyundai has three car factories in Beijing. Together with its affiliate, Kia Motors, the Hyundai auto group is now able to churn out some 2.4 million cars October 18, 2016
Hyundai Motor returns to normal with labor-management accord Hyundai Motor's union leaders and company executives celebrate the signing of a wage accord. South Korea's leading carmaker Hyundai Motor normalized operations Monday with the signing of a labor-management wage accord and a joint apology over a series of walkouts that cost 2.7 billion US dollars for three months. The accord came after Hyundai's unionized workers endorsed a provisional wage agreement in a vote last Friday. Union leaders agreed on a base monthly October 17, 2016
Hyundai Motor union reaches tentative wage agreement with management Unionized workers at South Korea's leading carmaker Hyundai Motor have reached a provisional wage agreement with their management following a series of intermittent partial strikes. The agreement reached on late Wednesday requires a vote by union members on Friday. Union leaders agreed on a base monthly pay increase of 72,000 won (64 US dollars), 350 percent of their base monthly payment plus a cash payment of 3.3 million won, and other benefits such as shares and gi October 13, 2016
Hyundai Motor wrestles with multiple problems at home and abroad Hyundai Motor workers remove mud from a flooded road in the southeastern city of Ulsan. South Korea's leading Hyundai Motor was struggling Monday with multiple problems at home and abroad that came on the heels of prolonged walkouts by unionized workers. Prosecutors said Sunday that the transport ministry has filed a complaint against Hyundai for failing to take due steps regarding airbag defects. Hyundai rectified the defects in most of 2,360 Santa Fe sports October 10, 2016
Hyundai Motor's flooded assembly line remains crippled Hyundai Motor suspended the operation of an assembly line in the southeastern industrial city of Ulsan for a second consecutive day Thursday to clear muddy water after torrential rains brought by Typhoon Chaba battered southern coastal areas. The country's top car company said the flooded assembly line for Avante cars and Santa Fe sports utility vehicles remained crippled for two days. Muddy water suspended an assembly line for Accent and Veloster compact cars Wednesd October 6, 2016