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GM expedites negotiation ahead of Q1 2018 earnings conference call

Two days since GM Korea and the union narrowly avoided court protection, GM headquarters is speeding up its push to reach an agreement with the South Korean government for funds, in a bid to complete negotiations before Thursday evening, when its first quarter earnings conference call will be made.GM has reportedly, for the most part, agreed to accept the government’s request to stay in Korea for over 10 years along with reviving the state-run Korea Development Bank’s veto rights.KDB is GM Korea

What’s behind Elliott’s demand on Hyundai Motor?

Less than a month after Hyundai Motor Group received a letter of congratulations from Elliott Advisors on its corporate governance reform plan, another letter arrived at the South Korean carmaker on Monday evening, demanding plan B. Via its subsidy in Hong Kong, the US activist hedge funds said the nation’s second-largest conglomerate should merge Hyundai Motor and its parts making affiliate Hyundai Mobis, and ditch its plan of spinning off Mobis’ module manufacturing and after-sales parts busin

Apr 25, 2018
Automode
SK E&C expands globally as advanced developer

SK Engineering & Construction is strengthening its position as a leading global developer on a series of successful contracts overseas, with the latest one from Kazakhstan, the company said Tuesday.Amid intensifying competition in the market, SK Engineering & Construction is gradually transferring its business from the traditional engineering, procurement, and construction-centered to taking on an advanced role as a developer for sustainable growth and higher profitability.Since the early 2000s,

Apr 25, 2018
Automode
KDB, GM set to sign initial funding deal for US carmaker's Korean unit this week

General Motors Corp. and the state-run Korea Development Bank, the two biggest shareholders of GM Korea Co., are set to sign an initial funding agreement this week to help GM's Korean unit stay afloat, the two companies said Tuesday. The KDB is expected to sign a preliminary agreement with GM by Friday to extend a fresh loan worth 500 billion won ($464 million) to GM Korea, a KDB official told Yonhap News Agency over the phone. GM is also expected to sign on to the funding deal with the KDB late

Apr 24, 2018
Automode
GM Korea, union reach tentative deal, avoids court protection

GM Korea and the labor union reached a dramatic agreement just an hour before the extended deadline on Monday afternoon, narrowly escaping court receivership and taking a step toward restructuring the local unit.Although the carmaker has avoided “the worst,” hurdles lie ahead in the coming days with GM headquarters and the government calling on each other to bring viable support programs. After the prolonged standoff due to conflicting stances on job security of 680 workers at Gunsan factory, th

Apr 24, 2018
Automode
Fate of GM Korea hangs in balance despite new deadline

Despite the new deadline set to give the labor and the management of GM Korea a second chance to restart, the fate of the nation‘s third-largest carmaker was still in the dark Sunday as the two failed to narrow differences. The two parties had failed to narrow down differences in job security of 680 workers remaining at the Gunsan plant during the previous wage talks last Friday, the initial deadline. The company‘s board of directors are expected to vote on court receivership on the new deadline

Apr 23, 2018
Automode
FTC chief calls Hyundai Motor’s reform plan ‘most desirable’

A plan by South Korean auto giant Hyundai Motor Group to spin off and merge affiliates as part of its corporate governance reform drive, is “the most desirable” case for conglomerates here attempting voluntary restructuring method under state pressure, the head of antitrust watchdog said.In a meeting with foreign press in Seoul on Friday, Kim Sang-jo, chairman of the Fair Trade Commission said the carmaker’s announcement of the owner family paying 1 trillion won ($935 million) came “unexpectedly

Apr 23, 2018
Automode
Hyundai Motor affiliates to add more overseas engineers

Hyundai Motor Group's three major affiliates are looking overseas to hire from a pool of international talent as the South Korean conglomerate moves to strengthen its engineering workforce, the conglomerate said Friday.The three affiliates are Hyundai Motor Co., Hyundai Mobis Co. and Hyundai Steel Co. Hyundai Mobis is the country's biggest auto parts manufacturer and focuses on developing future vehicle technologies. (Hyundai Motor)The world's fifth-biggest automaking group plans to hold the 8t

Apr 20, 2018
Automode
Hyundai Mobis to self-develop autonomous driving tech in US, Korea, Germany

Hyundai Mobis, the auto parts making unit of Hyundai Motor Group, will start developing level-3 and 4 self-driving systems through its autonomous vehicle dubbed M.Billy in the US later this month, followed by Korea and Germany, the company said Thursday.The company’s latest move is aimed at taking the lead in bolstering future mobility technology with the firm’s enhanced role in the move upon Hyundai Motor Group’s structural overhaul last month.M.Billy will contain 25 sensors self-developed by M

Apr 20, 2018
Automode
Renault Samsung Motor’s SM6 boasts premium options

Renault Samsung Motor, the South Korean unit of French carmaker Renault, said Thursday its popular SM6 midsize sedans come with various premium options drivers can choose from, giving it a competitive edge in the segment.“Due to size and price it is appropriate to offer a variety of options for midsize sedans, which are mostly used as family cars or for business purposes. Owners of SM6 can install different high-tech and sophisticated options,“ the company said. Renault Samsung Motor‘s 2019 mode

Apr 20, 2018
Automode
Hyundai overtakes BMW in Europe, Kia sales also grow

The number of cars South Korean auto giants Hyundai and Kia sold in Europe grew last month despite declining auto sales in the region, data showed Thursday.According to the European Automobile Manufacturers Association, the number of newly registered cars in March fell 5.3 percent on-year, falling for the first time since 2014. Hyundai Motor, meanwhile, sold a total of 60,663 units, a 3.6 percent increase from the same month last year. Its sister company Kia Motors sold 56,725 units, a 4.8 perce

Apr 20, 2018
Automode
Volkswagen Korea to introduce 5 new models this year

Volkswagen Korea, the local unit of the German carmaker, has introduced its new lineup for 2018 -- three sedans and two sport utility vehicles -- seeking to regain its No. 3 position in the imported car market, the company said Wednesday.The five models are: the new Tiguan midsize SUV, Tiguan Allspace, Arteon four-door coupe, Passat midsize sedan and Passat GT.“The all new model lineup is made up of sedans and SUVs, based on high customer demand in the market,” said Volkswagen Korea Managing Dir

Apr 19, 2018
Automode
FCA Korea releases new Cherokee, maps out Jeep-centered strategy

FCA Korea to make all showrooms Jeep exclusive by 2019

Apr 18, 2018
Automode
Jaguar rolls out E-Pace, heating up competition for compact SUVs

Sparking competition in the imported compact sport utility vehicle market, Jaguar Land Rover Korea, the local importer and distributor of the UK-based carmaker, released its first compact SUV E-Pace here on Monday. Jaguar highlighted that the five-seater four-wheel SUV preserves the dynamic design and driving performance of its flagship sports car F-Type.The leaders in the imported compact SUV market in Korea are the Mercedes-Benz GLA, Land Rover Evoque and BMW Mini Countryman. Volvo Korea is al

Apr 17, 2018
Automode
GM steps up pressure, hints at withdrawing debt-equity swap

With the due date for GM Korea to reach a consensus with its labor union approaching on Friday, the GM headquarters and the government remain deadlocked over ways to deal with the local unit’s 3 trillion won ($2.7 billion) loan.US-based auto giant General Motors has turned down the government’s request for a selective capital reduction and instead intensified pressure, hinting at the possibility of withdrawing plans for a debt-equity swap. During a meeting with the state-run Korea Development Ba

Apr 16, 2018
Automode

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