Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Illit, mired in controversy, remains on Billboard charts for 5th week
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Carmakers showcase tech prowess at Busan auto show
BUSAN ― Hyundai Motor Co. introduced five models, including its new Avante Coupe, in the Busan International Motor Show that opened on Thursday, along with an array of automobiles and IT-combined technologies to compete with foreign automakers.Based on the previous four-door Avante model, Avante Coupe will enter the local market in the second half of the year, Hyundai officials said. Embracing the slogan “Motor Show that Satisfies the Customers’ Emotions,” Hyundai president Kim Choong-ho said th
May 24, 2012
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Racing models highlight Busan motor show
The Busan International Motor Show 2012 kicked off at BEXCO in Busan, with glamorous racing models highlighting the press-only event on Thursday.While chief executives of global carmakers are scheduled to hold a series of press conferences Thursday, the auto fair will be open to the public for 10 days starting Friday. This year’s fair will be the largest ever. It will showcase 173 vehicles, encomp
May 24, 2012
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High-end technologies highlight Busan Auto Show opening Friday
The Busan International Motor Show 2012 will kick off on Thursday at BEXCO in Busan, and will feature global green car technologies, organizers said. While chief executives of global carmakers are scheduled to hold a series of press conferences Thursday, the auto fair will be open to the public for 10 days starting Friday. This year’s fair is expected to be 62 percent larger compared to the previous show in 2010 and be the largest ever. The event will feature a group of futuristic, eco-friendly
May 23, 2012
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Calif. passes 'self-driving' cars bill
California's Senate passed a bill to create guidelines for autonomous vehicles' -- self-driving cars -- to be tested and operated in the state, officials said.The bill will now go to the state Assembly for consideration next month, the Los Angeles Times reported Monday.The passage in the Senate comes as Google Inc., Caltech and other groups are busy developing vehicles that use radar, video camera
May 23, 2012
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GM Korea allows early retirement to revamp management
General Motors Korea has launched an early retirement program to restructure its upper pool of managers and higher officials. A spokesman for the automaker told The Korea Herald that the program includes pre-payment of two year’s salary, adding that the estimated number of retirees remains unknown. The program, which started last Friday, will serve to renew the group, he said. The spokesman also said, “We are giving them (program candidates) an opportunity to choose. And the program will be a n
May 21, 2012
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China’s car dealerships struggle as stockpiles increase
Chinese dealers are struggling with the rising number of unsold cars that’s threatening to deepen price cuts, according to the nation’s biggest automobile dealers’ association.Dealerships for Honda Motor Co., Chery Automobile Co., BYD Co. and Geely Automobile Holdings Ltd. carried more than 45 days of inventory as of the end of April, exceeding the threshold that foreshadows debilitating price cuts, Su Hui, vice president of the auto market division at the state-backed China Automobile Dealers A
May 20, 2012
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Color matters
Drivers embrace more colors in their cars with brown becoming the new blackWhen Kia Motors took the wraps off its new premium sedan K9 early this month, the automaker carried out an experiment by introducing the car in brown rather than typical black. Brown is gaining popularity in overseas markets, especially Europe, as the color goes well with the beige seat covers of high-end cars. And now Korean drivers are recognizing the color’s beauty. “Brown is ‘the new black’ in the global car industry
May 20, 2012
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Asiana Airlines Q1 income posts W32.5b
Asiana Airlines Inc., South Korea’s No. 2 air carrier, said Friday its earnings plunged in the first quarter of 2012 from a year earlier, mainly due to soaring fuel prices.Net income stood at 32.5 billion won ($27.9 million) in the January-March period, down 94.7 percent from the 61.82 billion won recorded a year ago, the company said in a regulatory filing.Sales rose 7.6 percent on-year to 1.35 trillion won last quarter, while operating profit dropped 52.7 percent on-year to 35.48 billion won.A
May 19, 2012
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Households’ monthly income grows 6.9%
South Korean households’ monthly income grew 6.9 percent on-year in the first quarter of this year thanks to improved employment conditions, a government report showed Friday.According to the report by Statistics Korea, households’ monthly income averaged 4.12 million won ($3,540) in the January-March period, compared with 3.85 million won a year earlier. Inflation-adjusted household income gained 3.8 percent from a year earlier, an improvement from a 3.2 percent increase in the fourth quarter o
May 19, 2012
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Kia Motors vows to become premium brand by 2017
Kia Motors has vowed to cultivate its brand power to near that of European and Japanese automakers within five years, following a similar vision its affiliate Hyundai Motor unveiled in April.Kia disclosed the goal to become a premium auto brand during the 2012 gathering of Kia dealership owners worldwide at a hotel in Vancouver May 14-17.Kia Motors vice chairman Lee Hyung-keun told participants that the company has set a vehicle sales target of 2.21 million units in the overseas market in 2012,
May 18, 2012
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Hyundai, Kia struggle against hybrid rivals
Korean carmakers plan to roll out new K5, Sonata hybridsHyundai Motor and Kia Motors have yet to clarify their stance on whether to develop Genesis or K9 hybrid vehicles, though global carmakers are in heated competition to launch eco-friendly models of large-sized sedans.The players manufacturing hybrids for the luxury and premium-luxury segments include BMW, Mercedes-Benz, Audi and Lexus.Spokespeople for Hyundai Motor Group declined to comment on the possibility that Hyundai-Kia would follow s
May 17, 2012
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Hyundai expands tie-ups with Nordic countries
Starting Norwegian firm, automaker to sign MOUs on green carsHyundai Motor is expanding its business collaboration with Scandinavian countries to boost the carmaker’s supply of environmentally friendly vehicles.Following a pact between Hyundai and the governments of the four countries ― Sweden, Norway, Denmark and Iceland ― in January 2011, the automaker signed a memorandum of understanding with a Norwegian firm on green car supply in Seoul on Tuesday.Under the MOU, Hyundai and Norway-based larg
May 15, 2012
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More foreign CEOs in car market
More non-Korean chiefs arrive in Korea as import auto market heats upAs Korea’s import car market grows, global automakers are increasingly opting for foreign chief executives for their Korean units.When the Korea Automobile Importers and Distributors Association was established 17 years ago, the import car sector had only one foreign CEO.Of the 16 member firms of KAIDA, seven now have foreign CEOs. They are Mercedes-Benz, Audi, Chrysler, Jaguar/Land Rover, Stuttgart Sports Cars (or Porsche Kor
May 15, 2012
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Korea Auto Parts Park opens in Detroit
Korea Auto Parts Park in Detroit was launched Monday to help Korean firms settle in the U.S. city.The opening ceremony was organized by Korea’s Commerce Ministry and the state-run Korea Trade Investment Promotion Agency.KAPP provides offices with presentation devices and conference rooms. “It takes a long time for small and medium auto part companies to win business contracts from global carmakers. That is when the local offices are needed,” KOTRA’s vice president Oh Sung-keun said. “KAPP will g
May 14, 2012
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Futuristic cars to hit Busan Motor Show
Four models to be unveiled in the biennial event for first time in AsiaThe sixth Busan International Motor Show, which will kick off on May 24, will feature futuristic concept cars with state-of-the-art technologies, carmakers said Friday.Some of the concept cars ― prototypes that give consumers a peek at future designs ― will be showcased for the first time in Asia via the 11-day auto fair at the BEXCO in Busan, they said.Hyundai Motor will unveil several futuristic models, such as the HND-7/He
May 11, 2012
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Carmakers seek tie-ups with IT giants
Partnerships include Hyundai-Samsung, Kia-SKT and Renault-POSCO ICTCarmakers are signing business tie-ups with information and communication technology giants amid growing demand for high-end auto components.Among them are Kia Motors-SK Telecom and Renault Samsung Motors-POSCO ICT. Hyundai Motor and Samsung Electronics have reportedly been in talks for an alliance.Renault Samsung said Thursday that it signed a memorandum of understanding on establishing infrastructure for commercializing electri
May 10, 2012
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U.S.-made cars still unpopular under FTA
U.S. automakers are still posting sagging car sales in Korea despite the free trade agreement between the two countries that took effect two months ago.Three U.S. companies ― General Motors, Chrysler and Ford Motor ― grabbed only 6.1 percent of the nation’s import car market with combined sales of 656 units in April.While their market share has stayed below 10 percent among import brands over the past few years, the three players have been pinning hopes on the Korea-U.S. FTA, implemented on Marc
May 9, 2012
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‘Most Remarkable Award’ for Avante at Beijing show
Hyundai Motor’s Avante won the Most Remarkable Award at the Beijing International Motor Show, the country’s leading carmaker said on Tuesday. Winning the most out of the 6.75 million votes counted, the award-winning sedan has made a promising premier in the automobile market, the company said. First presented in 2005, the Most Remarkable Award is given by three major motor shows in China, Shanghai Motor Show, Beijing International Motor Show and Guangzhou International Motor Show. The award is p
May 8, 2012
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Ferrari targets Korean wealth, casts eye on Vietnam
Ferrari SpA said it expects South Korea’s economic growth to make the country a standout for sports car demand, and Vietnam may be next.“A surprise over the next five years will be South Korea,” Herbert Appleroth, Ferrari’s Asia Pacific chief executive officer, said in an interview. “It has an abundance of wealth and economic prosperity, and there is appreciation for supercars. I think you will see very strong growth.”Appleroth’s projections point to the next pockets of growth for luxury carmake
May 6, 2012
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Chrysler leads April auto sales boosting U.S. manufacturing
Chrysler Group LLC led the five largest automakers by U.S. sales in exceeding analysts’ estimates for April as the industry’s increased production drove expansion in the manufacturing sector.Chrysler sales climbed 20 percent to 141,165 light vehicles and Toyota Motor Corp.’s deliveries rose 12 percent to 178,044, according to company statements. Those results beat eight analysts’ average estimate for increases of 16 percent and 10 percent. General Motors Co., Ford Motor Co. and Honda Motor Co. s
May 6, 2012