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Sun, July 5, 2020 | 04:49

Tesla's Nasdaq milestone gives lessons to Korean carmakers

Tesla's Nasdaq milestone gives lessons to Korean carmakers

Tesla's overtaking of Toyota in market value is providing a bitter lesson for Korean carmakers that conventional engine vehicles no longer possess the hegemony of the car industry, thus they should double their efforts to develop and distribute attractive electric vehicles (EVs) to the market for their continued survival.

2020-07-03 17:27

Imported car sales jump 41% in June despite pandemic

Imported car sales jump 41% in June despite pandemic

Sales of imported vehicles in South Korea jumped 41 percent in June from a year earlier on tax cuts and new models, an industry association said Friday. The number of newly registered foreign vehicles rose to 27,350 units last month from 19,386 a year earlier, the Korea Automobile Importers Distributors Association (KAIDA) said in a statement. "A reduction in individual consu...

2020-07-03 12:00

GM awards Hanon Systems as top supplier of year

General Motors has recognized Korea's Hanon Systems as one of its top suppliers for the third straight year, the local company said Thursday. In a statement, Hanon said GM named it a “GM Supplier of the Year” during a recent virtual ceremony. Hanon supplies thermal and energy management automotive products. The awards ceremony had been scheduled to be held in March but was po...

2020-07-02 17:10

Hyundai Glovis signs delivery contract with Volkswagen

Hyundai Glovis signs delivery contract with Volkswagen

Hyundai Glovis, a logistics affiliate of South Korea's Hyundai Motor Group, signed an agreement with Volkswagen's logistics unit under which Glovis will handle the delivery of Audi, Volkswagen, Porsche and Bentley-branded vehicles. The estimated monetary value of the contract is $432 million. The contract will be effective by 2024, Glovis said in a statement.

2020-07-02 17:09

BMW, Mercedes to encounter supply shortage in Korea

BMW, Mercedes to encounter supply shortage in Korea

Local import auto brands including BMW and Mercedes-Benz are expected to suffer a sales contraction for July, as the COVID-19-led shutdown of plants has resulted in an inventory drain here.

2020-06-30 17:16

[EXCLUSIVE] Hyundai Motor America pulls ads from Facebook

[EXCLUSIVE] Hyundai Motor America pulls ads from Facebook

Hyundai Motor has joined a global brands' boycott of Facebook over its handling of hate speech, pulling its U.S. affiliate's ads from the social media platform.

2020-06-29 17:18

Facebook ad boycott campaign going global

Chips looking solid with autos and steel seeing profit drop

Chips looking solid with autos and steel seeing profit drop

Korea's major exporting firms will suffer from heavier losses during the second quarter of the year hit by the further spread of COVID-19 in major markets that exporters are greatly exposed to.

2020-06-28 17:46

Japanese carmakers suffer extended setback in Korea from trade row

Japanese carmakers suffer extended setback in Korea from trade row

Japanese automakers are suffering an extended slump in South Korea amid a protracted trade row between the two Asian neighbors and the coronavirus pandemic, industry sources said Sunday. Honda Motor Co. suffered a sharp decline in its operating income to 1.98 billion won (US$1.64 million) between April 2019 and March 2020, down from an operating income of 19.6 billion won a y...

2020-06-28 10:17

Japan opposes Korea's G7 participation

Looming US election throws challenges to Hyundai, tiremakers

Looming US election throws challenges to Hyundai, tiremakers

The looming U.S. election is weighing heavily on Korean carmakers and tire makers, as local unions and politicians are pressuring the companies to produce more products on American soil, or face hefty duties, industry officials said Thursday.

2020-06-26 17:01

LG chief bets big on EV battery business

LG chief bets big on EV battery business

LG Group Chairman Koo Kwang-mo has gone all-out to expand the group's presence in the battery cell business, meeting with Hyundai Motor Group's Executive Vice Chairman Chung Euisun, a move interpreted by many as aiming to diversify his company's battery sales channels.

2020-06-22 16:23

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