The Korea Times

Kia Motors launches new K5

Models pose next to the new K5 midsize sedan during a launch event at the COEX, Samseong-dong, Seoul, Wednesday. The new K5 ranges in price from 22.45 million won to 29.2 million won, depending on trims and options. / YonhapBy Park Jin-haiKia Motors launched its flagship midsize K5 sedan on Wednesday, aiming to make a difference in the SUV-dominated domestic car market.The new K5, which debuted at the Seoul Motor Show in April, is a second generation model five years in the making.Under the slogan "two faces with five hearts," the new K5 comes in two models _ the modern K5 MX and sporty K5 SX ― along with five engine types, including 1.6 turbo and 1.7 diesel engines.“The K5 has been a symbol of Kia’s innovation and design. The latest K5 went one step further and is the new standard for Korean midsize sedans,” said Kia Motors President Park Han-woo during the launch event.Kia invested 490 billion won in the five-year project to develop an “advanced sporty sedan.”“Until now the midsize sedan has had classy but lackluster designs. By launching tw

Jul 15, 2015By Park Jin-hai

Companies

Daewoo Shipbuilding found hiding W2 tril. loss

By Park Jin-haiMajor shipbuilder Daewoo Shipbuilding & Marine Engineering’s share prices plunged to a near seven-year low Wednesday, over concerns that it concealed a cumulative loss of some 2 trillion won which was omitted from its balance sheet.It didn’t book the estimated loss stemming from the construction of low-priced ships and offshore facilities on its balance sheet.Its creditors, led by the Korea Development Bank, are now reviewing the possibility of a bailout program and asset sales, because the firm’s second quarter operating loss are expected to reach 3 trillion won.Daewoo Shipbuilding, one of the country's big-3 shipbuilders along with Hyundai Heavy Industries and Samsung Heavy Industries, has been suffering losses because of shrinking orders amid the global economic slump for years.Hyundai Heavy recorded its biggest operating loss ever of 3.25 trillion won, while Samsung Heavy’s operating profits plunged to one fifth of the previous year in 2014.Daewoo Shipbuilding posted a loss of 172 billion won in the first quarter of this year, and logged

Jul 15, 2015By Park Jin-hai

Companies

The new Sonata gets powerful, luxurious

2016 Sonata dieselBy Park Jin-haiDespite its satisfactory performance, Hyundai’s flagship sedan Sonata has had to struggle to shed its old and mundane image as a middle class family sedan.The seventh generation 2016 Sonata diesel was enough to change that perception, afresh with a modern and more upscale look.From the moment I first saw Hyundai’s latest diesel, what grabbed my attention was its exquisite interior, almost similar to what we find in German luxury cars. The car’s center fascia, beige colored leather on seats and doors, and glossy wood patterned trims made the driving seat more spacious and pleasant.On the 50 kilometer round trip between Songdo and Yeongjongdo, the Sonata 1.7 diesel showed surprisingly little noise. Except for the vibration on the seat and steering wheel, it was almost hard to notice that the new Sonata is a diesel car, Its Stop&Go start-stop system also contributed to the soundless driving of the car.Acceleration and fuel efficiency in general are both good.With a U2 1.7 diesel engine and seven speed dual clutch transmission, it ca

Jul 13, 2015By Park Jin-hai

Companies

Enex launches pet furniture brand here

A dog is seen next to a doghouse and other furniture for pets during a promotional event at an Enex store in Seoul. / Courtesy of EnexBy Park Jin-haiFurniture maker Enex has launched a pet furniture brand to take advantage of fast growth in the pet market.The Petory brand includes a pet house, closet and shelves specially designed for pets and their associated products, the company said Friday. It is the first time a pet furniture brand has been launched here.Despite the dwindling domestic economy, the pet industry has had double-digit growth in recent years.Coupled with more people living alone and an aging society, the pet industry is forecast to grow 80 percent to 1.8 trillion won this year from 1 trillion won in 2010. It is expected to grow to 6 trillion won in five years.More companies are seeking to enter the pet industry by patent-filing and launching pet-related products.For instance, Honey Sweet has invented an automated pet showering machine that has a shower, dryer and vacuum cleaner. It also plays music to soothe stressed pets. Nivak Industrial has filed a

Jul 10, 2015By Park Jin-hai

Companies

Tivoli shows powerful performance

Ssangyong Motor’s Tivoli compact SUVs are parked on a circuit in Inje, Gangwon Province, on July 6. The automaker began selling Tivoli diesel models on July 1. / Courtesy of Ssangyong MotorsBy Park Jin-haiDrive a Tivoli on a racing track?Although Ssangyong Motor’s Tivoli, launched in January, has been the main force pulling the carmaker out of a long sales slump, selling 18,524 vehicles here, it seems not such a good idea, at first thought.The design is fine. The price is fine. But is the driving performance good enough to put it on a racing circuit?That concern quickly disappeared once I stepped on the small compact SUV’s accelerator pedal on the Speedium in Inje, Gangwon Province, during a recent media test-drive event.From the start, the Tivoli diesel tells a different story, giving the feeling that it is not just another version of a gasoline-powered Tivoli with a downsized diesel engine.The Tivoli’s engine produced powerful driving all along the 3.9 kilometer track. On slopes, it did not show the kind of “struggle” small cars typically ha

Jul 10, 2015By Park Jin-hai

Companies

GM Korea tops recall list here

By Park Jin-haiGM Korea topped the recall list in the first half of this year, making up almost half of the number of all vehicles recalled, according to Korea Transportation Safety Authority (TSA) data, Wednesday.The local unit of U.S. carmaker General Motors recalled 217,884 vehicles during the first half, followed by Hyundai with 56,311, and Kia with 53,721.The data showed the number of cars subject to safety-related recalls in Korea jumped 25.7 percent to 425, 212 from the same period last year.They included 335,040 domestically produced cars and 90,172 imported vehicles.Car models involved in the recalls also increased from 168 to 222.GM recalled 99,985 Cruzes, Lacetti Premieres and the Orlandos due to leaks in their hydraulics. Over 78,000 Malibus and Alpheons were also recalled for defects in safety belts.“After the ignition switch recall case in U.S., we are taking a policy to voluntarily recall our vehicles if any fault is spotted,” said a GM Korea official.Hyundai recalled 56,311 Avantes, Grandeur hybrids, Genesis and i30d.Of foreign carmakers, Mercedes-Benz ran

Jul 8, 2015By Park Jin-hai

Companies

Civic group calls for revision of law to limit corporate car tax benefits

By Park Jin-haiThe Citizens’ Coalition for Economic Justice (CCEJ) on Wednesday called for revisions to be made to the tax law that allows corporate car owners to have uncapped benefits.Under the current Korean law, when a corporate owner registers his vehicle for business he can receive unlimited tax benefits for owning and operating the car, because it is all categorized as business expenses and becomes deductable.When the owner uses it for personal use, the law policing it is toothless.“The tax benefits for corporate cars have been too much. Those people buy high priced premium cars under corporate names and get tax deductions for the purchase and maintenance of those cars,” said a CCEJ official during a press conference at its headquarters in Seoul.“It is contributing to the recent jump in sales of luxury imported cars among corporate owners,” he added. The overall vehicle purchase price can be deductable each year over five years, regardless of the price and size of the car.The civic watchdog estimates that almost 1 trillion won was deducted in

Jul 8, 2015By Park Jin-hai

Companies

Volvo Trucks makes Asia premier for FL medium duty lineups in Seoul

Volvo Trucks Korea holds a launch event for its new FL series of medium-sized trucks in central Seoul, Tuesday. / YonhapBy Park Jin-haiVolvo Trucks Korea launched the Swedish firm’s Volvo FL series in Seoul, Tuesday.With the new FL lineup, the truck maker aims to expand its business to medium-duty trucks, below 4.5 and 5 tons, to become the top player in the industry.“Korea is one of the representative countries leading our growth in the Asia-Pacific,” said Christophe Martin, president of Volvo Group Trucks Asia Oceania Sales, at the media launch.“Volvo Group has decided to introduce our Volvo FL series into Korea for the first time in the Asian region, followed by the Asian premiere of the new model range from 2014.”The company said the Korean mid-size commercial truck market has grown to annual sales of 10,000, similar to that of heavy duty trucks.Martin said the company was aiming for annual sales of 4,000 vehicles by 2020 across the medium and heavy-duty truck market in Korea.”We will firmly hold on to our prominent position,” he said.&nb

Jul 7, 2015By Park Jin-hai

Companies

Hyundai Motor to spur sluggish consumption

By Park Jin-haiHyundai Motor Group announced a set of measures Tuesday to provide aid for the faltering domestic economy, hit hard recently by the nationwide MERS outbreak.This was the second phase of a campaign, an offer last month to small shop owners and businessmen whereby they can delay payment on purchases of Hyundai cars for three months.This time, the nation’s top automaker will hold international events, including dealers’ conventions, regional skills competitions and various seminars here between July and November that had been previously held in overseas markets.It will also expand events inviting Chinese business partners and dealers to Korea, thus helping the local tourism industry.“We expect inviting global dealers here will help revive the local tourism industry,” said a Hyundai official.Following the outbreak of the respiratory disease, the number of Chinese tourists, the biggest contributor to local tourism industry, has shown a sharp decline. Their number shrank some 44 percent last month from the previous month, aggravating the local tourism

Jul 7, 2015By Park Jin-hai

Companies

Ssangyong Motor launches Tivoli diesel

By Park Jin-haiA Tivoli diesel compact SUV runs on a race track during a media showcase for Ssangyong Motor at the Speedium in Inje, Gangwon Province, Monday./ Courtesy of Ssangyong MotorINJE, Gangwon Province ― Ssangyong Motor, the local unit of India’s Mahindra & Mahindra, launched a diesel version of the Tivoli compact sports utility vehicle (SUV), Monday.“The diesel version focuses more on improving driving performance,” said Shin Young-sik, Ssangyong’s managing director, during the media showcase at the Speedium in Inje, Gangwon Province.The latest Tivoli is powered by the e-XDi160 diesel engine that meets the tougher Euro 6 emission standards. The automaker spent three years developing the engine, which can generate up to 115 horsepower.Its fuel efficiency stands at 15.3 kilometers per liter.The Tivoli diesel could realize maximum power at 1,500-2,500 rpm, providing dynamic driving at the most frequently used rpm on daily drives, the company said.The gasoline version was launched in January and has made a huge contribution to the carmaker’

Jul 6, 2015By Park Jin-hai

Park Jin-hai

Read more

Kia Motors launches new K5

Daewoo Shipbuilding found hiding W2 tril. loss

The new Sonata gets powerful, luxurious

Enex launches pet furniture brand here

Tivoli shows powerful performance

GM Korea tops recall list here

Civic group calls for revision of law to limit corporate car tax benefits

Volvo Trucks makes Asia premier for FL medium duty lineups in Seoul

Hyundai Motor to spur sluggish consumption

Ssangyong Motor launches Tivoli diesel

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