The Korea Times

Kia's K5 expected to speed up new car rush

By Park Jin-haiKia Motors start receiving preorders for its new K5 sedan from today, igniting a fresh round of competition to attract customers to new models in the second half.The new K5, debuted through the Seoul Motor Show in April, is a full changed second generation model in five years, and is expected to lead  the carmaker’s domestic sales in the second half of this year.The new K5 to be launched in mid July will have two design versions with seven engine types.Three gasoline and two diesel models will be launched first, and its hybrid model will join in during the fourth quarter, followed by plug-in hybrid model in early next year.  “By adding 1.6 turbo and 1.7 diesel engines with seven-speed dual clutch transmission, the new K5 has greatly improved fuel efficiency,” said the company in the statement.Its 1.7 diesel model has 16.8 kilometer per a liter of fuel, higher than average compacts, according to the company.Hyundai will launch new Sonata midsize sedan next month and the new Avante compacts in September. The new Sonata with 1.7-liter dies

Jun 21, 2015By Park Jin-hai

Kia's K5 expected to speed up new car rush

Companies

Foreign 'luxury taxies' to hit road

By Park Jin-haiBMW and Mercedes taxies will begin operating in Korea as early as July as the government plans to loosen regulations to allow other types of “luxury taxies.”At a time when the demand for import vehicles has hit record highs, they are gearing up to take a big bite out of the local taxi market.They will be called “gogeup taxi,” which means “high-quality taxi” in Korean. They are different from the current “mobeom taxi” or “deluxe taxies.”The new luxury taxies will look like ordinary cars, and have no meter, and can freely charge fares based on the services they offer.“There has been demand for luxury taxies. That’s why we are introducing new premium taxi services by relaxing related regulations,” said an official of the Ministry of Land, Infrastructure and TransportUnder the current Passenger Transport Service Act, vehicles with more than a 3-liter engine can only run as premium taxies.Thus most imported cars including the BMW 7-series and Mercedes S-Classes and Audi A8 that have slightly less

Jun 21, 2015By Park Jin-hai

People & Events

'A good pianist should be subjective'

Pianist Kim Jae-young performs at Carnegie Hall in this January 2012 file photo.  / Korea TimesPianist Kim Jae-youngBy Park Jin-haiKim Jae-young, 21, won this year’s prestigious Yamaha Young Performing Artists (YYPA) Competition for Piano, with eight other young musicians also victorious in different musical fields.The only Korean among the winners will leave for the YYPA Celebration Weekend to be held at Ball State University in Indiana from June 20 to 23. This will include rehearsals, master classes and workshops focusing on having a career in music.Kim, a Juilliard undergraduate student, under the tutelage of Jerome Lowenthal, says he started playing the piano when his mother noticed he had perfect pitch at the age of five.  “Since then, my life has been deeply involved with the piano. All those good and bad years, the piano has been always by my side,” said Kim, during an e-mail interview with The Korea Times.He studied at the Korea National University of Arts in Seoul before moving to the United States in 2011. Kim also took lessons at the Eastman Sch

Jun 18, 2015By Park Jin-hai

Companies

Audi launches A1 hatchback compact

Models pose next to the new Audi A1 hatchback during a launch event in southern Seoul, Thursday. The entry-level compact hatchback appeals to young customers and has a price tag in the upper 30 million won range. / YonhapBy Park Jin-haiAudi Korea unveiled its new A1 hatchback, fueling competition in the heated compact car segment, Thursday.The stylish compact with a price tag starting from 32.7 million won targets customers in their 20s and 30s.“These days more consumers want premium compact cars and we believe that the new A1 will give the most attractive choice to the Korean market,” said Audi Korea CEO Johannes Thammer, during a launch event in Seoul, Thursday. “We are introducing the updated version of the A1 with improved performance and design.”The A1 is one of Audi's most popular models, which has sold around 500,000 since its 2010 launch in Europe.The new A1 mounted a 1.6 TDI diesel engine, meeting the Euro 6 emission standards, along with a seven-speed automatic transmission.It has maximum 116 horsepower and torque of 25.5 kilogram-meters.The car

Jun 18, 2015By Park Jin-hai

Companies

Samsung Techwin clinches $1.7 bil. aircraft engine deal

Samsung Techwin PresidentKim Cheol-kyo, center, poses with Bennett Croswell, right, president of Pratt & Whitney’s military engines business, andJim Maser, vice president of Pratt & Whitney’s marketing division, after they signed a risk and revenue sharing partnership (RRSP) agreement for the development of aero-engine parts, during the Paris Air Show, Tuesday. / YonhapBy Park Jin-haiSamsung Techwin, Samsung’s defense unit, which is soon to be merged with Hanwha Group, inked a $1.7 billion deal to supply aircraft engine parts to U.S. engine maker Pratt & Whitney during the Paris Air Show.Under a risk and revenue sharing partnership (RRSP) deal with one of the world’s top-three aero-engine makers, the Korean firm will provide engine parts until 2062.The RRSP is a specific contract form that distributes all the risk and revenue throughout the aero-engine development, manufacturing and after-sales, in proportion to the stakes partners hold in the project.  Samsung Techwin will develop and manufacture the middle turbine frame that is part of Pratt

Jun 17, 2015By Park Jin-hai

Companies

Hanwha, Mecaer team up for landing gear development

By Park Jin-haiAn aircraft landing gearHanwha Corp., the defense unit of Hanwha Group, has signed a memorandum of understanding (MOU) with Mecaer Aviation Group to cooperate in the development of aircraft landing gear systems.Hanwha said Wednesday it signed the agreement during the Paris Air Show the previous day.The highly sophisticated equipment usually accounts for about 5 percent of the total aircraft price. But due to the lack of design capability and testing facilities, most landing gear is imported.Hanwha said the agreement would give it the opportunity to participate in the Italian company’s landing gear development projects for aircraft and helicopter makers.Based on its technology, Hanwha plans to enter the very light jet landing gear market, which accounts for nearly 10 percent of the aviation industry, as well as a local project to develop landing gear for the next-generation KF-X fighter jet.“With the MOU, we have secured a chance to supply landing gear systems to global aviation companies,” said Kim Youn-chul, Hanwha Corporation CEO. “We can part

Jun 17, 2015By Park Jin-hai

Hanwha, Mecaer team up for landing gear development

Companies

Daewoo International CEO steps down

By Park Jin-haiChoi Jeong-wooActing presidentDaewoo International CEO Jeon Byeong-eal, who had openly opposed its parent POSCO’s plan to dispose of its stake in Myanmar natural gas project, stepped down Tuesday.Jeon announced his decision to resign at a board of directors meeting.“I’ve decided to quit as I feel that I shouldn’t cause more trouble to the company and management,” he said in a statement.With his resignation POSCO’s internal conflict with its affiliate appears to be over.Jeon said POSCO has decided not to dispose of the stake in the Myanmar natural gas project.Vice President Choi Jeong-woo was named as acting president until he is officially appointed to the post at a shareholders’ meeting.However, the conflict between top management of the two companies is expected to tarnish POSCO Chairman Kwon Oh-joon’s leadership.Following a flurry of reports that POSCO would sell Daewoo’s stake in the natural gas business, Jeon posted a message on the company bulletin board, criticizing management for pushing ahead with the sale.

Jun 16, 2015By Park Jin-hai

Companies

Hyundai Group meets restructuring pledges

By Park Jin-haiCash-strapped Hyundai Group finished restructuring by overachieving with its self-rescue plan, generating 3.3 trillion won to relieve it from its worsening liquidity crunch.The group, which has been pushing ahead with restructuring since December 2013, will secure some 3.57 trillion won. That is 108 percent of its original target in one and a half years.  Although the audit process remains, it nearly closed the conglomerate’s restructuring plan to pay back 1.3 trillion won of debt and lower the debt ratios of its key affiliates ― Hyundai Merchant Marine, Hyundai Elevator and Hyundai Logistics.Hyundai Group units have been under growing financial pressure to support Hyundai Merchant Marine, the country’s No. 2 shipping line, which has recorded heavy losses in recent years following a slump in the global shipping industry.They have also faced increasing calls from creditors, including the state-run Korea Development Bank, to cut its debt.Its affiliate Hyundai Merchant Marine’s (HMM) sale of its liquefied natural gas transportation busines

Jun 16, 2015By Park Jin-hai

Companies

Small electric cars to hit road in 2017

By Park Jin-haiThe government will conclude its three-year development project to commercialize small electric vehicles by 2017, the Ministry of Trade, Industry and Energy said Monday.Under the plan, electric three-wheelers and micro e-cars with price tags of less than 10 million won will be running on the streets in two years.The ministry recently registered its designs for Micro-Mobility cars with the Korean Intellectual Property Office.“It’s a car of the future. In 10 years, 60 percent of the global population will reside in cities. With the emergence of mega cities, an increasing number of city dwellers will use private transport commuting short distances. This new trend calls for the development of a new form of transport,” said a ministry official.He said as with the cases of France and Japan, where micro e-mobility has been actively used in car-sharing, Korea should also prepare for the future trend.Micro electric vehicles are cheaper and offer convenient transport for short-distance travel.Also, because diverse models can be produced in small numbers, it is

Jun 15, 2015By Park Jin-hai

Companies

Hyundai, China to boost cooperation

Hyundai Motor Group Chairman Chung Mong-koo, right, shakes hands with Zhang Dejiang, chairman of the Standing Committee of the National People’sCongress, who visited the company’s headquarters in Yangjae, Seoul, Friday. / Courtesy of Hyundai MotorBy Park Jin-haiHyundai Motor Group Chairman Chung Mong-koo met with Zhang Dejiang, chairman of the Standing Committee of the National People's Congress, to discuss expanding their partnership, the company said Friday.Zhang and some 40 other Chinese government officials visited Hyundai Motor headquarters in Yangjae and exchanged opinions on Hyundai Motor’s business in China.“Hyundai Motor Group, together with our automotive parts affiliates, has grown into the third-largest carmaker in China. As the company representative of Korea-China economic cooperation, Hyundai has been contributing to the development of both countries’ economy and auto industry,” Chairman Chung said.“With the new plants we are building in China and development of next generation environmentally friendly cars, we expect to active

Jun 12, 2015By Park Jin-hai

Park Jin-hai

Read more

Kia's K5 expected to speed up new car rush

Foreign 'luxury taxies' to hit road

'A good pianist should be subjective'

Audi launches A1 hatchback compact

Samsung Techwin clinches $1.7 bil. aircraft engine deal

Hanwha, Mecaer team up for landing gear development

Daewoo International CEO steps down

Hyundai Group meets restructuring pledges

Small electric cars to hit road in 2017

Hyundai, China to boost cooperation

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