South Korean conglomerates Hyundai Motor Group and LG Group made donations to assist flood victims amid continuing heavy rainfall, the groups said Sunday. Hyundai Motor pledged 2 billion won ($1.68 million) to benefit flood victims and repair damage. The nation’s biggest carmaker will provide the funds to the Hope Bridge Korea Disaster Relief Association on Monday while also offering free vehicle maintenance checkups for association staff providing laundry services and daily necessities

HDC Hyundai Development Co. has agreed to face-to-face negotiations with Kumho Industrial to prevent the rupture of the deal to acquire Asiana Airlines, according to a statement released by HDC on Sunday. In the statement, the construction company said it will try its best to accept the terms put forward by Kumho for the meeting between the CEOs of both companies, such as the location and time, to keep the acquisition process going as smoothly as possible. HDC also reaffirmed its stance that

Chicken or beef? Airline meals seek ways to rebrand amid pandemic

Creditors of embattled Asiana Airlines Co. are drawing up a set of countermeasures against the potential rupture of a deal to sell the country's No. 2 carrier, as local property developer Hyundai Development Co. is leaning toward withdrawing from the 2.5 trillion-won ($2.1 billion) deal, industry sources said Sunday. The state-run Korea Development Bank (KDB) last week warned that HDC should proceed with the deal to buy Asiana Airlines, rejecting HDC's request for another round of due diligenc

Asiana Airlines posted an operating profit over 100 billion won ($84 million) in the second quarter, for the first time in six quarters, according to the firm’s regulatory filings Friday.  The nation’s flag carrier said its operating profit was tentatively estimated at 115.1 billion won in the April-June period. Quarterly sales fell 44.7 percent to 818.6 billion won year-on-year. Net profit turned to a surplus of 116.2 billion won. Similar to Korean Air, the cargo sector led

Flag carrier posts W150b operating profit in earnings surprise

Claims Kumho never fully delivered their side of bargain, 2nd review neccessary to prevent insolvencies

Incheon Airport said Thursday it has begun the bidding process to seek duty-free store operators in new rent deals, as it promised 30 percent lower rent prices than previously proposed to soften the blow from the ongoing pandemic. In a statement, Incheon International Airport Corp., the operator of the airport, explained it is seeking new business partners at Terminal 1, as previously signed contracts will start to expire from August. The bidding process has been launched for six out of the ei

Hyundai Motor will join hands with British mobility company to speed up the development of infrastructure related to urban air mobility, the automaker confirmed Thursday. Hyundai Air Mobility, a unit of Hyundai Motor Group, and UK-based Urban-Air Port agreed to partner to jointly develop infrastructure for urban air mobility, which is urban transportation systems to move people and cargo by air, according to Hyundai Motor. Under the partnership, Hyundai Air Mobility and Urban-Air Port plan

Mercedes-Benz Korea said Wednesday it appointed Kim Jee-seop, vice president of customer services department, as interim president and CEO. Bjorn Hauber, president of Mercedes-Benz Sweden and Denmark, was originally appointed as the president and CEO of Mercedes-Benz Korea as of August 1, but could not take the position due to personal reasons, the automaker said. Kim joined Mercedes-Benz Korea in 2002 through the Mercedes-Benz Global Asia Management Associate Program. He worked at the Da

South Korea’s largest low-cost carrier Jeju Air suffered an operating loss of 84.7 billion won ($73.3 million) during the second quarter this year, raising its net operating loss for the first half of the year to nearly 150 billion won, according to a tentative financial report released Wednesday. The deficit grew by over 200 percent compared to the same time last year when the airline posted an operating loss of 27.4 billion won. Jeju Air posted 36 billion won in sales, down a whopping

Hyundai Motor’s sales in the US market rose slightly over a period of five months, after struggling from the pandemic. Hyundai Motor America said Tuesday it reported total sales of 57,677 units last month in the region, a 1 percent increase from a year ago. Sales grew 4 percent, marking the third consecutive month of increase. Sport utility vehicles pulled up the performance, representing 67 percent of the total retail mix and growing by 16 percent on-year. Flagship SUV Palisade sales

Expectation grows for additional orders in H2

While pickup trucks have not been a major segment in South Korea’s automobile market, SsangYong Motor’s Rexton truck is something of an exception, with competitive pricing, convenient functions and designs attractive enough to change the minds of sedan-lovers. Rolling out Rexton Sports in 2018, the country’s first open-deck sports utility vehicle, SsangYong has taken 97 percent of the local market share, selling over 40,000 units of the car in first and second year of release

Seoul plans to phase out diesel cars from public sector and mass transit fleets by 2025 as part of efforts to accelerate its transition to green mobility.     The metropolitan government unveiled a "No Diesel" initiative this week aimed at eliminating the highly emitting automobiles from the roads and replacing them with electric and hydrogen-powered vehicles.   Diesel cars, deemed as a key culprit of climate change and fine dust air pollution, account for 64.6 p