Hyundai Rotem, a train-making subsidiary of Hyundai Motor Group, said on Friday that it has signed a memorandum of understanding with Ulsan Metropolitan City to build a hydrogen fuel cell tram for a demonstration project. The project will see the company roll out a hydrogen-powered tram and build a fueling station and a railway depot for a railway spanning 4.6 kilometers connecting Taehwagang Station and Ulsanhang Station in Ulsan – a line that has been left abandoned. Ulsan city will pr

Korean Air and Asiana Airlines post Q2 earnings surprise

Hyundai Glovis said Thursday it has partnered with Incheon International Airport Corp. to establish a smart parking system. The South Korean logistics firm has signed an agreement with the IIAC to establish a test bed for smart parking. The signing ceremony was attended by CEO Kim Jung-hoon and IIAC President Koo Bon-hwan. Under the agreement, the company plans to carry out smart parking system projects in three stages, including technical verification of parking robots, pilot operation of

SsangYong Motor is facing increased pressure to find new investors as it struggles to stay financially afloat as one of its local creditors withdrew their loans. Industry sources said KB Kookmin Bank has recently recovered all loans from SsangYong Motor, the balance of which stood at 8.75 billion won ($7.39 million) as of the end of the first quarter. The move puts the automaker under more pressure to repay other borrowings in time, with 389.9 billion won worth of loans coming due over the ne

GM Korea said Thursday its Chevrolet Trailblazer has been awarded the annual Wards 10 Best UX list by US automotive analysis provider WardsAuto. WardsAuto has been selecting 10 best user experience vehicles since 2016 by assessing the user-friendly technology such as touchscreens, smartphone pairing, voice-control navigation, head-up displays and the effectiveness of driver-assistance technologies such as adaptive cruise control and blind spot monitoring. A total of 18 models with new or hi

Motional aims to make driverless vehicles ‘safe, reliable and accessible reality’

Fiat Chrysler Korea announced Wednesday that it has appointed Jake Aumann as its new president and managing director. Aumann served as managing director of the automaker’s China branch for the past two years, successfully leading Alfa Romeo, a subsidiary auto brand, the company said. The new president will start his duties Monday. Since joining FCA Group in 1999, Aumann gained work experience in various sectors in the company, including administration, change management, marketing, sal

  GEOJE, South Gyeongsang Province -- HMM St. Petersburg is the world’s largest container ship, capable of carrying 24,000, 20-foot container boxes at once. The vessel is about 400 meters long, 61 meters wide and 33.2 meters high, and the deck is about 400 meters. HMM St. Petersburg is the last 24,000 TEU, or twenty-foot equivalent units, vessel of 12 super-large ships built as part of South Korea’s five-year plan to rebuild the country’s shipping industry. Sev

HDC Hyundai Development Co. which was poised to acquire Asiana Airlines said Tuesday it will hold talks with the majority shareholder Kumho Industrial to revive the stalled deal. Negotiations between both sides may effectively go on after the Wednesday deadline. A Kumho Industrial official confirmed that the deadline is no longer binding as the deal hinges on the planned talks between working-level staff at both companies. Another official at HDC said that the “details have yet to be de

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