M&As of air carriers fall in domino effect due to unexpected economic downturn following COVID-19

Hyundai Motor said Monday it has launched an upgraded midsized electric bus -- County Electric -- which can be used as a town shuttle bus or school bus for children.  The County Electric has been extended by 600 millimeters compared to the previous diesel version. An additional lithium-ion 128-killowatt-hour battery has been attached to the bottom of the 7,710-millimeter-long car body, the automaker said.  This allows the vehicle to travel up to 250 kilometers on a single full charg

SEJONG -- South Korea's finance ministry said Monday it will extend a temporary cut in consumption tax on passenger cars by another six months to boost consumption and support the auto industry hit by the coronavirus pandemic. The cut in consumption tax on passenger cars had been set to end Tuesday, but it was extended until Dec. 31 this year, the Ministry of Economy and Finance said. The 30 percent cut in tax rate reduced consumption tax on passenger cars to 3.5 percent. The ministry sai

South Korea lags far behind advanced countries in terms of the amount of government support for the airline industry during the coronavirus pandemic, a business lobby group said Monday. The government plans to extend a total of 3.2 trillion won ($2.7 billion) to South Korean airlines -- 2.9 trillion won to full-service carriers and 300 billion won to low-cost carriers -- to help them ride out the COVID-19 impact. The amount is far less than the United States' planned 30.4 trillion won suppo

South Korea’s low cost carriers have been opening more domestic routes to prepare for the upcoming summer holiday season, but the profitability of operating such routes remains questionable due to fierce competition over price, industry sources said Sunday.  After the latest COVID-19 outbreak, budget carriers have been focusing on expanding more domestic routes as part of an effort to secure liquidity in the short run.  Market data showed that the combined cashable assets of f

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 Korea reported an operating profit to 1.98 billion won ($1.64 million) in the 2019 fiscal year that ended in March, plunging 90 percent from 19.6 billion won a year earlier, according to its audit report. Its sales also plunged 23 percent to 363.2 billion won from 467.4 billion won over the cited period.

Hyundai Motor Co. said Friday it will launch the upgraded G90 flagship sedan under its independent Genesis brand next month to boost sales. The facelifted G90 comes with a 3.3-liter turbocharged gasoline engine, a 3.8-liter gasoline engine or a 5.0-liter gasoline engine, with prices ranging from 79 million won ($66,000) to 160 million won, the company said in a statement. The G90 is equipped with multiple safety features, such as parking collision-avoidance assist reverse (PCA-R), Genesis a

Jeju Air Co.'s planned takeover of smaller local rival Eastar Jet Co. could be delayed further due to differences over acquisition terms between the two sides amid the new coronavirus outbreak, industry sources said Friday. In March, Jeju Air signed a deal to acquire a controlling 51.17 percent stake in Eastar Jet from its parent Eastar Holdings Inc. for 54.5 billion won ($45 million) as part of its expansion strategy despite the growing COVID-19 pandemic's impact on the airline industry. Ea

HDC Hyundai Development's planned acquisition of Asiana Airlines Inc. has been delayed to the second half due to the new coronavirus' impact on the airline industry, industry sources said Friday.    In December, the HDC-Mirae Asset Daewoo consortium signed a deal to acquire the country's second-biggest airline from Kumho Asiana Group, with a plan to complete the acquisition by June 27.    Early this month, Asiana's main creditor Korea Development Bank (KDB) demanded that

US imports of automotive tires manufactured in South Korea fell by 2.2 percent on-year at $1.2 billion, data from Korea Trade-Investment Promotion Agency showed. Compared to Korea, countries like Vietnam, Thailand, Mexico and Japan saw their exports of tires to US increase by 23 percent, 14.7 percent and 13.6 percent on-year, respectively. Earlier this week, the US Commerce Department announced that it has kicked off anti-dumping investigations on imports of tires from Korea, Taiwan, Thaila

French automaker Renault Group’s flagship van Renault Master has achieved accumulated sales of 3 million units globally in 40 years since its launch, according to the local unit of the automaker Thursday.  Renault Samsung Motors said that last year over 124,000 units of Renault Master were sold in 50 countries, topping the van category of sales in Europe for five consecutive years.  The model’s interior can be modified depending on the purpose of the vehicle such as a ca

South Korean automaker Kia Motors has topped the J.D. Power Initial Quality Study in the US, securing the highest rank for six consecutive years as a mass market auto brand, the firm said Thursday. The J.D. Power IQS is a US study that began in 1987 and assesses vehicle product quality based on the problems experienced by owners during their first 90 days of ownership. Using the 223 criteria, a total of 189 vehicles from 31 brands -- 13 premium brands and 18 mass market brands -- have been eva

Future of logistics and supply chain industry depends on use of data, Oscar de Bok says

A pilot of Korean Air Lines Co. has been diagnosed with the new coronavirus, the company said Wednesday, adding to the woes of the national flag carrier. The pilot tested positive Tuesday for COVID-19 after showing symptoms of the virus during his vacation that began on June 18, a Korean Air spokeswoman said by phone. Three fellow cockpit crew members who worked with the pilot were tested for the coronavirus. Two of them tested negative, and the third person is waiting for the test result,

Bernd Korber, who is in charge of BMW Group’s premium compact car brand Mini, makes a presentation on the New Mini Countryman during a press conference held in Yongin, Gyeonggi Province, on Wednesday.  The brand’s only four-door sports activity vehicle Mini Country has been face-lifted and is slated for launch in Korea in the fourth quarter. It is the first time in the Mini’s 60-year history that a new model is being unveiled in Korea. Mini Korea said the unveiling took