Tourism, auto sectors anticipate harsher impact in Q2

GM Korea said Monday that its small sport utility vehicle Trax ranked No. 1 in the United States in the category for small SUVs in the first quarter. According to the automaker, an accumulated 28,242 units of Chevrolet Trax have been sold in the US from January to March, topping the list among 15 kinds of small SUVs sold there. Following Trax were Honda HR-V and Hyundai Motor’s Kona at 19,414 units and 15,174 units, respectively.  All Trax models are manufactured at the automaker&

Hyundai Motor Co. and its affiliate Kia Motors Corp. said Monday their US plants will resume operations this week after taking thorough quarantine measures to guard against the new coronavirus. Hyundai and Kia plan to restart production at their plants in Alabama and Georgia, respectively, on Monday (US time) and flexibly operate the plants "depending on the COVID-19 developments and local market conditions," a company spokesman said over the phone. Hyundai has suspended the Alabama

Korean Air Lines Co., the country's top flag carrier, will draw up a 1.5 trillion won ($1.23 billion) self-rescue plan, including a 1 trillion won stock offering, this month in return for massive financial support from two state lenders, industry sources said Sunday. Last month, the Korea Development Bank (KDB) and the Export-Import Bank of Korea (Exim Bank) said they will inject 1.2 trillion won into the country's top airline to help the company weather the impact of the COVID-19 outbreak. T

Mercedes-Benz Korea Ltd. said Friday that Bjorn Hauber in charge of the German carmaker's Sweden and Denmark operations will replace the country's current chief in August. Mercedes-Benz Korea President and Chief Executive Dimitris Psillakis will complete his five-year tenure and begin his new position as head of sales and product management at Mercedes-Benz USA on Sept. 1, the company said in a statement. Hauber has contributed to the strategy development and sales increase of Mercedes-Benz

Company says purchase plan remains intact, but need more time for conditions precedent

Competition expected to aggravate in already-matured local market dominated by Hyundai

Sales and profits of global automakers declined over the economic impact of the COVID-19 crisis, market data showed Tuesday. With European countries like France having gone into lockdown in the first quarter, French automaker Renault Group recorded 19.2 percent fall in their sales from January to February, compared to the previous year. German automaker BMW also saw its sales dwindle by 20.6 percent, while other German carmakers Daimler Group and Volkswagen saw their operating profits plumme

Renault Samsung Motors, the South Korean unit of Renault S.A., said Monday it will suspend its sole plant for 11 days, as the coronavirus outbreak has affected production and sales. Renault Samsung will halt operations at its plant in Busan, 453 kilometers southeast of Seoul, from Thursday through May 8 "to give an extended holiday to its employees in the family month," a company spokesman said. The carmaker stopped the Busan plant for four days in February due to lack of parts fro

In line with its expansion of social responsibility programs, Mercedes-Benz Korea said Monday it is saving a percentage of revenue from car sales from March to May with a goal of donating over 1 billion won ($811,000) to charitable causes. Mercedes-Benz Korea has been embarking on social activities to contribute to less privileged Koreans and to contribute to the country’s fight against the impact of the novel coronavirus, the automaker said. The local importer and distributor of the G

The South Korean government has been spewing out financial support schemes for the struggling airline industry upon the novel coronavirus pandemic since February. But the measures exclude minor and infant-stage low-cost carriers that had acquired their operation licenses only last year, stoking concerns over their business outlook. It also rekindled criticisms that the Transport Ministry had hastily handed out licenses for the already-crowded LCC sector. Most recently last week, the governmen

The government is increasing efforts to make the logistics industry here greener. The Ministry of Environment said Friday it will be providing subsidies for 8,200 electric cargo trucks to reduce fine dust and carbon emissions. It has signed a memorandum of understanding with two automakers and five logistics firms -- Hyundai Motor and Kia Motors as well as CJ Logistics, Hanjin, Lotte Global Logistics, DHL Korea and Hyundai Glovis -- to put more environment-friendly electric cargo trucks on t

British carmaker Jaguar Land Rover’s premium sedan XF has come back with a 2020 checkered flag edition, upgrading the brand’s product portfolio. Jaguar’s 2020 XF checkered flag edition features the automaker’s unique exterior and interior elements, as well as the Ingenium engine which comes in both diesel and gasoline variants, the company said Sunday. The engine, which was manufactured with a high-tech aluminum-based material, delivers high fuel efficiency and up to 18

Porsche leads imported luxury SUV market in Korea with surge in sales

Change seems to be looming for Hyundai Motor’s labor union -- known for hard-line protests and strikes -- with their new pragmatic leader and as the global pandemic persists. Hyundai Motor’s wage negotiations, which are normally launched in late April or May at the latest, are expected to be delayed until July this year. “We are considering a plan to finalize the requests in mid-June and hold a meeting with the management in July. We have to watch the global pandemic trend