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

Low-cost carrier Jeju Air said Friday that it will conduct a temperature check for all passengers to prevent the spread of COVID-19. Following the extra-long weekend which begins from Buddha’s Birthday which falls on April 30 through Children’s Day on May 5, the air carrier said all passengers on flights departing to Jeju Island will undergo a temperature check.  The government has estimated that some 180,000 people are expected to visit the resort island during the upcoming

Hyundai Mobis said Friday that it has logged an operating profit of 360.9 billion won ($291 million) in the first quarter, down 26.9 percent on-year.  Hyundai Motor Group’s auto parts making unit cited market contraction over impact of COVID-19 as a reason. According to the company, its first-quarter sales came at 8.4 trillion won, down 3.6 percent on-year, while its total net profit recorded 348.8 billion won, which fell by 28.2 percent on-year.  Hyundai Mobis said its main

Kia Motors said Friday that its net profit in the first quarter this year has halved, while further losses are expected in the second quarter over the economic impact of COVID-19 pandemic.  The automaker’s disclosure showed that its sales from January to March came at 14.5 trillion won ($11 billion), up by 17.1 percent on-year. Its operating profit fell 25.2 percent to 444.5 billion won, while net profit plummeted by 59 percent to 266 billion won.  The huge profit drop can be

Renault Samsung Motors said Friday that its sport utility vehicle XM3 has recorded accumulated sales of 10,000 units in 49 days, the shortest period since the new model was launched on March 9.  A total of 5,581 units were picked up in the month, while from April 1-13, a total of 4,419 units were sold. The company said prior to XM3, its midsized sedan SM6 broke the record of selling over 10,000 units in the shortest period of time after launch in 61 days.  During the preorder perio

Kia Motors Corp., South Korea's second-biggest carmaker by sales, said Thursday it will temporarily suspend four of its nine domestic plants due to the coronavirus impact. Kia plans to halt operations at its two Sohari plants in Gwangmyeong, just south of Seoul, from April 27 to May 8 and again from May 22-25 to keep inventories at manageable levels, a company spokesman said by phone. In addition, two plants in Gwangju, 330 kilometers south of the capital, will also be shut down: No. 2 plant

Hyundai Motor Group’s steady-selling sedan the Sonata has been upgraded with “quieter, stronger” features for 2020, the automaker said Thursday.  The company said it has applied thicker fixed glass to the front row and windshield molding that surrounds the vehicle, for a quieter driving experience. On the gasoline 2.0 model, the company additionally applied double-glaze glass to minimize road noise in the car. Also, Hyundai Motor said it has changed the gearshift patter