South Korean airlines, one of the hardest-hit industries by the outbreak of the new coronavirus, are taking unprecedented measures, such as unpaid leave, job cuts and asset sales, to overcome the COVID-19-triggered crisis, industry sources said Wednesday. Korean Air Lines Co., the country's biggest airline, said Tuesday it will have 7 out of 10 workers take paid leave for six months beginning April 16 as part of the company's self-help efforts. In other self-rescue plans announced last month

Kia Motors’ mid-sized sports utility vehicle Sorento means a lot to the automaker, considering that its SUV lineup ranging from Niro to Mohave has begun to receive attention with popularity of Sorento. The first Sorento was launched in 2002, with the third generation of the car released in 2014. Six years later, an all-new Sorento was unveiled on March 17. The Korea Herald had the chance to test drive the fourth-generation Sorento on March 23 on a 25 kilometer route from Yeouido in Seou

Experts expect market to reshape when conglomerates officially enter second-hand car business

Eastar Jet Co., a South Korean low-cost carrier, said Monday it will cut one-fifth of its workforce as it strives to stay afloat amid the growing impact of the coronavirus on the airline industry, but the proposed layoffs are smaller than originally thought. The planned job cut at Eastar raises concerns over the possibility of industrywide restructuring. The airline originally planned to cut some 750 employees out of its total 1,680-person workforce. Eastar Jet said it also plans to return 1

Indian carmaker pressures SsangYong to find new investor

The number of air passengers in South Korea fell to a record low last month due to the novel coronavirus pandemic, data showed Sunday, as countries around the globe impose lockdowns and restrict travel and people shun travel. The number of air passengers stood at 1.74 million in March, according to industry data, marking the first time that the figure has fallen below 2 million since the country started to record such statistics from 1997. The passenger number was 10.62 million in January bu

South Korea’s antitrust watchdog has approved HDC Hyundai Development Company’s acquisition of shares of Asiana Airlines, officials said Friday. HDC signed a deal to acquire 61.5 percent of the airline’s shares on Dec. 27 and reported it to the Fair Trade Commission on Jan. 30. “There is no concern of restricting competition,” after reviewing the effect of the tie-up on competition in related markets, the FTC said. “(We) judged that the major sectors of

South Korean airlines pressed the government Friday to take immediate action to help the financially troubled airline industry stay afloat amid the growing coronavirus impact. The Korea Civil Aviation Association (KCA) asked the government to offer massive low-rate loans, payment guarantees for airlines' corporate bonds and steep tax cuts to airlines as the airlines' self-rescue measures won't be of a big help in the unprecedented crisis. "The airline industry is collapsing, with 840,000

Korean air carriers that have been hit hard by the COVID-19 pandemic are undergoing restructuring to downsize the workforce amid continued losses from reduced passengers and suspensions of international routes, according to industry sources on Thursday. Eastar Jet, a local budget carrier that halted all services from March 23 for a month, said Thursday it will send 45 percent, or 750 employees, of its total workforce home from April 24.  The air carrier said it will first receive applica

Korean Air Lines Co. is set to put all of its non-Korean pilots on a three-month unpaid leave starting next month in a self-rescue effort amid worsening business conditions caused by the coronavirus outbreak. Under the measure, 387 pilots are expected to go on mandatory unpaid leave from April 1 to June 30, an industry source said Tuesday. Around 60 of them have already been off without pay, the source added. "(The measure) is aimed at adjusting workforce following a sharp reduction i

Hyundai Motor Group said Tuesday that it would open a mobility innovation center in Singapore to focus on developing and producing future mobility solutions by 2022.  The automaker’s new global lab called Hyundai Mobility Global Innovation Center in Singapore (HMGICs) will be located in Singapore’s Jurong Innovation District, an advanced technology manufacturing hub comprised of tech companies, factories and researchers. The establishment of the automaker’s lab over the

The South Korean government lifted its sanction on budget airline Jin Air on Tuesday, after having prohibited the company from expanding new flight routes and adding new planes for 20 months. The Ministry of Land Infrastructure and Transport said it would remove the sanction against the budget carrier, a move that is seen to reflect the company’s recent efforts for improved management, but also comes in time when the airline industry is into a desperate situation in the wake of the COVI

South Korea’s Kumho Tire said Monday that its Solus 4S HA32 has won the Red Dot Design Award 2020. According to the tire maker, Solus HA32 is specially designed for road conditions in Europe, offering stable driving performance and brake in all four seasons.  By applying high-tech materials and V-shape pattern, Solus HA32’s brake function has improved by 15 percent compared to the previous model, the company said.  Its 3D inter-locking system also makes it easier for a

Hyundai Motor Group said Monday it has launched the third-generation G80 of its luxury brand Genesis.  The latest model has been fully revamped and is 125 kilograms lighter compared to the second-generation model that was launched in 2016, by using aluminum materials.  The all-new G80 is wider by 35 millimeters and lower by 15 millimeters, to show the best proportion as a rear-wheel driving luxury sedan, the automaker said.  Genesis sedans’ signature crest front grille,

Hyundai Mobis said Sunday it would target the global market with future mobility technologies including vision-autonomous driving, connectivity and electrification technology. The auto parts unit under South Korea’s largest auto conglomerate Hyundai Motor Group pledged to develop high-performance sensors for self-driving cars with independent technology within this year. It marks 25 years since its transition to the auto parts business, After developing the country’s first shor