Bando chairman reportedly demands honorary post

Kia Motors on Tuesday launched its fourth-generation midsized sport utility vehicle Sorento, with a new design, larger size and improved driving assistance functions.  The automaker said the new Sorento has kept its design identity of strong image under the concept of “refined boldness,” but gave a new look by connecting the front radiator grille and LED head lamp to offer wide, stronger design.  The new model has a vertical-type LED rear combination lamp and horizontal-

South Korean carmakers are likely to post poor earnings results for the first quarter due to the escalating fallout from the coronavirus pandemic, analysts said Tuesday. The country's five carmakers -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. -- have already suffered several weeks of output disruptions after suppliers in China halted production amid the spread of COVID-19. The coronavirus pandemic prompted many countries to impose

Hyundai Motor Group said Monday that it has decided to exempt franchise deposit of some 2,000 partner companies in charge of customer service across the country, which amounts to 2.2 billion won ($1.8 million). The automaker said 1,374 Blue Hands centers, a Hyundai Motor and Genesis’ official service provider, and 800 Auto Q centers, Kia Motors’ partner service and maintenance company, will have 50 percent of their franchise fees exempted for three months from March to May.  F

South Korean airlines will apply no fuel surcharges on international routes in April to reflect declining oil prices, industry officials said Monday. The surcharges for one-way tickets on international routes will drop to zero next month from 19,200 won ($15) in March, an industry official said. If the average jet fuel price on the Singapore spot market rises over $1.50 per gallon, South Korean airlines are allowed to impose fuel surcharges starting one month later. Jet fuel prices averaged

Hyundai Motor said Sunday it has signed a $60 million bus supply deal with Turkmenistan. It has signed a contract with Turkmenistan’s Ministry of Transport to supply 400 New Super Aero City buses, the South Korean automaker said. It is Hyundai’s second-biggest single overseas deal, after a $66 million order for 500 units in 2016. The New Super Aero City bus features upgraded functions compared to previous models, including rear-view camera and rear cross-traffic alert function

Most planes grounded at airports due to flight cancellations

Socar CEO Lee Jae-woong said Friday that he was stepping down from the top position to take responsibility for the suspension of van-hailing service Tada. Socar is the parent company of Tada operator VCNC. His announcement comes a day after VCNC said it would “indefinitely terminate” the service April 10.  Lee “failed to secure Tada drivers’ employment, failed to keep the investors’ trust and (his) colleagues’ dream for innovation,” he wrote on F

As the aviation industry has been hit hard from the coronavirus outbreak, South Korean air carriers were flying more air cargo planes than flights carrying passengers, industry sources said Friday.  More countries have been announcing entry restrictions of South Koreans over virus concerns. The number has reached 123 as of Friday morning.  This has led to South Korea’s largest full-service air carrier Korean Air to operate only 18 flights per day, compared to 131 flights opera

Officials disinfect BMW Group Korea’s showroom in Seoul on Thursday. The German automaker’s Korean unit said it has been emphasizing contactless customer service and strengthening disinfection at its showrooms to prevent the spread of COVID-19.  BMW Group Korea has donated 800 million won ($664,000) to the Community Chest of Korea to help fight the coronavirus. By Kim Da-sol (ddd@heraldcorp.com)

After the National Assembly passed a controversial bill last week that dealt a severe blow to ride-hailing service Tada, service operator VCNC has decided to “indefinitely terminate” the service on April 10, according to the company on Thursday.  VCNC said that it has requested 30 percent of its 20 employees resign, following the company’s plan to downsize the workforce due to the suspension of the service.  On Friday last week, Korean lawmakers voted to pass the r

  South Korean airlines are halting more flights as countries around the world increasingly imposed entry restrictions in their fight against the rapidly spreading coronavirus outbreak. Asiana Airlines Inc. said Thursday it will suspend all of its flights to Thailand beginning Saturday through the end of this month as travel demand dried up amid virus fears. It is the first time for the country's second-biggest airline to suspend the route to the Southeast Asian country since it began s

The Genesis G90, a luxury flagship sedan from Hyundai Motor, has been picked as the safest sedan by the US institute that evaluates vehicle safety, the automaker said Thursday.  According to the US Insurance Institute for Highway Safety, the G90 was designated the Top Safety Pick+, the highest possible honor, becoming the third and last Genesis sedan to earn the designation. In February, the Genesis G70 and G80 were also named the Top Safety Pick+.  Established in 1959, the US inst

With South Korean air carriers slashing the number of routes they operate over the COVID-19 spread, their plan to lease new aircrafts to increase competitiveness has hit turbulence, according to industry sources Wednesday.  Asiana Airlines’ budget carrier Air Busan had signed up to lease two Airbus 321 Neo LR aircrafts and is scheduled to receive one this month. The model can fly up to 7,400 kilometers, covering midrange routes such as to Singapore, Jakarta and Bali.  Accordin

HDC Hyundai Development Co., a midsized construction company, said Wednesday its takeover of Asiana Airlines Inc. is going as planned despite the spreading coronavirus outbreak. In December, the HDC-Mirae Asset Daewoo consortium signed a deal to acquire a 30.77 percent Asiana stake from Kumho Industrial Co., a construction unit of Kumho Asiana Group, as well as new shares to be issued and the airline's six affiliates, for 2.5 trillion won ($2.2 billion). "There have been growing concern