Air carrier’s huge debt and unstable cash flow still heavy burden for midsized construction firm

BMW Korea has virtually won a lawsuit against the over 60 billion-won (US$51.7) fine imposed by the government over the auto company's gas emission verification, sources said Saturday. In September, the Supreme Court of Korea convicted BMW Korea of illegally skipping the compulsory gas emission verification process and forging related documents in the period of 2012-2017, leading to the government's imposition of a 62.7 billion-won fine on the company. Protesting the decision, BMW Kore

HDC Hyundai Development Co., a midsized construction company, signed a deal on Friday to acquire Asiana Airlines Inc. as the South Korean builder strives to diversify its business portfolio.In their board meetings held early Friday, HDC and Kumho Industrial Co., a construction unit of Kumho Asiana Group, approved the deal.The signing comes after the consortium formed between HDC and Mirae Asset Daewoo was picked the preferred bidder last month to acquire a 30.77-percent Asiana stake held by Kumh

Hyundai Motor Group said Thursday its affiliate Mocean Lab has joined hands with the country’s car rental business association to develop a mobility service ecosystem in the rental car market. The mobility service venture set up by the parent group of Hyundai Motor and Kia Motors has signed a memorandum of understanding with the Korea Rental Car Business Association for collaboration in the future mobility business. The association is the country’s largest group of car rent

The latest bone of contention between the labor union and management at Hyundai Motor was unforeseen in a country that boasts one of the highest internet penetration rates -- Wi-Fi use.On Tuesday, the automaker changed its decision to allow employees to use Wi-Fi at its manufacturing plant in Ulsan, and placed restrictions on use only during meal times and break hours. The decision was taken after criticism that employees spent a lot of their time surfing the internet or watching YouTube vi

Hyundai Motor Co., South Korea's top automaker, said Monday its face-lifted Grandeur sedan has received more than 50,000 preorders in just over a month since the vehicle's launch at home. Hyundai said it received orders for 52,640 new Grandeurs as of last week since the preorders started on Nov. 3.Hyundai said consumers in their 40s were the biggest buyers of the upgraded Grandeur, as they accounted for 31 percent of the total preorders. They were followed by consumers in their 50s, who made up

Indian automaker is reportedly working on W230b fund injection for ailing local unit

Auto giant reveals teaser image for mobility vision

Unionized workers at Kia Motors Corp. on Wednesday began a partial strike for higher wages after rejecting the company's proposals last week.Kia's union said they held a four-hour strike on Wednesday and plan to walk out for eight hours on Thursday.  On Friday, 56 percent of the union's 27,050 workers voted down the deal tentatively agreed between the company and the union on Dec. 10. Under the initial agreement, Kia offered to raise workers' basic monthly wage by 40,000 won (US$34) and pro

Han Sung Motor, an official local dealer of Mercedes-Benz in Korea, said it had sold artistic goods at its booth at the 2019 Seoul Design Festival to help children in need.The five-day annual event that kicked off on Dec. 4 involved rising artists and young designers as well as collaborative projects between art groups.  Han Sung Motor participated by arranging a collaboration project between its Dream Gream scholarship students and local design studio Maeum.Dream Gream is a schol

Naver Financial, a financial platform by South Korean internet giant Naver, has attracted an investment of about 800 billion won ($683 million) from its financial partner Mirae Asset, the company said in a regulatory filing on Friday. The investment will secure a stable financial structure for Naver Financial and forge a partnership between the two to take the lead in the country’s emerging “techfin” industry. Techfin refers to technology firms seeking to deliver financial prod

Hyundai Motor said Friday it has delivered the first batch of 20 Ioniq EVs to Indonesia, entering the ride-hailing market in the Southeast Asian country in partnership with Grab. The South Korean carmaker and Grab will operate ride-hailing services in Jakarta with the electric version of the compact starting early next year. They plan to expand the number of vehicles in operation by the end of the year. The Ioniq EV is capable of running 271 kilometers per single charge. It can be recharged to 8

The number of all-new K5 preorders has set a fresh record of more than 16,000 units sold in just three weeks, Kia Motors said Thursday as it launched the third-generation of the popular sedan officially on the same day. The number of preorders the K5 received is the highest among vehicles launched under the Kia marque, the company said. “Of all customers who preordered the K5, 53 percent of them were in their 20s and 30s, demonstrating overwhelming support and attention from younger genera

Overturning a wage deal clinched in June, unionized workers at Renault Samsung have voted to hold a sit-in protest, according to members of the union Wednesday, although the automaker said it would continue with the labor-management negotiations which kicked off in September. Of more than 2,000 unionized workers at the South Korean unit of the French automaker Renault, 66.2 percent voted to go on strike. The labor union and management had reached a wage deal on June 24, bringing an end to a

Mercedes-Benz Korea said Wednesday it has kicked off its Connected Car Startup Hackathon, a competition between startups to develop connected car services for innovative future mobility.The 48-hour nonstop event is taking place at the EQ Future Pavilion set up by the automaker in Sinsa-dong, Seoul. Nine startups that develop and produce connected car technologies such as mobility, UX, maintenance and charging have made it to the final, the company said.The event was organized in a joint partners