Hyundai Motor, South Korea’s No. 1 automotive company, has pledged 1.67 trillion won ($1.4 billion) in support of local small and midsize auto parts suppliers in a move to restore stability and bolster research and development, the company said Thursday.Due to tumbling sales at Hyundai and Kia, which stand as the world’s fifth-largest automaker, their parts suppliers have been posting operating losses or seeking debt workout programs in recent months. To assuage growing instability, in October t

Hyundai Motor Co. said Thursday its Nexo hydrogen fuel cell electric car has been awarded Europe's best in class for safety in the large off-road category for this year. The European New Car Assessment Program tested the Nexo in four categories: the safety of adult passengers, the safety of children in rear seats, the safety assistance system and the safety of passers-by and bicycles on roads, Hyundai said in a statement.  (Yonhap)"Hyundai is committed to provide customers and other road users w

South Korea will announce a set of support measures next week for the country's troubled auto parts industry, a top official said Thursday.Hong Nam-ki, the minister of economy and finance, said the auto industry is a major priority as South Korea has been struggling to reinvigorate the manufacturing sector, a key part of South Korea's economy. (Yonhap)Hong did not provide any further details on the set of measures during a visit to a small auto parts maker in Asan, some 100 kilometers south of S

YONGIN -- GM Korea Co., the South Korean unit of General Motors Co., on Thursday launched its new Camaro SS in the domestic market to diversify its product lineup.The upgraded version of the sixth-generation Chevrolet muscle car comes with a 6.2-liter V8 engine and the Hydra-Matic 10-speed automatic transmission. It has 455 horsepower on tap and 62.9 newton meters of torque, and can accelerate from zero to 100 kph in four seconds, GM Korea said in a statement.  The New Camaro SS sports car (Yonh

Chung Eui-sun seeking a complete generational shift in his father’s empire, insiders say

Hyundai receives more than 20,000 Palisade preorders in first 8 days

CHUNGJU, North Chungcheong Province -- Hyundai Motor Executive Vice Chairman Chung Eui-sun on Tuesday introduced the automaker’s long-term plan to manufacture 500,000 units of fuel cell electric vehicles here annually by 2030 in an effort to overtake rivals Japan and China in the FCEV market.With these goals in mind, Hyundai Mobis, the auto parts supplier, held a groundbreaking ceremony for its second hydrogen fuel cell stack factory, which when complete is expected to produce stacks for some 40

South Korean carmakers Hyundai and Kia have sold a combined 20 million vehicles in the US since entering what is currently the world’s second-largest market 33 years ago.Their accumulated sales marked 20.69 million units as of November, the companies’ data showed. Hyundai entered the market in 1985. Kia, after it was acquired by Hyundai, started selling vehicles there in 1994. (Hyundai Motor)By company, Hyundai has sold around 60 percent of the total, or 12.22 million units, while sister affilia

Hyundai Motor and Kia Motors’ green car sales are widely expected to grow further in 2019 on the back of the government’s increased budget to expand the use of ecofriendly cars here, industry insiders said Sunday. The two flagship companies of Hyundai Motor Group sold a combined 257,861 units globally between January and November this year, up 10 percent on-year, according to officials.By vehicle type, sales of electric vehicles soared 112.4 percent to 52,370 units, plug-in-hybrids 51.9 percent

South Korea's antitrust watchdog said Sunday that it has fined Volvo's local unit 20 million won($17,800) for not adhering to the country's technical data request guidelines when dealing with its subcontractors. An excavator made by Volvo Group (Yonhap)The Fair Trade Commission said that besides the fine, Volvo Group Korea, which produces and sells excavators and various types of construction equipment here, has been instructed to change its practices in regards to asking for blueprints for comp

A joint venture plan involving a local government and Hyundai Motor to build a manufacturing plant in Gwangju for sake of reinvigorating the local economy went adrift Thursday as the sides failed to narrow their differences at the last minute.Gwangju’s city government on Wednesday demanded Hyundai Motor remove a condition that wage renegotiations be suspended for the first five years. Later in the evening, Hyundai Motor rejected the demand, saying that the revised proposal no longer makes its in

Hyundai Motor Co.'s i30 N high-performance car topped other sports cars in Germany and Australia for this year, the company said Thursday. In Germany, the i30 N hot hatchback has been named the 'Import Winner' in the Auto Bild Sports Cars of the Year awards in the small car & compact category, Hyundai said in a statement. Hyundai i30N (Yonhap)In Australia, the vehicle beat out others in Australia's Best Cars Awards, or ABC awards, in the best sports car under $50,000 category. It also ranked 1st

LG Chem may well be able to make a turnaround and post a profit in its electric car battery business for the first time ever in the fourth quarter, market watchers said Thursday.The South Korean company does not separately disclose the performance of the EV battery business, but the prevalent view is that it will hit an annual operational profit of 196 billion won ($176 million) next year. The balance last year was 114 billion won in the red, which is expected to shrink to 56 billion won in the

South Korean SUV maker SsangYong Motor established an overseas sales subsidiary in Melbourne, Australia, last week, as part of efforts to expand its global operations, the company said Wednesday.The Australian unit will lead SsangYong’s overall operation in the country, building dealership networks and bolstering customer service. The carmaker expects to expand shipments to Australia, following its previous entries into Europe, South America and the Middle East. The carmaker is re-entering the A

LSIS, a South Korean power and energy solution provider, has acquired an energy storage system unit from US-based Parker Hannifin to expand its presence in the global smart energy market, it announced Wednesday. Citing confidentiality, the company did not disclose the deal value. Parker Hannifin is a leader in motion and control technologies and its ESS business, now acquired by LSIS, is the largest in the US and holds top-level ESS-related technologies, said officials in Anyang, Gyeonggi Provin