Hyundai Motor is joining forces with a Chinese engineering institute to raise around $100 million for an investment fund for startups with innovative ideas on hydrogen technology and infrastructure building, the company said Monday.The South Korean carmaker and the Beijing-Tsinghua Industrial R&D Institute signed a memorandum of understanding Friday, agreeing to establish a “Hydrogen Energy Fund.” The fund will be managed by Hyundai Motor and Yield Capital, an investment unit under the Chinese e

Barra highlights importance of GM Technical Center Korea in letter to labor union

Hyundai Mobis, a parts maker within Hyundai Motor Group, posted 1.44 trillion won in operating profit, a 15.1 percent decrease from a year ago, the company said in a statement Friday.Between July and September, the parts maker saw 8.42 trillion won in revenue, a 3.9 percent drop on-year, with a net profit of 449.4 billion won, which also declined 6.8 percent over the same period.Sales dropped due to the lower production volume of vehicles in the last three months and the temporary suspension of

The Incheon Metropolitan City said Friday it is considering a move to take back the vehicle test site it provided to GM Korea Co. as it claims the carmaker violated a bilateral agreement.In GM Korea's shareholders meeting held last week, General Motors Co., the largest shareholder in the carmaker with a stake of 77 percent, approved its plan to spin off GM Korea's engineering and research divisions into a separate R&D corporation. The test site will be part of the new R&D company. (Yonhap)"The I

The National Pension Service, operator of the state-run pension fund, holds stakes of 10.03 percent in LG Innotek and 10 percent in Hanmi Pharmaceutical, it said in a statement Friday.The pension operator’s stake in CJ CGV, the movie theater arm under food and retail giant CJ Group, has reduced to 9.9 percent from 10.72 percent, it added.(khnews@heraldcorp.com)

Kia Motors, sister company of Hyundai Motor, posted an operating profit of 117.3 billion won for the third quarter, lower than market projections, the company said Friday. Kia generated 14.74 trillion won in revenue, and its operating profit has turned around from the 427 billion won deficit posted a year earlier.The market projection for the carmaker’s third-quarter operating profit was 300 billion won. (Herald DB)A day earlier, Hyundai Motor said it had brought in 288.9 billion won in operatin

Hyundai Motor, Korea’s largest carmaker, has suffered the biggest-ever drop in quarterly earnings since adopting its current standards in 2010, with operating profit diving 76 percent on-year, the company said Thursday.The carmaker sold a total of 1.12 million vehicles around the world between July and September, posting 24.4 trillion won ($21.4 billion) of revenue and 288.9 billion won in operating profits, according to the statement.The company faced a significant drop in profit due to slowing

Hyundai Mobis, South Korea’s auto parts supplier, has developed the “advanced adaptive driving beam” that ensures driving safety utilizing advanced driver assist systems as part of an effort to lead the future lamp market, the company said Wednesday.The AADB collects a wider range of information compared to the previous version, including information on car lanes using the camera, vehicles approaching from the back using radar, highways via navigation system, and other sources, the company expla

Ahead of the launch of the Jaguar I-Pace electric sport utility vehicle here by the end of the year, Jaguar boasted the SUV’s outstanding driving range in the 378-kilometer drive from London to Belgian capital Brussels in September, the company said Wednesday. Powered by its advanced 90-kilowatt-hour lithium-ion battery, the I-Pace has a maximum driving distance of 480 kilometers per charge and driving stability in freezing weather conditions of minus 40 degrees Celsius.In partnership with Posco

Prime Minister Lee Nak-yeon has made a proposal to replace police buses with fuel cell buses to promote the nation’s leading hydrogen technology.“I publicly propose to replace police buses that are often dubbed ‘henhouse cars idling at Gwanghwamun’ with hydrogen vehicles,” he said at a meeting of ministers. “Along with electric vehicles, (we) must actively develop hydrogen cars more.” A fuel cell bus powered by hydrogen (Hyundai Motor)Currently, the police operate 5,581 buses, according to the K

BMW Group Korea will pre-emptively recall nearly 66,000 BMW and MINI vehicles to repair faulty parts, the transport ministry said Tuesday. The German carmaker's recall plan will start Nov. 26, with a total of 65,763 vehicles encompassing 52 different models to be checked by mechanics, the Ministry of Land, Infrastructure and Transport said in a statement. (Yonhap)This comes in addition to a recall of about 106,000 vehicles with fire-prone exhaust gas recirculation coolers and pipes. "As the risk

Ulsan starts first pilot operation of hydrogen city buses, aims to have 300 more by 2030

KDB Chairman says bank not ‘unconditionally’ against R&D center spin-off

Hankook Tire Co., the world's seventh-largest tiremaker by sales, said Monday that it has begun to supply its ultra high-performance tires to Volkswagen's Tiguan R-Line package.Hankook Tire said it began to supply the all-season tire, the "Ventus S1 noble2," as original equipment tires to the Volkswagen sport utility vehicle in March this year.(Yonhap)The South Korean tiremaker has maintained a strategic partnership with the German carmaker since 2001, when it started outfitting the Jetta sedans

Hyundai Motor’s high performance vehicle i30 N set a new monthly sales record in Europe last month, the company said Sunday.The carmaker sold a total of 907 units in September, further raising the sales performance of the vehicle, which debuted last year. The figure takes the total for this year to 4,678, surpassing its annual goal of 2,800.  i30 Fastback N (Hyundai Motor)Of all i30 vehicles sold in Europe, 15 percent were the high performance version of the hatchback, it added. The company is e