Posco Chairman Choi Jeong-woo has sent an email to executives to encourage suggestions for reforms at the steelmaker, the company said Tuesday.Choi appears to be seeking reform ideas from executives and stakeholders of the world’s fifth-largest steelmaker, for a new vision he plans to present in the next three months. Posco Chairman Choi Jeong-woo (Posco)Before taking office, Choi initiated the “Posco Love Letter” campaign to hear the public’s thoughts on the former state-run company, not just f

The tire arm of Hyosung Corp. saw its market share in four Southeast Asian countries grow to 40 percent this year from 22 percent two years ago, the company said Monday.The number of clients in India, Indonesia, Thailand and Vietnam also increased from two to 12 in the same period, according to Hyosung Advanced Materials. (Hyosung Corp.)The company’s technical team has contributed in expanding its market share by hold regular seminars to introduce its latest materials, as sales of vehicles have

Consumer group joins customers in filing lawsuit

Despite BMW Korea’s measures including a recall, checks and lease services, more owners of a problematic model that appears prone to catching fire are taking legal action against the automaker, this time joined by a local consumer protection group. Marking the first consumer protection group to take action since the series of BMW fires, the Korea Consumer Association said Monday it is preparing to file a lawsuit against the German luxury carmaker with about 100 members of a BMW car owners’ club.

Ministry releases details of new rules for auto defect refund, but reactions mixed over effectiveness

With Hyundai at global forefront, Seoul’s W2.6tr plan on hydrogen ecosystem ups hopes for energy transition, but market remains uncertain

The government said Sunday it will kick off a detailed probe into the fires that affected vehicles made by German luxury carmaker BMW, with civilian experts allowed to join the effort.The move comes after BMW last month announced it will voluntarily recall 106,317 vehicles to fix a faulty component that may be causing fires in the engine area of 42 different models. The company said it already checked 15,337 vehicles, with a further 36,606 cars on its waiting list.A total of 32 cars made by the

Kia Motors Corp. beat its rivals to win the J.D. Power Automotive Performance, Execution and Layout award for its Stinger sports sedan, the company said Saturday.The Stinger fastback sports sedan won the J.D. Power APEAL award, beating Mercedes-Benz C-class sedan, BMW's 3 and 4 series in the compact premium car segment, Kia Motors said in a statement. Kia Stinger (Yonhap)Kia Rio also earned the APEAL award in the subcompact segment, beating the Chevrolet Bolt, Toyota Motors Corp.'s Prius C and H

BMW Korea, the local importer and distributor of the German luxury carmaker, is under growing pressure from the government and public to submit technical and auto parts documents to narrow down the reason for engine fires.“We urge BMW to take a responsible stance in the issue and provide substitute cars for owners alongside documents related to auto parts and technology promptly,” the Ministry of Land, Infrastructure and Transport said Friday.BMW Korea is scheduled to transfer the documents cont

The Ministry of Transport and Land on Friday advised the owners of BMW 520d sedans to refrain from driving the vehicle, citing safety issues.“(We advise) owners of the vehicles subject for recall to receive a safety check up as soon as possible and refrain from driving the vehicle until safety is ensured,” said Sohn Byeong-seok, the first transport vice minister.While apologizing for causing public concern, the vice minister said that the government would conduct a thorough investigation into th

Hyundai Motor has launched a campaign and programs tailored for female drivers in Saudi Arabia, joining a slew of global automakers eyeing a stake in the market to hike up sales in the region, the company said Thursday.During the company’s meeting of overseas representatives held last month, Hyundai said it would bolster sales in the Middle East in the second half of the year by targeting the Saudi Arabia market where a ban on female driving was lifted on June 24. A task force has been set up th

Another automobile produced by German carmaker BMW 520d sedan caught fire while being driven on a local expressway on Thursday, further fueling safety concerns.Police said the vehicle caught fire at 11:47 a.m. in Gangwon Province in eastern South Korea.BMW Korea said late last month it will recall 106,000 automobiles after several 520d sedans caught fire. The massive recall will cover 42 different models, including the diesel-powered passenger car. (Yonhap)The German carmaker has identified exha

BMW and the importers of Ferrari and Lamborghini models will voluntarily recall 270 vehicles to fix faulty components, the transport ministry said Thursday. The move is part of the latest series of recalls by carmakers and importers to ensure vehicles meet safety requirements.  (Yonhap)The three companies plan to recall 10 different models totaling 270 vehicles. The models are the Ferrari California sports car imported by Forza Motors Korea and the Lamborghini Aventador LP700-4 Coupe imported by

BMW Korea, the local importer and distributor of the German carmaker, will provide free car rentals for vehicle owners affected by its voluntary recall issued last week, the company said Wednesday.Owners of the 106,317 vehicles recalled related to an issue with engines catching fire will be able to rent cars free of charge in accordance with Korea’s standard auto insurance policy.In efforts to contain further incidents, BMW Korea plans to complete checkups on about 7,000 BMW vehicles that have b

SK Innovation rose six ranks on a list of this year’s global top 50 chemical companies complied by Chemical & Engineering News magazine, backed by its drive to beef up its chemical venture beyond its oil refinery business, the company said Wednesday.According to Chemical & Engineering News, published by the American Chemical Society, SK Innovation ranked No. 38 out of 50 global chemical firms, climbing up six notches compared to last year and showing the second-biggest improvement among the surv