World‘s first and only exhibition on pure EVs aims for carbon-free Jeju Island

At EV forum, Kepco unveils world‘s first mobile robot charger, charging tower plan

Asiana Airlines, the country’s second-largest air carrier, has launched a direct air route to Italy’s Venice that operates three times a week, marking the first case among East Asian airlines, according to company officials.A launch ceremony took place Tuesday at the presence of Asiana Airlines CEO Kim Soo-cheon and other officials at Incheon International Airport Terminal 1, the company said.Venice is the local carrier’s sixth direct European destination following Frankfurt, London, Paris, Ista

Businesses, experts and government representatives from around the world will gather on the nation’s southern resort island of Jeju this week to discuss the future of electric vehicles and seek global partnership for universal standardization.The fifth annual International Electric Vehicle Expo kicks off Wednesday through Sunday at Jeju Convention Center, presenting evolving technologies of green vehicles and new business opportunities for participants, the organizers said Monday.“This year’s ex

General Motors Co.'s Chief Financial Officer Chuck Stevens said the agreement reached last week by the carmaker's South Korean unit will lay the foundation for a turnaround next year, GM Korea Co. said Monday. In a conference call to talk about its first-quarter results, Stevens said GM Korea will be able to reduce costs by $400-$500 million a year by shutting down one of four car assembly plants in Korea and reorganizing the overall workforce.He said GM Korea, under a package of restructuring m

Though still small, motorcycle market shows steady growth led by importers

Hyundai Motor, South Korea’s No. 1 automotive company, shared plans to cancel 8.65 million shares of its stock, which equates to 960 billion won ($892.8 million), in a bid to restore shareholder value, the company said Friday. This is the first time in 14 years that Hyundai has cancelled shares. In 2004 it cancelled 1.2 million shares. (Yonhap)Hyundai disclosed through DART that it would cancel 4.41 million common stock and 1.28 million preferred stock it currently owns on July 27, and retire 2.

Auto parts maker sets annual growth at 8 percent to W44tr by 2025 in first-ever long-term strategy

US auto giant General Motors and the Seoul government agreed to inject a combined $7.1 billion to save the ailing local unit, the company said Thursday.GM has also agreed to sustain operations here for over 10 years, and grant the state-run Korea Development Bank veto rights.GM will conduct a $2.7 billion debt-equity swap on GM Korea on top of $4.4 billion investments here, while KDB will take part by investing 800 billion won, according to the share ratio.GM President Dan Ammann (left) speaks d

Two days since GM Korea and the union narrowly avoided court protection, GM headquarters is speeding up its push to reach an agreement with the South Korean government for funds, in a bid to complete negotiations before Thursday evening, when its first quarter earnings conference call will be made.GM has reportedly, for the most part, agreed to accept the government’s request to stay in Korea for over 10 years along with reviving the state-run Korea Development Bank’s veto rights.KDB is GM Korea

Less than a month after Hyundai Motor Group received a letter of congratulations from Elliott Advisors on its corporate governance reform plan, another letter arrived at the South Korean carmaker on Monday evening, demanding plan B. Via its subsidy in Hong Kong, the US activist hedge funds said the nation’s second-largest conglomerate should merge Hyundai Motor and its parts making affiliate Hyundai Mobis, and ditch its plan of spinning off Mobis’ module manufacturing and after-sales parts busin

SK Engineering & Construction is strengthening its position as a leading global developer on a series of successful contracts overseas, with the latest one from Kazakhstan, the company said Tuesday.Amid intensifying competition in the market, SK Engineering & Construction is gradually transferring its business from the traditional engineering, procurement, and construction-centered to taking on an advanced role as a developer for sustainable growth and higher profitability.Since the early 2000s,

General Motors Corp. and the state-run Korea Development Bank, the two biggest shareholders of GM Korea Co., are set to sign an initial funding agreement this week to help GM's Korean unit stay afloat, the two companies said Tuesday. The KDB is expected to sign a preliminary agreement with GM by Friday to extend a fresh loan worth 500 billion won ($464 million) to GM Korea, a KDB official told Yonhap News Agency over the phone. GM is also expected to sign on to the funding deal with the KDB late

GM Korea and the labor union reached a dramatic agreement just an hour before the extended deadline on Monday afternoon, narrowly escaping court receivership and taking a step toward restructuring the local unit.Although the carmaker has avoided “the worst,” hurdles lie ahead in the coming days with GM headquarters and the government calling on each other to bring viable support programs. After the prolonged standoff due to conflicting stances on job security of 680 workers at Gunsan factory, th

Despite the new deadline set to give the labor and the management of GM Korea a second chance to restart, the fate of the nation‘s third-largest carmaker was still in the dark Sunday as the two failed to narrow differences. The two parties had failed to narrow down differences in job security of 680 workers remaining at the Gunsan plant during the previous wage talks last Friday, the initial deadline. The company‘s board of directors are expected to vote on court receivership on the new deadline