Hyundai Motor Co. and its affiliate Kia Motors Corp. fell far behind global rivals in profitability last year due to a strong won and declining sales in China and the United States, industry sources said Sunday.For the whole of 2017, Hyundai Motor and Kia Motors posted operating profit margins of 4.7 percent and 1.2 percent, respectively, down 0.8 percentage point and 3.5 percent points from a year earlier, earnings data from the companies showed.The won's strength against the dollar and sharp s

Hyundai Motor, the nation’s largest carmaker, saw its net profit last year hit the lowest mark in seven years, due to the strong Korean currency and sluggish sales in China.In a regulatory filing released Thursday, the carmaker posted 4.57 trillion won ($4.31 billion) for its 2017 operating profit, an 11.9 percent decrease from the previous year. It is the lowest figure since the company adopted International Financial Reporting Standards in 2010. (Yonhap)Its revenue last year rose 2.9 percent t

Hyundai Motor has turned an old college building into a center for multicultural families in the Vietnamese city of Can Tho, to bridge the cultural gap and provide Korean language services, the company said Thursday.The center is a part of a 1 billion won ($943,000) project by the carmaker to help Vietnamese women who are married to, or plan to get married to, Korean men while they are in Vietnam and Korea, and also to support their economic independence later on.  Hyundai Motor officials, commu

(From left) Hyundai Motor President Chung Jin-haeng, SMEs and Startups Minister Hong Jong-haak and Korea Foundation for Cooperation of Large and Small Businesses, Rural Affairs Secretary-General Kim Hyung-ho shake hands after signing a tripartite agreement to financially support the carmaker’s subcontractors following the government‘s plan to increase the minimum wage, in Seoul, Wednesday.Hyundai Motor

From compact to electrified SUV, British carmaker set to complete its Pace lineup this year

South Korea will invest 11.9 billion won ($11.1 million) in 2018 to develop unmanned vehicles, including the first passenger drones, the science ministry said Wednesday, as the country aims to emerge as a global leader in the sector, The Ministry of Science and ICT said the government finalized this year's plan to boost the development of future-oriented drones, self-driving cars, unmanned ships and agricultural machines.The ministry earlier designated the sector as one of the key strategic indu

Samsung’s US partner in self-driving development says robo taxis pose threat yet opportunity for carmakers

Mercedes-Benz Korea, the local importer and distributor of the German automaker, will launch 20 models, including two plug-in hybrids, this year, with an aim to sell over 70,000 units, the company said Monday.“All-time best performance was achieved through active investment and effort to provide differentiated customer experience in 2017,” said Mercedes-Benz Korea CEO Dimitris Psillakis during the New Year’s conference held at Hotel Shilla in central Seoul.“It will not be easy to maintain the gr

Hyundai Motor, South Korea’s top automotive company by sales, ranked No. 1 in terms of contribution to society in China last year, the company said.This marks the first time that a foreign-based company has been selected first place since the Chinese government began compiling the annual list in 2014. Hyundai scored 91.33 points out of 100 in 2017 and came in first place out of 300 companies operating in China, the company said.“Hyundai Motor Group is an exemplary company, continually carrying o

Cadillac of GM Korea said Friday it had marked the largest-ever yearly sales record in Korea, selling 28,000 units, and aimed to focus on quality growth through new releases and reinforced services this year.“2017 was a special year that can even be described as an inflection point in the history of Cadillac’s entry into South Korea,” Kim Young-sik, president and representative director of Cadillac, said in a press conference in Seoul. Cadillac entered Korea in 1996.Cadillac Escalade (Yonhap)“Th

Mercedes-Benz’s electric vehicle sub-brand EQ has made Korean debut on Friday, by displaying its plug-in hybrid SUV at the new terminal of Incheon International Airport. Mercedes-BenzThe 2018 GLC 350e 4Matic SUV is the first plug-in hybrid from EQ to enter Korea. The name EQ signifies “Electric Intelligence” and is derived from the Mercedes-Benz’s brand values of “emotion and intelligence,” the company said. “What EQ aims for is the smart mobility, the vision which we wanted to share with public

Hyundai and Kia Motors, South Korea’s top two automotive companies by sales, posted a record-high 995,383 units of newly registered vehicles in Europe last year, industry data showed Thursday.The combined number of newly registered cars made by the two companies rose 5.8 percent on-year in 2017 to 995,383 units from 940,693 units in the previous year, according to data from the European Automobile Manufacturers Association (ACEA). Registrations of Kia Motors’ cars jumped 8.5 percent on-year to 4

Hyundai Motor Group has decided to select a director representing shareholders out of candidates recommended by shareholders, seeking to boost shareholder’s rights and interest, the group said Thursday. Under the new system, stockholders here and overseas can recommend candidates through a website to the board dedicated to transparent management.Previously, an outside director in the board responsible for transparent management was chosen to represent shareholders, Hyundai Motor said.The nominat

YONGIN, Gyeonggi Province -- Hyundai Motor Vice Chairman Chung Eui-sun on Wednesday met with Finance Minister Kim Dong-yeon, pledging to invest some 23 trillion won ($21.6 billion) and hire 45,000 workers across its five new growth engines in the next five years.The five areas are automated and connected vehicles; smart cars; robot and artificial intelligence; future energy; and startups.“Hyundai Motor will try harder to secure future growth engines and to provide more opportunities for subcontr

DETROIT — Japanese vehicle brands are exploring new design ideas — and figuring out what sets them apart from their US and European rivals — with new prototype vehicles.Nissan, Infiniti and Lexus are all unveiling new concept cars at the Detroit auto show, which opens to the public Saturday. Infiniti`s Q Inspiration concept appears on display at the North American International Auto Show, Tuesday, Jan. 16, 2018, in Detroit. (APConcepts are used to test ideas and see how show visitors react. Some