GM Korea on Tuesday denied local reports that Barry Engle, president of General Motors International, had proposed an investment scheme to the Seoul government worth some $1 billion in exchange for increasing production at a local plant during his visit last week.“President Barry Engle met related officials to discuss the future of GM Korea. We continue to work with key stakeholders to turn around our financial performance,” said a spokesperson of GM Korea. “However, there were no financial inve

As the only global trade port in Gyeonggi Province and a gateway to South Korea, Pyeongtaek Port has been logging rapid growth particularly in trade with China. And standing in the vanguard for the port’s exemplary buildup is Gyeonggi Pyeongtaek Port Corp.Despite being relatively “young” port, established in 2011, Pyeongtaek Port currently is the top port in export and import volumes of automobiles in the country and is now looking to expand its connections to Southeast Asia.Leading such venture

Students participate in the 5th Young Engineer Dream project hosted by the BMW Korea Future Foundation at its driving center on Yeongjongdo in Incheon last week. The three-day program was held to help students explore career paths, while introducing them to the history of BMW and Mini, as well as the carmaker‘s crucial technologies. (BMW Korea)

Volvo Car Korea, the local importer and distributor of the Swedish automaker, sold a record 6,604 units here in 2017, the company said Monday. But the sales growth has brought about a supply shortage, leading to a rise in consumer complaints.Led by the popularity of the XC60 midsize sport utility vehicle, the carmaker’s sales rose 26.9 percent year-on-year to 6,604 units in 2017 from 5,206 units in 2016, the company said. This marks the fourth consecutive year that the carmaker has reaped an ann

ORANGE COUNTY, California -- Hyundai Motor USA will increase sports utility vehicle sales to 50 percent of its total sales by 2020, up from 38 percent last year, its chief said.Lee Kyung-soo, the head of Hyundai USA, the regional office in charge of the South Korean auto giant’s operations in North America, said the carmaker will have eight new re-engineered SUVs in the next three years, including Hyundai’s first-ever pickup truck, the Santa Cruz. The concept of the small crossover pickup was un

LG Electronics Inc. said Sunday it will take part in the North American International Auto Show held in the United States to boast its vehicle-part solutions to global carmakers. During the event which runs through Jan. 28 in Detroit, the Korean tech company will introduce its vehicle components to global car manufactures. It marks the second consecutive year for LG to take part in the exhibition.  (Yonhap)In line with efforts to find new growth engines, LG Electronics, a major home appliances m

In response to growing imported car sales in South Korea, carmakers are striving to bolster brand loyalty by building centers for drivers where they can experience high-performance vehicles.BMW Korea, the local unit of the luxury German carmaker, took the lead by introducing its driving center on Incheon’s Yeongjongdo in 2014 amid skepticism surrounding the new automotive venue.Three years later, it has become one of the most well-known and popular places to visit among Korean drivers and touris

S. Korean automotive supplier to invest 10 percent of revenue in R&D by 2021

Hyundai Motor, South Korea’s largest automotive company by sales, has invested in the Singapore-based carpooling service Grab to tap into the Southeast Asian mobility market, the company said Thursday.Established in 2012, Grab is also known as the Uber of Southeast Asia, boasting a market share of some 75 percent in the region.It currently operates in eight Southeast Asian countries across 168 cities with 2.3 million users and 3.5 million rides made daily.“The convergence of Grab’s competitivene

As fan of Porsche, Tesla, Hyundai’s future leader says carmaker should make speedier decisions, like tech firms

LAS VEGAS -- South Korean auto giant Hyundai Motor will produce a hardware platform to operate a gigabit network for its premium cars hitting the market next year, the companies said Tuesday.The new in-vehicle network enables high-speed transfer of data and offers integrated, multilayered security, as well as full end-to-end networking, Hyundai said in an announcement with Cisco at the Consumer Electronics Show in Las Vegas.The development of first-generation solutions to enable 1 gigabit-per-se

LAS VEGAS --Addressed as “E. S. Chung,” for the finale of Hyundai Motor’s press conference at the Consumer Electronics Conference held on Monday, Vice Chairman Chung Eui-sun, heir to South Korea’s biggest carmaker faced a barrage of questions from reporters covering the event. The 46-year-old who spent many years as the heir to the auto giant said, in fluent English, that the carmaker is competing with major carmakers for future vehicle technology, but is also collaborating with them for market

Latest FCEV to drive farthest, charge faster than other green cars

SsangYong Motor, the South Korean unit of Indian carmaker Mahindra & Mahindra, has released a pickup-sport utility vehicle dubbed Rexton Sports in a move to take over the midsize SUV market, the company said Tuesday.“Rexton Sports is a premium open-style SUV that will refresh the midsize SUV market longing for change,” said SsangYong Motor CEO Choi Jong-sik during a media conference held in eastern Seoul. “It will solidify SsangYong as a traditional SUV powerhouse adding on to achievements reape

South Korea’s largest automaker shifts focus from traditional motor to IT shows