Tax authorities in Seoul have slapped Mercedes-Benz Korea with an additional corporate tax of 50.1 billion won (about $43 million), according to a local news report on Tuesday.Citing unnamed industry sources, Yonhap News reported that the National Tax Service notified the German carmaker’s Korean unit of its decision to impose the additional tax after its recent tax investigation into the company.In response, the carmaker has requested a review of the legality of the imposition before taxation,

The Korean Transportation Ministry has filed a complaint against the Korean unit of German carmaker Mercedes-Benz with the prosecution on charges of having installed automatic transmissions without proper authentication procedures, officials said Tuesday. The ministry said it filed a complaint with the Seoul District Prosecutors’ Office against Mercedes-Benz Korea’s chief Dimitris Psillakis, accusing him of violating the automobile management act and clean air conservation act. The carmaker fail

Kia Motors launched its first hybrid compact sport utility vehicle Niro on Tuesday, targeting sales of 40,000 units worldwide this year. “We have set a goal of selling 18,000 units of Niro domestically and 20,000 cars globally, targeting young singles and couples in their 20s and 30s,” said Kim Chang-sik, executive vice president of domestic sales, at the launch of Niro in Seoul.  Kia Motors president Park Han-woo (right) and executive vice president Kim Chang-sik pose at the launch of compact S

The Korean transport ministry said Tuesday that it has filed a complaint against Mercedes-Benz Korea for selling cars with wrong specifications.The local unit of the German car brand sold 98 units of the S350d series sedan with a nine-speed automatic transmission since Jan, 27, 2016, but the vehicles were labeled as having a seven-speed transmission, according to the Ministry of Land, Infrastructure and Transport.The company sold upgraded models of S350d sedans in January but missed reporting th

Korean credit and debit card spending jumped 8.8 percent last year from a year earlier as consumers increasingly favor using cards both for small-sized daily settlements and big tax payments, government data showed Tuesday.The card-based expenditure reached 667.1 trillion won ($572 million) in 2015, up from 613.2 trillion won the previous year. A 16 percent increase in debit, or check, card spending outweighed a 7.1 percent rise in credit card spending last year, the Financial Supervisory Servic

Hyundai Motor Group chairman Chung Mong-koo and other high-ranking officials presented the firm’s investment and research & development roadmaps for future mobility to a visiting U.S. congressional delegation, the Korean automotive giant said in a statement Monday. The five-member delegation led by Sen. Deb Fischer visited the Namyang R&D Center of Hyundai Motor Group, the heart of the Korean auto giant’s new car design and development. Other members included Sen.Thad Cochran, Sen. John Barrasso

Kia Motors's all-new K7 sedan has been receiving quite a strong market response with its cumulative sales exceeding 25,000 units since its debut earlier this year, industry data showed Monday.Since its debut in mid-January, the cumulative contrasts, including preorders for the second-generation K7, came to over 25,000 units as of Friday, according to the data. At this pace, the figure is expected to reach around 28,000 units by end-March. KIA K7 sedan (Yonhap)The K7 emerged as the best-selling m

GM Korea, the local unit of U.S. carmaker General Motors, said Monday that it has sold more than 10,000 units of the Impala here in the six-month period since its debut last year.From its launch in September until January, the Impala's cumulative sales stood at 9,719 units. Then, in the middle of last month, they exceeded the 10,000 mark, according to the company. GM Korea Impala (Yonhap)GM Korea unveiled the Impala with an aim to take over Hyundai Motor's Grandeur, the leader in the large-size

BMW-SNU PARTNERSHIP -- BMW Korea CEO Kim Hyo-joon (right) shakes hands with Lee Kun-woo, dean of the engineering college at Seoul National University, after signing an agreement to work together on driverless technology and to provide internships to college students in a ceremony at the univeristy in Seoul on Friday. (BMW Korea)

GENESIS SPORTS SEDAN -- Hyundai Motor unveiled the “New York” concept of Genesis at the New York International Auto Show on Wednesday. The hybrid sports sedan concept of the automaker’s luxury brand with 245 horsepower has 2.0-liter hybrid drive system coupled to an eight-speed automatic transmission. (Hyundai Motor)

Korea's largest tire manufacturer is hunting for companies overseas to expand non-tire businesses in the automotive industry

The new head of Renault Samsung Motors vowed to focus on niche markets, such as compact sports utility vehicles this year, rather than jumping into direct competition with local giants.“We should be in a different (business) position from other rivals in the local market instead of playing on the playground built by Hyundai Motor,” said Park Dong-hoon, who took office last week as the new chief of the French carmaker Renault’s Korean unit.Renault Samsung's new chief executive Park Dong-hoon (Ren

South Korea’s top automaker Hyundai Motor rolled out its new mid-compact car Elantra in the Chinese market, setting a goal of selling 250,000 units this year. Naming the new car Lingdong for Chinese consumers, the company unveiled the vehicle at the Shanghai New International Expo Center on Friday and began selling it on the day. Hyundai Motor said it aims to sell more than 250,000 units of its new mid-compact in the nation this year, targeting Chinese customers in their late 20s and early 30s.C

GS Retail, the retail unit of GS Group, said Friday it will operate charging stations for electric vehicles through its nationwide network of convenience store chains. As part of its partnership with Korea Electric Vehicle Charging Service, the company also plans to diversify related services in the near future. GS Retail convenience store division representative Cho Yoon-sung (left) and Korea Electric Vehicle Charging Service CEO Park Kyu-ho pose after signing a memorandum of understanding for

BMW Korea said it will open a 130 billion won ($110 million) worth parts distribution center in Anseong, Gyeonggi Province, to more smoothly supply parts to BMW, Mini and Motorrad service centers here. The new facility is expected to be three times bigger than the first center BMW Korea operates in Incheon, Gyeonggi Province. BMW Korea holds a ground-breaking ceremony for its second parts distribution center in Anseong, Gyeonggi Province, Tuesday. (BMW Korea)The Korean unit of the German luxury