Hyundai Motor, South Korea’s top automaker, said Thursday that its third-quarter net profit sank 25.3 percent from a year earlier largely due to a drop in emerging markets’ currencies and increased costs.In a regulatory filing, the automaker reported a net profit of 1.21 trillion won ($1.06 billion) for the July-September period, compared with a profit of 1.62 percent a year earlier.Operating income declined 8.8 percent on-year to reach 1.5 trillion won over the cited period, while sales rose 2.

    German carmaker BMW debuted its new 7 Series in Korea on Wednesday, setting a goal of winning back the top post from Mercedes-Benz in the luxury large sedan market here. 　Korea is the fourth-largest market in the world for BMW 7 Series. BMW’s flagship sedan, however, has fallen behind the Benz’s S-Class since 2013 mainly as the model was being phased out. 　“We expect to gain growth momentum again (in the segment with the new 7 Series),” Ian Robertson, a board member and the head of sales and

Ford Sales & Service Korea, Jaguar Land Rover Korea and GM Korea will recall 9,779 cars sold in South Korea for safety-related mechanical defects, the transportation ministry said Wednesday.According to the Ministry of Land, Infrastructure and Transport, a combined 6,431 Ford Escapes, Fusions, Mondeos and MKZs made by the U.S. automaker's luxury car division, Lincoln, have been found to have faulty air bags and steering column issues.Air bag problems involve cars made between April 15, 2012, and

Local units of Volkswagen and Audi will apologize to their customers for the deepening emission rigging scandal and promise to take "every necessary measure," including a recall, to minimize inconvenience, company officials said Wednesday.Volkswagen Korea plans to send out an apology letter to about 92,000 customers owning its cars, whose emission results are suspected of having been manipulated, the officials said."We are drafting the wording of the apology, which will be sent out sooner or lat

Another group of Volkswagen vehicle owners in South Korea has sued the German carmaker for deceiving them about emission tests following the first case filed last week, their legal representative said Tuesday. They accused the carmaker and dealers of deceiving its customers and demanded that the contracts they made to buy the cars in question be annulled. They sought 30 million won ($25,000) each in damages in case the contracts are not canceled.A total of 38 people filed the lawsuit against Vol

Embattled German carmaker Volkswagen saw its sales in South Korea drop nearly 8 percent on-month in September amid the deepening emissions rigging scandal, far underperforming in the market, industry data showed Tuesday.According to the data compiled by the Korea Automobile Importers and Distributors Association, Volkswagen sold 2,901 cars in South Korea last month, down 7.8 percent from a month earlier.The latest sales data have been closely watched as they were expected to provide a glimpse in