The Korea Herald

[Weekender] Renault Samsung’s SM3 Z.E. leads market

Mar 14, 2014

Renault Samsung Motors’ endeavors to go electric appear to be paying off. The company now expects to sell more than 4,000 units of its representative electric car, the SM3 Z.E., this year. “Electric cars will be the engines of growth leading the green growth of Korea,” said Francois Provost, chief executive of the company at the announcement of its EV production in October 2013. According to the carmaker, a total of 453 units of the nation’s first full-electric subcompact car left showrooms in 2
[Weekender] Kia Soul defends Korea’s pride in EV market

Mar 14, 2014

Kia Motors, an affiliate of Hyundai Motor, has debuted the full-electric version of its hot-selling Soul compact, joining the heated competition in the nation’s nascent EV market. Its Korean sales will start in April. The carmaker predicts that the Soul EV will go down in history as an important stepping stone for future development in the domestic market for electric cars, and eco-friendly vehicles in general.“The Soul EV is proudly Hyundai-Kia’s most recent masterpiece that integrates all of t
[Weekender] BMW lays groundwork for luxury electric vehicles

Mar 14, 2014

BMW is determined to revolutionize the future of electric cars with the i3, its first fully electric vehicle, amid signs of a market boom in Korea and globally.The BMW i3 enters the scene at a crucial time for the auto industry.Market analysts predict that following the trends of diesel cars and hybrids, electric cars too will one day become more conventional.As a result, BMW joined the race and built the first electric car for a luxury auto brand ― its significance being that the i3 was not bui
Hyundai Motor shareholders freeze exec pay, outline goals

Mar 14, 2014

Shareholders of Hyundai Motor Co., South Korea’s No. 1 carmaker, froze the annual salary of company board members and outside directors in a meeting Friday and approved more than 530 billion won ($494.73 million) in dividend payments for last year’s profits.The flagship company of Hyundai Motor Group, the world’s fifth-largest automotive conglomerate, said 1,499 shareholders attended the meeting at its headquarters in southern Seoul and passed a motion reappointing Chung Mong-koo as the company’
Korea makes full-fledged foray into global EV market

Mar 13, 2014

South Korea and its leading companies are positioning themselves to compete in the steadily expanding global electric vehicle market, which promises to change the way cars are made and what people and governments need from their vehicles.The domestic unveiling of Kia Motors Corp.’s Soul EV earlier this week, which is competitively priced vis-a-vis its rivals, has better range and looks and drives like a normal combustion engine vehicle, can be seen as a sign that the country’s No. 2 carmaker is
[Photo News] Ferrari 458 Speciale

Mar 13, 2014
Hyundai Motor to sell heavy-duty trucks in China

Mar 13, 2014

Hyundai Motor Co., South Korea’s top carmaker, said Thursday it will start producing and selling heavy-duty trucks in China this year as it seeks further inroads in the world’s biggest auto market.Production of the Trago luxury cargo and dump trucks will begin as early as June at a new commercial vehicle plant in the Chinese city of Ziyuan, Sichuan province, a company official said.Hyundai and its local partner, China’s Sichuan Nanjun Automobile Co., launched a joint commercial vehicle venture i
Porsche revs up Volkswagen earnings

Mar 13, 2014

German automaker Volkswagen is raising its dividend after turbocharged earnings from its Porsche luxury line offset a slip in revenues from mass-market cars.The automaker said Thursday that 2013 operating earnings, which don't count tax and one-time charges, rose slightly to 11.7 billion euros ($16.3 billion) from 11.5 billion euros last year. That was enough for it to raise the dividend to 4 euros per ordinary share, from 3.50 euros.Porsche, maker of the 911 sports car and Cayenne sport-utility
GM Korea to foot bill for Chevy’s Europe pullout

Mar 12, 2014

GM Korea Co., the South Korean unit of U.S. automotive giant General Motors Co., is expected to foot the bill for the pullout of the Chevrolet brand from Europe, a corporate source said Wednesday.The confirmation comes after General Motors International Operations, which controls the South Korean company, recently said it set aside $621 million needed to discontinue sales of Chevrolet-badged cars in Europe and halt operations of local sales companies.“GM Korea supplies 90 percent of Chevrolet ve
New full-sized models lead hybrid car sales growth

Mar 11, 2014

The growing popularity of newly launched full-sized hybrid cars with high-end amenities and good fuel economy increased sales of overall hybrid cars last month in South Korea, industry sources said Tuesday.Combined sales of hybrid cars made by Hyundai Motor Co. and Kia Motors Corp. hit 2,982 units last month, up almost two-fold from 1,507 vehicles sold a year earlier, the sources said. The numbers are not as high as the record 3,511 hybrid cars sold by the two companies in December 2012, yet the
Pre-sale orders of new Sonata top 10,000 in three days

Mar 9, 2014

Pre-sale orders for Hyundai Motor Co.’s new Sonata mid-size sedan topped the 10,000 unit mark in three days, the company said Sunday.South Korea’s largest carmaker said it had received 10,015 orders for the Sonata LF since Wednesday when it started accepting pre-orders. This is the second largest pre-order tally since it started getting orders for the current generation Sonata YF in September of 2009. That model received 12,787 pre-orders in three days.Hyundai said the level of interest shown by
Automakers cautiously upbeat in Geneva as Europe recovers

Mar 9, 2014

For Fiat SpA, PSA Peugeot Citroen, Volkswagen AG and others converging at the Geneva International Motor Show, what a difference a year makes. Automakers are showcasing their latest creations, including the Jeep Renegade and Audi TT, as the region’s market pulls out of a six-year slump, with the ACEA industry group predicting European deliveries will rise 2 percent in 2014. Recovery in the auto industry comes as growth in the 18-nation euro area is set to gain 1.2 percent this year and economic
Ford awards CEO $13.8 million in stock for 2013

Mar 9, 2014

Ford Motor Co. awarded chief executive officer Alan Mulally $13.8 million in stock for the automaker’s performance last year when its profits grew in North America and sales picked up speed in China. Ford also gave its top executive 613,747 stock options as part of an incentive plan for 2013, according to a filing yesterday with the U.S. Securities and Exchange Commission. Mulally is restricted from selling the 882,352 shares of stock until March 4, 2016. The options, with a strike price of $15.
Diesel-powered CLS, a good fit for the Korean market

Mar 9, 2014

Despite its distinctive styling, strong performance and sumptuous interior, the Mercedes-Benz CLS-Class has long been likened to a good-looking lover whom one might brag about but would never seriously consider marrying. This may be why the preferred choice of luxury car in Korea has been the E-Class, which shares much of its underlying structure, engine and hardware with the CLS.Now, in a bold attempt ― and at much risk, according to CLS fans ― to make the vehicle more affordable and accessible
Imported car sales jump 31.2% in February

Mar 6, 2014

Imported car sales in South Korea jumped 31.2 percent in February compared with the same period last year, a report by a local trade association said Thursday.A total of 13,852 new foreign-made cars were sold last month, compared with 10,556 units a year earlier, the Korea Automobile Importers and Distributors Association said. The on-year gain comes after annual foreign car sales hit a record high of 156,497 units in 2013. The latest tally, however, showed that compared with January this year w