The Korea Herald

Hyundai Motor breaks ground for Sichuan plant

Aug 28, 2012

Hyundai Motor held a ground-breaking ceremony for a manufacturing factory specialized in rolling out commercial vehicles, in Ziyang, China, on Tuesday.“The factory, named Sichuan Hyundai, will have the production capacity of 150,000 units per annum,” a Hyundai Motor Group spokesman said.He said the auto giant predicts that China will be the world’s largest commercial vehicle market in five years with yearly sales of 4.7 million units. “We have the target of grabbing 3.6 percent of the market by
BMW revives scooter ambitions to target ‘sleepers’

Aug 26, 2012

Bayerische Motoren Werke AG has long made powerful motorcycles such as the 193-horsepower S 1000 RR that can be seen screaming down the autobahn. Now, as arch-rival Audi roars into the bike market after buying Italy’s Ducati, BMW is looking to update its two-wheeler image with scooters designed to appeal to a more urbane rider.BMW is reviving its scooter ambitions nine years after it discontinued the C1, a model with a roof to keep riders dry in rainy weather. The new line is a far cry from unde
Ssangyong courts young drivers with SUV

Aug 26, 2012

Ssangyong Motor, the nation’s fourth-largest carmaker, is stepping up efforts to appeal to young drivers, with its sport utility vehicles receiving positive reviews, especially from those in their 20s and 30s. When local rivals like Hyundai Motor and Kia Motors suffered from sluggish domestic sales in the first half of this year, Ssangyong saw a modest 1.4 percent growth in car sales from one year ago. Ssangyong sold 56,653 vehicles in the first six months this year, including 34,812 units in ov
Chrysler 300 tops GM-Ford sedans in test

Aug 26, 2012

Chrysler Group LLC, the U.S. automaker majority owned by Fiat SpA, boosted its rating in Consumer Reports’ testing of large sedans as its 300 topped offerings by General Motors Co. and Ford Motor Co. The Chrysler 300 scored an 83, behind only Hyundai Motor Co.’s Genesis at 92, the Yonkers, New York-based magazine and product-testing group said today in an e-mailed statement. The cars were tested for their handling, efficiency, comfort and ease of use. The 300 was one of the new or refreshed mode
Competition heated in luxury sedan segment

Aug 26, 2012

Hyundai Motor bolsters marketing to battle BMW, Mercedes in GangnamKorean automakers are set to reinforce marketing of large sedans at home, as their sales in the lucrative premium segment continued to be eroded by import brands.Though Hyundai Motor is posting record-breaking sales of the Equus, Genesis and Grandeur sedans in major overseas markets including the U.S., the company had to suffer a heavy drop in share of the local upscale market.In the case of the Equus sedan, Hyundai posted 6,449
Honda’s new Accord brings investment, jobs to Ohio

Aug 19, 2012

CINCINNATI (AP) ― Honda’s new Accord sedan to be unveiled Monday at a central Ohio plant has led to more than $220 million in investments and more jobs in two of its other Ohio plants, with companies that supply Honda with products and services also getting a boost. Economic development officials in central Ohio, U.S., are hopeful the new Accord to be produced at Honda’s Marysville plant in Union County will lead to even more Honda investment in Ohio and bring more economic benefits to their are
GM chief seen planning global reorganization against ‘fiefdoms’

Aug 19, 2012

General Motors Co. chief executive officer Dan Akerson is planning a reorganization of the automaker that would move it away from long-entrenched regional authority toward a structure built on global functions, said two people familiar with the planning. Power would shift from regional chiefs to global leaders in areas such as marketing, purchasing and product development, said the people, who asked not to be identified because the matter is private. While details are still being determined, the
Cars and creativity

Aug 19, 2012

Automakers experiment with new ideas to enhance driver comfort and convenienceAs auto technologies continually evolve, auto companies are now competing not just for speed and fuel efficiency but also for enhanced driving emotions. Kia Motors’ luxury sedan K9 was developed to vie directly with European premium brands BMW and Mercedes-Benz as well as its sister company Hyundai Motor’s Genesis and Equus. The upscale model of the carmaker’s flagship K series, which was released in May, offers rear-w
BMW, Hyundai top in H1 operating margin

Aug 15, 2012

BMW AG and Hyundai Motor Co. outperformed other domestic and foreign auto companies in terms of operating margin in the first half of 2012, an auto research institute reported on Wednesday. According to the study conducted by the private Korea Automotive Research Institute, or KARI, German automaker BMW and Korean automaker Hyundai Motor vied closely with operating margins of 11.6 percent and 11.4 percent, respectively.Kia Motors Corp., the nation’s second-largest carmaker, won third place with
Korean car exports fall 10.4% in July

Aug 15, 2012

Korea’s car exports fell 10.4 percent in July from a year ago due to contracted demand in Europe stemming from the region’s debt crisis, a government report showed Wednesday.Overseas vehicle shipments reached 238,824 units last month, compared with 266,627 vehicles exported a year ago, according to the report by the Ministry of Knowledge Economy.The ministry said that sluggish exports to the debt-ridden European region led the decline, with shipments to Europe falling for six months in a row.Shi
BMW in China explains Europe’s best new bonds

Aug 12, 2012

Bayerische Motoren Werke AG’s China growth is being rewarded by investors who have pushed down relative yields on bonds sold in January by the biggest luxury carmaker more than any other new issue in Europe this year. The spread on BMW’s 1.25 billion euros ($1.5 billion) of notes due 2015 has narrowed 77 basis points since its Jan. 13 sale to 6 basis points, Bloomberg generic prices show. The 94 percent decline outpaced an 83 percent drop for the 500 million euros of 2017 notes issued the same m
Sales of small cars stay strong in slowdown

Aug 12, 2012

Local carmakers eager to ride the boom while import car brands remain cautiousThe nation’s economic slowdown is turning consumers toward small-sized cars, a trend likely to continue during the second half of this year, according to experts and government officials.Auto analysts said the 20-year-old small car market is growing bigger than ever, selling 124,450 compact and sub-compact cars in the first seven months of this year with a 15 percent growth on-year.They said the market has a high chanc
Toyota raises sales plan as quarterly profit zooms

Aug 5, 2012

TOKYO (AP) ― Toyota raised its sales target for this year to a record 9.76 million vehicles and reported a strong recovery in quarterly profit Friday, underlining its bounce back from a disaster plagued 2011.Toyota Motor Corp. said April-June profit zoomed to 290.3 billion yen ($3.7 billion) from 1.1 billion yen the year before. Its new sales target would represent a 23 percent increase from the 7.95 million vehicles sold in 2011, and is 180,000 vehicles more than Toyota’s last forecast in Febru
VW completes purchase of Porsche

Aug 5, 2012

Volkswagen AG finalized the purchase of the Porsche auto business, ending a seven-year saga that saw VW turn the tables on the maker of the 911 sports car.VW paid the Porsche SE holding company 4.49 billion euros ($5.52 billion) and one common share for a 50.1 percent stake in Porsche AG, assuming full ownership of the brand, the Wolfsburg, Germany-based company said Wednesday in a statement.“The path is now finally clear for a bright future together,” Martin Winterkorn, chief executive officer
Women driving import car market growth

Aug 5, 2012

Women seek foreign brand cars for style, performance, confidence boostAfter years of driving Korean cars, Chung Ji-eun, a 33-year-old businesswoman, recently purchased a Benz C-Class sedan for herself.“I used to enjoy shopping for European designers’ bags or shoes. But the satisfaction level with the Benz was the highest,” she said.“I like the luxury design and performance. But, above all, I feel more confident driving alongside the tough male drivers on the road.”The number of female drivers ha