The Korea Herald

Korean cars on roll in Africa, Middle East

Jul 31, 2012

Shipments of South Korean vehicles to Africa and the Middle East soared nearly 35 percent in the first half of this year, helping the regions emerge as the country’s biggest markets, industry data showed Tuesday.South Korea’s five carmakers led by Hyundai Motor Co. exported $1.28 billion worth of vehicles to African nations in the January-June period, up 34.4 percent from a year ago, according to data compiled by the Korea Automobile Manufacturers Association.The other companies are Kia Motors C
Toyota aims to bounce back in Korea

Jul 31, 2012

Japanese carmaker pins hopes on hybrid vehiclesToyota Motor Corp. is outperforming General Motors in global sales again, bouncing back from a massive recall incident and natural disasters in its home country.The Japanese automaker said it sold 4.97 million vehicles globally in the first half of the year, while the sales of GM stood at 4.67 million units.While Toyota’s Korean unit is also set to wage uphill sales battles with German firms such as BMW, Mercedes-Benz and Audi, market insiders are w
Capone‘s armored Cadillac up for sale

Jul 30, 2012

Al Capone‘s green and black Cadillac touring car was among the items on the block Saturday at a Michigan auction. Alan Squindo of RM Auctions told the Detroit News the car could go for as much as $500,000 at the sale in Plymouth, Mich. The event was not open to the public. Squindo said the car would be valuable even without its history. “This is a very special automobile, not withstanding its Capone history,” Squindo said. “It is a luxury car from a classic era as one of the first bulletproof ca
Renault Samsung sees customer satisfaction as winning path

Jul 29, 2012

Renault Samsung Motors has gained popularity in the local market with its SM sedan series over the past decade.Of the automaker’s lineup, the mid-sized sedan SM5 and compact SM3 have long been among the top sellers in their respective segments.The mid-sized and compact sedan segments collectively account for about 50 percent of Korea’s passenger car market.Company executives say that the quality of its vehicles is the secret of its success, and a string of awards and consumer survey results back
‘Responsive management lifts Hyundai-Kia sales’

Jul 29, 2012

Both of the nation’s two largest automakers ― Hyundai Motor Co. and Kia Motors Corp. ― posted record sales during the first half of this year despite the global economic slowdown. Their combined operating profit recorded over 7 trillion won ($6 billion).Behind these stunning performance, particularly abroad, there might be a speedy management of the companies pushed by the automotive group’s chairman Chung Mong-koo and his son Eui-son, experts said. Hyundai rushed to push fuel-efficient, small v
VW calls for Marchionne to quit as head of auto group

Jul 29, 2012

Volkswagen AG threatened to leave the ACEA European automakers association in response to comments by Fiat SpA chief executive officer Sergio Marchionne, a measure of rising tensions in the industry as sales slump. According to a report in the New York Times published yesterday, Marchionne suggested VW’s pricing strategy was creating a “bloodbath.” The newspaper said that auto executives, including Marchionne, who is also ACEA’s president, accuse the German carmaker of exploiting the debt crisis
Auto exports expected to log solid gains in H2

Jul 26, 2012

Korea’s auto exports are likely to post a solid increase in the second half of this year despite unfavorable overseas market conditions, industry officials said Thursday.Domestic demand is expected to remain weak for the rest of the year, but exports should continue to do well, carmakers, auto parts companies and local automobile industry associations said in a meeting hosted by the Ministry of Knowledge Economy.“Eurozone fiscal woes and a slowdown in growth in China and the United States have a
Kia’s Soul expands small car market dominance in U.S.

Jul 24, 2012

The box-type compact Soul of Korea’s Kia Motors Corp. is strengthening its stranglehold in the U.S. market as its Japanese rivals are suffering sluggish sales, industry data showed Tuesday.Kia sold 63,635 units of the Soul in the first six months of the year in the U.S., with a market share of 82 percent in the segment, beating other boxes like the Nissan Cube and the Scion xB of Toyota, according to the data.During the same period, 10,206 units of the Scion xB were sold, while sales of the Cube
Audi Korea chief Trevor Hill set to leave Korea

Jul 23, 2012

Trevor Hill, managing director of Audi Korea, has been a key figure in Korea’s import car industry for his contributions to growth in the Korean market. After five years in Korea, he plans to leave the country upon completing his tenure this year. News reports said that Hill will continue his career with Audi AG, moving to Dubai to serve as the local unit chief there. According to industry sources, Hill has played an instrumental role in the breakthrough sales success of the luxury automaker’s K
No aid for Peugeot without concessions: French minister

Jul 22, 2012

PARIS ― France will not grant any public aid to Peugeot PSA without concessions from the carmaker, Industry Minister Arnaud Montebourg said on Wednesday, as the government prepared to unveil its strategy to shore up the ailing automobile sector.Montebourg criticized Peugeot for deciding to shutter a major production site near Paris, promising to summon the Peugeot family ― a majority stakeholder ― to explain why the carmaker has continued to pay dividends despite its difficulties.A public aid pa
Ford recalls 2013 Escapes; engines can catch fire

Jul 22, 2012

Ford Motor Co. is telling owners of one version of the brand-new Ford Escape not to drive the SUVs until dealers can fix fuel lines that can crack and spill gasoline, causing engine fires. The company issued the unusual warning on Thursday and said it is recalling 2013 Escapes equipped with 1.6-liter four-cylinder engines. Dealers will pick up the Escapes and drop off a loaner car that customers can use until the repairs are finished. The company is hoping to ship parts and get all the SUVs repa
Renault-Nissan renews commitment to Korea

Jul 22, 2012

Investment plan lacks specific measures to boost Renault Samsung’s sagging salesIn his surprise visit to Korea last week, Carlos Ghosn, chairman and CEO of the Renault-Nissan Alliance, expressed his commitment to reviving the ailing Korean unit Renault Samsung Motors. Ghosn, who is also chairman of Nissan Motor, unveiled a 170 billion won ($160 million) investment plan in the production of Nissan vehicles at Renault Samsung Motors’ Busan plant during a news conference held in Seoul on Friday. “W
Seoul Auto Salon attracts crowd

Jul 20, 2012

The Seoul Auto Salon 2012 and the Seoul Auto Service 2012 ended in a great success on July 15.(Yonhap News)Seoul Auto Salon, the country’s leading auto show dedicated to aftermarket and tuning cars, wrapped up its run on July 15 amid heightened public attention. The automotive event celebrated its 10th anniversary this year, luring in some 150,000 visitors. New programs such as “Seoul auto film sh
Hyundai, Kia sales in U.S., China surpass home market in first half

Jul 19, 2012

The United States and China surpassed Korea as the largest markets for cars made by Hyundai Motor Co. and Kia Motors Corp. in the first half of 2012, industry sources said Thursday.Combined sales of Korea’s top two carmakers in the home market stood at 567,251 in the January-June period, while numbers for the U.S. and China reached 645,376 and 593,896 each.The tally marks the first time that sales to individual foreign countries have surpassed the number for the domestic market. Both Hyundai and
Overseas sales of Hyundai’s premium sedans more than double

Jul 15, 2012

Overseas sales of Hyundai Motor Co.’s premium sedans such as the Genesis and the Equus more than doubled in the first five months of the year, buoyed by rising demand in the United States, industry sources said Sunday.According to the sources, Hyundai Motor, South Korea’s leading automaker, exported a total of 28,865 Genesis, Equus and Grandeur sedans in the January-May period, compared with 12,958 units a year earlier.Hyundai Motor sold a total of 13,553 Grandeur sedans in overseas markets in t