The Korea Herald

Renault Samsung seeks image upgrade with electric SM3

Jun 17, 2012

Times have been tough for Renault Samsung Motors, the maker of SM series sedans ― SM3, SM5, SM7 and QM5.The automaker sold 246,959 cars last year, 9 percent less than the previous year. It delivered 109,221 units in Korea and 137,738 overseas.In the first quarter of this year, the company suffered the biggest drop in year-on-year sales among the five major players, including Hyundai, Kia, GM Korea and Ssangyong. In order to give fresh momentum to its sluggish domestic sales, RSM is now pinning i
Fiat cuts spending as Peugeot sells assets as sales slump

Jun 17, 2012

Fiat SpA will cut investments in Europe by 500 million euros ($632 million) and PSA Peugeot Citroen plans to sell a larger stake in its trucking unit as the region’s automakers grapple with an extended market slump.“The capital expenditure reduction is about half a billion euros from what we planned last year for 2012 in Europe,” chief executive officer Sergio Marchionne said late Thursday in an interview in Madrid, where he’s heading the annual gathering of the European Automobile Manufacturers
Korea’s car industry refutes EU officials’ argument on FTA

Jun 13, 2012

The nation’s automobile sector has refuted claims by some European car industry leaders that Korean carmakers are enjoying huge benefits under the Korea-EU Free Trade Agreement.On the contrary, a greater beneficiary of the bilateral FTA ― which took effect on July 1, 2011 ― is the European counterpart, the Korea Automobile Manufacturers Association said Wednesday.KAMA clarified that the trade pact offers little benefit in terms of tariff elimination to the automobile sector, highlighting the man
Hyundai bets longer Elantra will help narrow China gap

Jun 10, 2012

Hyundai Motor Co. has made steady progress in China in recent years by courting consumers on reliability and price. Now it’s betting that a new factory and an updated version of its top-selling model will give it the edge it needs to further boost sales of both small cars and more expensive -- and more profitable -- vehicles. Hyundai this month will open the 6.5 billion yuan ($1 billion) Beijing plant, where it plans to produce Elantra sedans that are slightly longer and taller than the current
One in four import car consumers chooses BMW

Jun 10, 2012

German automaker dominates expanding import market in KoreaBMW grabbed 25.5 percent of the nation’s import automobile market in May, according to statistics provided by Korea Automobile Importers and Distributors Association.BMW’s further growth in terms of market share is drawing wide interest now that the automaker has secured its long-standing No. 1 position in Korea with a large-scale sales volume.“Theoretically speaking, a 10 percent growth in the monthly sales for BMW and, say, Volvo is no
Renault Samsung to bet on electric car as sales slump

Jun 8, 2012

Automaker struggles to find breakthrough in sagging sales of gasoline-powered carsHit by a prolonged slump in vehicle sales, Renault Samsung Motors seems to be staking all on its mass production of electric cars from early next year to jockey for the nascent market in Korea. The automaker showcased high-end technologies in its first electric car model ― the SM3 Z.E. ― during the 2012 Busan International Motor Show, which was held from May 24-June 3.Renault Samsung, which is offering test drives
Import car firms continue to break sales records

Jun 5, 2012

Import car brands broke the all-time high record in vehicle sales for the third consecutive month so far this year.After attaining record figures in March and again in April, foreign carmakers saw their combined sales come to a fresh high of 11,708 units in May, the Korea Automobile Importers and Distributors Association said Tuesday.“The record-breaking streak for three months in a row is noteworthy because the former record before March 2012 was the figure posted a year before (10,290 units in
Hyundai, Kia to launch four new models in second half

Jun 4, 2012

Upgraded Sorento R, Equus, K3, Tucson ix to debut in second halfHyundai Motor and Kia Motors will continue to push for releases of new vehicle models during the latter half of this year, following their strategies in the first half.They will collectively launch at least four new models ― the Sorento R, Equus, Tucson ix, and K3, according to executives of the affiliated automakers.As their first event for the second half, Kia Motors is poised to unveil the facelift model of the Sorento R, the com
Mahindra to reveal model developed with Ssangyong Motor in 2015

Jun 3, 2012

Mahindra & Mahindra Ltd., India’s biggest SUV maker, will reveal the first jointly developed platform with Ssangyong Motor Co. by 2015, seeking to integrate its South Korean unit and boost margins from a five-year low. Mahindra will spend 300 billion won ($253 million) to develop the platform with the automaker it acquired last year, Pawan Goenka, president of Mahindra’s automotive division, said. The two companies have also begun working on a new engine, he said.New products catering to emergin
Mercedes leads BMW in U.S. sales for year after May gain

Jun 3, 2012

Daimler AG’s Mercedes-Benz held onto the U.S. luxury-vehicle sales lead for the year over Bayerische Motoren Werke AG’s BMW brand, as Mercedes deliveries in May jumped 19 percent. Toyota Motor Corp.’s Lexus brand, rebounding from inventory shortages after last year’s earthquake and tsunami in Japan, soared 74 percent to 21,463. U.S. sales of Mercedes vehicles rose to 22,515 last month while BMW deliveries increased 7.3 percent to 22,168, according to statements yesterday from the companies. Lexu
Import car dealers focusing on better customer service

Jun 3, 2012

Improved after-sales service expected to become a fresh threat to Korean brandsLee Jeong-kyu, a 63-year-old retiree, recently bought Hyundai Motor’s luxury sedan Genesis, which he said might be the last car in his lifetime. “I had long dreamed of driving an import car of foreign brands such as BMW or Mercedes-Benz. Considering after-sales services, however, my choice was the Korean brand,” he said. The nation’s import car market is enjoying a sales boom in recent years, with the number of newly
Carmakers see domestic sales inch up

Jun 1, 2012

Five players strive to attract consumers at home amid ongoing weak demandAutomakers saw their vehicle sales at home inch up in May on a year-on-year basis after several months of weak domestic demand.Hyundai Motor said Friday that it posted sales of 58,050 units in the local market, up 0.6 percent from 57,694 units a year earlier.It was the first time the nation’s largest automaker reported an increase in year-on-year sales at home since last February.Excluding February, Hyundai Motor’s domestic
Volkswagen to recall 1,100 cars here over fuel filters

May 31, 2012

German automaker Volkswagen AG will recall 1,111 units of its popular CC four-door sedan and Tiguan compact sport utility vehicle to repair faulty fuel filters, the South Korean government said Thursday.Subject to the recall are 729 2.0-liter turbo diesel CCs produced between March 31 and Aug. 25 of last year and sold through Volkswagen’s local distributor. In addition, 382 Tiguans with the same engine made from March 25 through Sept. 20 will be recalled, the Ministry of Land, Transport and Mari
Sonata hybrid wins top satisfaction award

May 27, 2012

Hyundai Motor Co., South Korea’s top automaker, said Friday its Sonata hybrid has received the “top satisfaction” award from a U.S.-based automotive research company.The carmaker said the mid-size car ranked No. 1 in the hybrid and electric-powered passenger car segment checked by AutoPacific Inc. This car segment was first launched in 2010 with the Mercury Milan hybrid and Lincoln MKZ hybrid being the early winners.Hyundai’s Sonata hybrid was first introduced in the U.S. market a year ago.The A
Hyundai to advance release of new Equus, Genesis

May 27, 2012

Automaker sees sales of 2012 models stutter due to launch of K9, cheaper import carsHyundai Motor is considering moving up the release dates for the Equus and Genesis 2013 versions as sales of the 2012-versions of the premium models have been sluggish.The recently sagging sales of the two models were attributable to a growing popularity of affiliate Kia Motors’ K9, a V8-powered luxury sedan, which was unveiled in early May.With many consumers acquainted with the news of the K9’s debut and active