The Korea Herald

Hyundai Sonata hybrid wins 'top satisfaction' award

May 25, 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 b
Carmakers showcase tech prowess at Busan auto show

May 24, 2012

BUSAN ― Hyundai Motor Co. introduced five models, including its new Avante Coupe, in the Busan International Motor Show that opened on Thursday, along with an array of automobiles and IT-combined technologies to compete with foreign automakers.Based on the previous four-door Avante model, Avante Coupe will enter the local market in the second half of the year, Hyundai officials said. Embracing the slogan “Motor Show that Satisfies the Customers’ Emotions,” Hyundai president Kim Choong-ho said th
Racing models highlight Busan motor show

May 24, 2012

The Busan International Motor Show 2012 kicked off at BEXCO in Busan, with glamorous racing models highlighting the press-only event on Thursday.While chief executives of global carmakers are scheduled to hold a series of press conferences Thursday, the auto fair will be open to the public for 10 days starting Friday. This year’s fair will be the largest ever. It will showcase 173 vehicles, encomp
High-end technologies highlight Busan Auto Show opening Friday

May 23, 2012

The Busan International Motor Show 2012 will kick off on Thursday at BEXCO in Busan, and will feature global green car technologies, organizers said. While chief executives of global carmakers are scheduled to hold a series of press conferences Thursday, the auto fair will be open to the public for 10 days starting Friday. This year’s fair is expected to be 62 percent larger compared to the previous show in 2010 and be the largest ever. The event will feature a group of futuristic, eco-friendly
Calif. passes 'self-driving' cars bill

May 23, 2012

California's Senate passed a bill to create guidelines for autonomous vehicles' -- self-driving cars -- to be tested and operated in the state, officials said.The bill will now go to the state Assembly for consideration next month, the Los Angeles Times reported Monday.The passage in the Senate comes as Google Inc., Caltech and other groups are busy developing vehicles that use radar, video camera
GM Korea allows early retirement to revamp management

May 21, 2012

General Motors Korea has launched an early retirement program to restructure its upper pool of managers and higher officials. A spokesman for the automaker told The Korea Herald that the program includes pre-payment of two year’s salary, adding that the estimated number of retirees remains unknown. The program, which started last Friday, will serve to renew the group, he said. The spokesman also said, “We are giving them (program candidates) an opportunity to choose. And the program will be a n
China’s car dealerships struggle as stockpiles increase

May 20, 2012

Chinese dealers are struggling with the rising number of unsold cars that’s threatening to deepen price cuts, according to the nation’s biggest automobile dealers’ association.Dealerships for Honda Motor Co., Chery Automobile Co., BYD Co. and Geely Automobile Holdings Ltd. carried more than 45 days of inventory as of the end of April, exceeding the threshold that foreshadows debilitating price cuts, Su Hui, vice president of the auto market division at the state-backed China Automobile Dealers A
Color matters

May 20, 2012

Drivers embrace more colors in their cars with brown becoming the new blackWhen Kia Motors took the wraps off its new premium sedan K9 early this month, the automaker carried out an experiment by introducing the car in brown rather than typical black. Brown is gaining popularity in overseas markets, especially Europe, as the color goes well with the beige seat covers of high-end cars. And now Korean drivers are recognizing the color’s beauty. “Brown is ‘the new black’ in the global car industry
Asiana Airlines Q1 income posts W32.5b

May 19, 2012

Asiana Airlines Inc., South Korea’s No. 2 air carrier, said Friday its earnings plunged in the first quarter of 2012 from a year earlier, mainly due to soaring fuel prices.Net income stood at 32.5 billion won ($27.9 million) in the January-March period, down 94.7 percent from the 61.82 billion won recorded a year ago, the company said in a regulatory filing.Sales rose 7.6 percent on-year to 1.35 trillion won last quarter, while operating profit dropped 52.7 percent on-year to 35.48 billion won.A
Households’ monthly income grows 6.9%

May 19, 2012

South Korean households’ monthly income grew 6.9 percent on-year in the first quarter of this year thanks to improved employment conditions, a government report showed Friday.According to the report by Statistics Korea, households’ monthly income averaged 4.12 million won ($3,540) in the January-March period, compared with 3.85 million won a year earlier. Inflation-adjusted household income gained 3.8 percent from a year earlier, an improvement from a 3.2 percent increase in the fourth quarter o
Kia Motors vows to become premium brand by 2017

May 18, 2012

Kia Motors has vowed to cultivate its brand power to near that of European and Japanese automakers within five years, following a similar vision its affiliate Hyundai Motor unveiled in April.Kia disclosed the goal to become a premium auto brand during the 2012 gathering of Kia dealership owners worldwide at a hotel in Vancouver May 14-17.Kia Motors vice chairman Lee Hyung-keun told participants that the company has set a vehicle sales target of 2.21 million units in the overseas market in 2012,
Hyundai, Kia struggle against hybrid rivals

May 17, 2012

Korean carmakers plan to roll out new K5, Sonata hybridsHyundai Motor and Kia Motors have yet to clarify their stance on whether to develop Genesis or K9 hybrid vehicles, though global carmakers are in heated competition to launch eco-friendly models of large-sized sedans.The players manufacturing hybrids for the luxury and premium-luxury segments include BMW, Mercedes-Benz, Audi and Lexus.Spokespeople for Hyundai Motor Group declined to comment on the possibility that Hyundai-Kia would follow s
Hyundai expands tie-ups with Nordic countries

May 15, 2012

Starting Norwegian firm, automaker to sign MOUs on green carsHyundai Motor is expanding its business collaboration with Scandinavian countries to boost the carmaker’s supply of environmentally friendly vehicles.Following a pact between Hyundai and the governments of the four countries ― Sweden, Norway, Denmark and Iceland ― in January 2011, the automaker signed a memorandum of understanding with a Norwegian firm on green car supply in Seoul on Tuesday.Under the MOU, Hyundai and Norway-based larg
More foreign CEOs in car market

May 15, 2012

More non-Korean chiefs arrive in Korea as import auto market heats upAs Korea’s import car market grows, global automakers are increasingly opting for foreign chief executives for their Korean units.When the Korea Automobile Importers and Distributors Association was established 17 years ago, the import car sector had only one foreign CEO.Of the 16 member firms of KAIDA, seven now have foreign CEOs. They are Mercedes-Benz, Audi, Chrysler, Jaguar/Land Rover, Stuttgart Sports Cars (or Porsche Kor
Korea Auto Parts Park opens in Detroit

May 14, 2012

Korea Auto Parts Park in Detroit was launched Monday to help Korean firms settle in the U.S. city.The opening ceremony was organized by Korea’s Commerce Ministry and the state-run Korea Trade Investment Promotion Agency.KAPP provides offices with presentation devices and conference rooms. “It takes a long time for small and medium auto part companies to win business contracts from global carmakers. That is when the local offices are needed,” KOTRA’s vice president Oh Sung-keun said. “KAPP will g