The Korea Herald

Hyundai Solaris named Russia’s car of the year

Mar 30, 2012

Hyundai Motor Co.’s Solaris sub-compact was named the 2012 Annual National Prize Car of the Year by Russian consumers, South Korea’s largest carmaker said Friday.The vehicle, which is the local name for Hyundai’s popular Accent, was picked as both car of the year and best model in the small vehicle segment by 1.5 million consumers who took part in a nationwide vote.The award ceremony hosted by the country’s automotive media including Automir was held on Thursday in Moscow.Hyundai said its Solari
GM Korea to recall Alpheon sedans for headlight problem

Mar 29, 2012

GM Korea Co., the South Korean unit of U.S. automaker General Motors Co., is voluntarily recalling its Alpheon sedans for headlight problems, the transportation ministry said Thursday.The 12,747 entry-level luxury cars subject to the recall were manufactured between April 30, 2010 and March 5 this year, according to the Ministry of Land, Transport and Maritime Affairs.Vehicles subject to the recall are the 2.4-liter gasoline and hybrid models as well as those powered by a 3.0-liter engine.The mi
BMW recalls 1.3 million cars worldwide

Mar 27, 2012

German luxury carmaker BMW said on Monday it was recalling some 1.3 million cars worldwide due to battery problems that could in extreme cases result in a fire."In order to carry out a quality measure, BMW is recalling all BMW 5 and 6 Series models of the previous generation, built between 2003 and
Carmakers slash prices amid sluggish demand

Mar 25, 2012

Free trade pacts with EU, U.S. spark heated competition to offer value for moneyKorean and foreign carmakers are battling to lower vehicle prices amid lackluster domestic consumption.Their drive for lower prices is also sparked by the nation’s free trade agreements with Europe and the U.S., which took effect on July 1, 2011 and March 15, 2012, respectively.Hyundai Motor’s discounts range between 200,000 won ($175) and 1 million won.The nation’s largest carmaker is offering a 1 million won discou
GM sees Europe pricing weakness causing broad capacity cuts

Mar 18, 2012

General Motors Co. sees “clearly deteriorating” sales and pricing in Europe’s car market leading to restructuring across the industry, according to analysts who met with the automaker’s management yesterday. Analysts met with Dan Ammann, GM’s chief financial officer, and James Davlin, treasurer of the Detroit-based automaker, according to Citigroup Inc. Europe’s vehicle pricing has “worsened significantly” during the past three to four months, Rod Lache, a New York-based analyst at Deutsche Bank
U.S. auto dealers who survived debacle see record sales

Mar 18, 2012

Spring Chrysler-Jeep-Dodge-Ram in Houston was one of the fortunate U.S. auto dealers to have survived the industry meltdown of 2008 and 2009.“It was tough times,” Al Heggs, the dealership’s general manager, said of the period when sales plunged to less than 135 new cars and trucks a month from 300. “You don’t take any solace in the fact that everybody else is suffering. You just got to figure out how to keep yourself above water.”Beleaguered Spring Chrysler wound up doing that ― and much more. T
Two wheels lure young away from four

Mar 18, 2012

Sports motorbikes are offering a fuel-efficient alternative to cars for young people in the entry-level market. BMW Motorrad and Honda Korea note a two-digit expansion in sales of their flagship models over the past year, taking sales from the entry-level car market.The sales volume of Honda’s CBR125R, a 125cc engine bike, grew 128 percent last year alone. CBR125R boasts fuel efficiency of 57.3 kilometers per liter, making it attractive compared to compact cars after oil prices soared to all tim
Hyundai’s Elantra car of the year in South Africa

Mar 16, 2012

Hyundai Motor Co.’s Elantra won the Car of the Year prize of the 2012 annual competition of the South African Guild of Motoring Journalists on Wednesday, the company said Friday.After a two-day evaluation of the finalists, Hyundai’s medium luxury sedan was named the SAGMJ and WesBank’s choice of the year. This year is the first a Korean model has won the prize. “We are extremely proud of the recognition that a world-class product such as the Hyundai Elantra has received from the South African Gu
Hyundai Motor heir takes steel unit post

Mar 16, 2012

Hyundai Motor vice chairman Chung Eui-sun will take on a vice chairman post at Hyundai Steel.Chung was appointed as vice chairman in charge of product quality at the non-automotive affiliate of Hyundai Motor on Friday.The heir apparent of Hyundai Motor Group chairman Chung Mong-koo has now four titles including Kia Motors president & CEO and Hyundai Mobis vice chairman.“While Hyundai Steel vice chairman and CEO Park Seung-ha will still take the initiative in overall management of the company, vi
Mitsubishi cars come back to Korean market

Mar 16, 2012

Mitsubishi Motors Corp. resumed its vehicle sales in Korea by unveiling two models.The Japanese carmaker reentered the local market on Friday after a hiatus of about a year by signing an exclusive dealership contract with CXC Motors.CXC Motors was established by Hanjin Group founder’s grandson Henry Cho in 2011.Mitsubishi and CXC unveiled compact crossover RVR and pick-up truck L200 during the unveiling event at the KINTEX in Ilsan, Gyeonggi Province.CXC Motors is poised to open large showrooms
Chung foundation launches education program for poor

Mar 15, 2012

The Chung Mong-koo foundation of Hyundai Motor Group has set up an educational program dubbed “On Dream School.”The program is designed to foster outstanding figures among students from underprivileged households, Hyundai Motor said in a statement.Its main functions will include providing students ― from elementary to college ― with scholarships and opportunities for high-quality education.On Thursday, the social foundation signed a pact with the Ministry of Education, Science and Technology on
Hyundai Motor’s Veloster sales brisk in U.S. market

Mar 13, 2012

Hyundai Motor saw its U.S. sales of Veloster, a three-door sports car, jump last month on the back of the company’s Super Bowl advertisement.The company’s sales of the Veloster came to 3,240 units in the United States in February, up 91.4 percent from a year earlier.The Hyundai vehicle is vying for the top place in the sport compact segment with BMW’s Mini Cooper and the Fiat 500, which posted sales of 3,686 units and 3,227 units, respectively.The Veloster made a sensation in October last year,
Hyundai city car gains popularity in India

Mar 12, 2012

Hyundai Motor’s Eon is gaining popularity in India, becoming one of the five best-selling cars in the emerging market.The automaker saw sales of the Eon, a hatchback city car, surpass 10,000 units last month for the first time since its launch in India last September.With 10,480 units, the Eon ranked fifth in sales. The top four best-selling models were Maruti Suzuki’s Alto, Swift, Dzire and Wagon R. Hyundai’s Eon features an 800cc engine, and was launched in the local market in October, with sa
Porsche looks to sell more 4-door cars

Mar 12, 2012

Korea rises to 3rd in terms of new car sales of the premium sports car makerPorsche enjoyed a record year in sales driven by their non-sports models.“The great thing that happened was the Cayenne, which was introduced here in Korea in June 2010, and that hit the sweet spot of the customers here,” said Porsche president in Korea Michael Vetter.The sports car company has been in Korea since 1986 but suffered tremendously during the financial crisis that hit the country from 1997-98.In 2000, Porsch
Automakers snazz up small cars to lure wary buyers

Mar 11, 2012

The small cars premiering at the Geneva Motor Show last week were not the boxy fuel-savers of yesteryear.European automakers have downsized SUVs and put all the luxury they can into premium subcompacts as they seek to dazzle consumers back into confidence after years of crisis.European manufacturers are facing one of their toughest seasons yet. Unemployment and austerity measures have made consumers in Europe skittish, factories are idle, and yet there is little automakers can do to close plants