Hyundai Motor Group on Wednesday announced long-awaited plans to overhaul its governance structure in a move to bolster future growth and shareholder value amid growing pressure from the government for the country’s leading automotive group to overhaul its complex cross-sharing holding structure by the end of this month.As the first and major step, changes will be made to the auto group’s business structure.The board members of the group’s auto parts making unit Hyundai Mobis and logistics affil

SsangYong Motor, the local unit of Indian automaker Mahindra & Mahindra, stood firm as the No. 1 best-selling automaker in the compact sport utility vehicle segment last year on the continued popularity of Tivoli, the company announced Wednesday.A total 55,280 units of the Tivoli SUV were sold here last year, compared to 45,021 units sold in 2015 when the model was launched.Tivoli marks the first model released after SsangYong’s the merger with Mahindra & Mahindra.SsangYong Motor underlined desi

Posco, South Korea’s leading steel company, will implement a new bidding system next month that limits excessively low bids for purchasing materials and equipment, the company said.The new system will help eliminate companies from casting bids under 85 percent of the average price, the company said. The average price is the average of the standard price and bids.As the first major local company to implement the system, Posco hopes to foster mutual development with small and midsize suppliers, th

With four days left until the deadline creditors of Kumho Tire have set for the labor union to agree on injecting foreign capital to save the ailing company, midsized South Korean tiremaker Tire Bank on Tuesday officially announced its willingness to buy Kumho Tire.The abrupt entrance of the Daejeon-based tiremaker into the picture has further complicated the sale of Kumho Tire, with experts casting doubts over the financial capacity of Tire Bank in coming up with 646.3 billion won ($603.9 milli

BMW Korea, the local unit of the German luxury carmaker, on Tuesday highlighted the comfortable driving experience and sporty design of the BMW new 6-Series Gran Turismo.“The new 6-Series Gran Turismo has been reborn as a completely new model. Like that of a large size flagship sedan, its design and performance has been pulled up to another level,” BMW Korea said in a statement.It was launched here in September 2017.The new model offers the most spacious storage room among similar BMW sedans due

　Long after market rumors had circulated of GM Korea’s possible withdrawal from the country, GM headquarters made a decision to shut down the Gunsan plant in North Jeolla Province in February.　The announcement immediately sent shock waves across the local auto industry, which is facing similar hardships, with militant labor unions demanding higher wages despite declining productivity and sales.　The last time Daewoo Motor, the predecessor of GM Korea, was sold in 2002, it was due to the 1997-1998

Local steelmakers on Friday remained cautious following the US’ decision to pause imposing 25 percent tariffs on Korean steel products until the end of April.“The temporary exemption is a positive sign, but uncertainty continues as the decision is not a definitive one,” said the spokesperson of Korea Iron and Steel Organization.“We will fully support the government to persuade the US for permanent exemption.”Due to the temporary exemption, tariffs won’t be levied on steel and aluminum imported f

In efforts to convince the labor union and public that China’s Doublestar is a credible buyer of Kumho Tire, Doublestar Chairman Chai Yongsen on Thursday promised autonomous management of the local firm and guaranteed three years of employment.While urging the labor union to cooperate with the recapitalization deal Doublestar had signed with creditors last week, Chai hinted at a possible withdrawal if the union does not come on board by the end of this month.“Together with Kumho Tire, Doublestar

As Kumho Tire continues to face fervent opposition from unionized labor regarding the sale of the company to China’s state-run tiremaker, Doublestar Chairman Chai Yongsen is visiting Korea to persuade the labor union, the Korea Development Bank confirmed Wednesday.While here, Chai is scheduled to hold a press conference Thursday morning at the KDB headquarters and discuss unresolved issues with creditors during the trip.As for the labor union, Chai is expected to explain Doublestar’s future inve

South Korea has agreed with China and Japan to hold a three-way summit in May to discuss ways to boost economic, environmental and cultural cooperation, Japan’s Kyodo News Agency reported Tuesday.The summit is to be chaired by Japan and attended by Japanese Prime Minister Shinzo Abe, South Korean President Moon Jae-in and Chinese Premier Li Keqiang, possibly on May 8-9, the report said.The last such trilateral summit was held about two years ago in November 2015 in Seoul.  From left: South Korea

South Korean tiremaker Kumho Tire will supply its Crugen HP91 high performance original equipment tires to German luxury BMW’s new X3 SUV, diversifying its customer portfolio, the company said Tuesday.The tires made at Kumho’s Gwangju plant in South Jeolla Province will be supplied to the BMW new X3 that began production at the Spartanburg factory in June 2017.The X3 midsize SUV is BMW’s top-selling model first released in 2003. The German carmaker has since sold over 1.6 million units worldwide

As carmakers compete in the eco-friendly vehicle market, Toyota Motor Korea is poised to lead the hybrid market here, achieving average annual growth of 82 percent, the company said Tuesday.Toyota and its luxury brand Lexus sold a combined 19,102 units of hybrid vehicles here in 2017, up 26 percent on-year, the company said.The two made up 84 percent of the imported hybrid car market in 2017, when a total of 22,773 units of hybrids were newly registered, according to data from the Korea Automobi

South Korean construction company GS Engineering & Construction has signed a 50-50 joint venture agreement with Vasanta Group, Indonesia’s leading developer, to construct a residential complex for 1,445 households in western Jakarta, the company said Tuesday.Vasanta Group will invest land it owns, while GS E&C will put about $20 million into the complex construction dubbed “City Gate 88,” which is expected to yield some $200 million in sales. “We look forward to creating synergy with Vasanta Gro

Inching closer to a deadline set by the creditors of Kumho Tire for the protesting labor union to decide on selling the ailing company to Chinese tiremaker Doublestar, related parties are making all out efforts to hype up public opinion for the sale, against the opposing voices of the labor union.Office workers of Kumho Tire on Monday held a protest in front of the Kumho Asiana headquarters in northern Seoul, opposing a walkout and calling for prompt management normalization.Doublestar Chairman

Posco Daewoo, the trading arm of the South Korean steel giant Posco, provided medical services for visually impaired patients in Uzbekistan, together with Vision Care, for nine days last week, the company said Sunday. Posco Daewoo provides medical services for patients suffering from vision impairments in Uzbekistan, together with Vision Care. (Posco Daewoo)Through the medial camp, some 1,800 local patients were treated free of charge, including 150 patients who received cataract surgeries and 7