With an investigation into GM’s financial records slated to begin this week, the Seoul government appears to be upping the pressure against the US automaker by suggesting a tax audit.　Kim Sang-jo, chairman of the country’s corporate watchdog Fair Trade Commission, said Tuesday he would discuss with the National Tax Service a tax audit over the US automaker’s transfer pricing and high rate of cost to selling price. 　Demands to comb through the US firm’s tax status have also been rising from the

Posco, South Korea’s biggest steelmaker, bought 4.75 percent shares and convertible bonds of Australia-based lithium and tantalum producer Pilbara Minerals, in a move to boost its lithium business, the company said Tuesday.Posco also signed a long-term business agreement to purchase 240,000 metric tons of lithium spodumence concentrate annually from the lithium producer.Posco-Australia, the steelmaker’s corporate body there, will acquire the shares, the company said.(Yonhap)Demand for lithium ha

BMW unveiled its second-generation new X4 midsize sports activity coupe after four years, boasting an eye-catching sporty design and driving performance, the company said.The event took place in Germany last week, before its world premiere at next month’s 2018 Geneva Motor Show.Adjustments have been made to the car body to create a more dynamic look.The length, width and wheel base of the SAC has been extended by 8.1 centimeters, 3.7 cm and 5.4 cm, respectively, to 4.75 meters, 1.92 m and 2.86 m

Hyundai Rotem, a tank and train-making affiliate of Hyundai Motor Group, won a 62.1 billion won ($57.7 million) order to supply a total of 24 cars for driverless trains to the Richmond Airport Vancouver Line, the company said Monday.The cars produced at Hyundai Rotem’s factory in Changwon, South Gyeongsang Province, will be shipped to Canada by 2020. The driverless trains will cover a distance of 18.5 kilometers, connecting Vancouver International Airport and the city. They will transport up to

General Motors on Friday postponed the due date for the 700 billion won ($650 million) it had loaned to the South Korean unit and withdrew its demand for the Bupyeong factory to be designated as security, the company said. During GM Korea’s board meeting held at its plant in Bupyeong, Incheon, GM deferred the maturity date until the inspection into the firm’s financial status ends, the company said. The payment was initially due this month. All eyes were also set on whether GM would continue to

Jaguar Land Rover Korea said Friday it will aim to sell 20 percent more vehicles this year than it did in 2017, amounting to some 18,000 units.“Last year, Jaguar Land Rover Korea sold over 10,000 units for two years in a row. We have a slew of models, including electric vehicles, in line to be introduced to Korean drivers this year. We will also extend the number of service centers to become a customer-centered brand,” said Baek Jung-hyun, the managing director of Jaguar Land Rover Korea during

South Korean textiles giant Hyosung will construct a spandex factory in India by 2019 as part of its global expansion strategy, the company said Tuesday. The latest agreement was made last week when Cho Hyun-joon, Hyosung chairman and CEO, met with Indian Prime Minister Narendra Modi in Mumbai, India, following a meeting with Vietnamese Prime Minister Nguyen Xuan Phuc in Vietnam earlier this month.“India is one of the world’s largest textile markets, and we expect the consumer market size to gro

General Motors’ decision to shut down its assembly plant in Gunsan, North Jeolla Province, last week has fanned questions regarding the fate of the remaining two factories in the Bupyeong district of Incheon and Changwon, South Gyeongsang Province. Barry Engle, president of GM International, urged GM Korea and stakeholders to show progress in ongoing discussions by the end of February, “as we are at a critical juncture of needing to make product allocation decisions.”“GM’s new model assignment w

Tension is escalating over the South Korean government’s inspection into GM Korea, following the automaker’s decision to shut down a factory here last week. State-run Korea Development Bank, the second-biggest stockholder of the local unit with 17.02 percent shares, is currently looking into GM Korea’s management, including high-interest loans levied by the US headquarters. The country‘s financial watchdog Financial Supervisory Service is examining GM Korea’s research and development expenses, w

Amid intense competition in Korea’s auto market, Renault Samsung Motors, the South Korean unit of French carmaker Renault S.A., set a modest goal for this year to sell 270,000 units.Its goal to sell 100,000 units here and ship 170,000 units remains unchanged from last year’s sales of 276,808 units. Carmakers, however, usually pitch an annual sales target that is about 10 percent higher than expected performance.“Customers are at the core of Renault Samsung Motors’ business goal for this year and

Posco, South Korea’s top steelmaker by sales, inked a memorandum of understanding with US-based conglomerate GE to develop a hybrid smart factory platform aimed at heightening efficiency of steel mills, the company said Tuesday.The hybrid smart factory platform PosFrame+ is to be a combination of steelmaker’s PosFrame smart factory platform alongside GE’s representative smart factory solution Asset Performance Management.“Developing smart technology for facilities will serve as a momentum-trigge

Old rumors of GM Korea’s potential pullout from South Korea recently resurfaced, following moves and comments made by the automaker’s global management.Last week, General Motors International President Barry Engle visited Korea, following a trip last month, although the details of his meetings here were not disclosed. GM CEO Mary Barra, meanwhile, also called Korea a challenge last week during a public conference call with industry analysts, eluding to potential changes and restructuring. All th

PYEONGCHANG, Gangwon Province -- As the new green car on the block, Hyundai’s latest fuel cell electric vehicle seemed unfamiliar at first sight. A day-long drive testing Nexo’s driving performance and its near level-four automation, last week, provided a clear explanation why the carmaker touts the vehicle as ”the ultimate eco-friendly car.“Throughout the 210 kilometer test-drive from Hyundai Motor Studio Goyang in Gyeonggi Province to PyeongChang, Gangwon Province, the quietness of the hydroel

Hyundai and Kia Motors are supporting the 2018 PyeongChang Olympics by providing some 4,100 units of vehicles and donations worth over 50 billion won ($46.95 million) as an official tier-one sponsor.On a promotional level, Hyundai Motor is presenting its ambitious hydrogen fuel cell Nexo sport utility vehicle and hydroelectric buses for test drives and transportation throughout the Olympic period. Three units of Hyundai Motor’s hydroelectric bus with a driving distance of some 530 kilometers per

Posco, South Korea’s leading steelmaker by sales, opened its first overseas steel solution marketing center in Vietnam in an attempt to predominate the premium steel market, the company said Thursday.The roles of the center include managing steel sales along with offering technologies in molding and improving efficiency to partner companies to beef up their competitiveness.A total of 25 professionals in construction will be stationed at the center, the company said.The opening ceremony of the ce