Amid intensifying trade protectionist measures against South Korea’s steel products by the US, Korea’s steel industry saw double digit growth in exports to the US last year, industry data showed Sunday. The total volume of steel shipments to the US dropped 4.9 percent on-year between January and November last year. But in value, the amount of exports rose 17.7 percent largely due to an increase in demand and price of oil country tubular goods, according to figures by Korea International Trade As

The construction of Hyundai Motor’s 596-meter Global Business Center in southern Seoul has run into a new problem with the Ministry of National Defense raising safety concerns.Talks between the Seoul Metropolitan Government and the Defense Ministry over whether to conduct flight safety and radio wave evaluations of the 105-story building took place earlier this week, the government said Thursday.The latest discussion was arranged by the Ministry of Land, Infrastructure and Transport to address c

SsangYong Motor, the local unit of India’s Mahindra & Mahindra, has released its first upgraded Korando Turismo minivan in five years to tackle the Korean market, the company said Wednesday.“The new Korando Turismo comes with a SUV-like design, equipped with enhanced smart features to satisfy drivers,” said Lee Seok-woo, a marketing manager at SsangYong Motor, during an unveiling event in eastern Seoul.“We plan to tackle the local minivan market through active promotional events.” SsangYong Moto

Socar, operator of a South Korean vehicle-sharing app, has entered Malaysia, seeking to expand into Southeast Asian countries, the company said Wednesday.This marks the first time that a Korean ride-sharing service has ventured overseas.“There is high growth potential for car-sharing in Malaysia, where car-sharing is a rather unfamiliar service. Like Korea, the population density in Malaysia is very high,” Socar said in a statement.Socar has set up 120 Socar zones and is offering some 240 vehicl

Hyundai Motor and Kia Motors set their combined sales target for this year at 7.55 million units on strengthened regional management and new models released, the company said Tuesday. By company, Hyundai Motor will aim to sell 701,000 vehicles at home and 3.9 million overseas, totaling 4.6 million units worldwide, according to the Data Analysis, Retrieval and Transfer service under the Financial Supervisory Service. Kia Motors has set its goal at 2.8 million vehicles worldwide by selling 520,000

Posco, South Korea’s top steel maker by sales, vowed to bolster new growth drivers by incorporating information and communications technology across a slew of key sectors.The company celebrates its 50th anniversary this year after wrapping up four years of restructuring last year.Through the overhaul, Posco reduced the number of local affiliates to 38 from 71 and overseas affiliates to 124 from 181, ultimately preventing some 400 billion won ($376 million) in annual losses, the company said. “We

A recent trend in South Korea’s auto industry is the rise in demand for pre-owned vehicles certified by import carmakers largely due to surging overall sales of the sector.Certified pre-owned vehicles are used vehicle that have been inspected, approved and guaranteed by the manufacturer, and the concept has worked to break the stigma of poor quality attached to used cars, boosting popularity of such vehicles here. “As import car sales continue to increase, more import carmakers will start CPO pr

Amid company restructuring led by creditors, Kumho Tire has officially separated from Kumho Asiana Group, the company said Friday.“Based on the Monopoly Regulation and Fair Trade Act, Kumho Tire has become a separate affiliate from Kumho Asiana Group,” the company said.The tire maker had filed for separation from Kumho Asiana Group to the Fair Trade Commission last month.Kumho Tire has also postponed wage and allowance payments for December, according to a notice sent by Kumho Tire Chairman Kim

Amid company restructuring works led by creditors, Kumho Tire has officially parted from Kumho Asiana Group, the company said Friday.“Based on the Monopoly Regulation and Fair Trade Act, Kumho Tire has become a separate affiliate from Kumho Asiana Group,” the company said.The tire maker had filed for separation from Kumho Asiana Group to the Fair Trade Commission last month.Kumho Tire has also postponed wage and allowance payments for December, according to a notice sent by Kumho Tire Chairman K

The state-run Korea Road Traffic Authority (KoROAD) has introduced a driving test that uses a head-up display for the hearing impaired, it said Tuesday. The head-up display, or HUD, refers to technology that projects navigation information onto the windshield. It is often installed in vehicles to boost driver’s safety and convenience.Before the introduction of the latest system, a tester seated on the passenger seat had to manually give directions to a hearing-impaired applicant, KoROAD said.  A

Land Rover Korea is poised to top the country’s sport utility vehicle market based on its unique driving performance and luxury brand image.Rapidly expanding its presence, the SUV powerhouse ranked No. 3 among import carmakers by monthly sales this September, selling 1,323 units. Riding on the popularity of its all-new Discovery premium family SUV and the Range Rover Velar midsize SUV released this summer, as well as the steady-selling Discovery Sports midsize SUV, Land Rover Korea has sold 9,28

SsangYong Motor, the local unit of India’s Mahindra & Mahindra, will start 2018 by re-entering the lucrative Sudanese market after eight years, seeking to expand its market share in Africa, the company said Friday. The decision came after the US lifted economic sanctions against Sudan in October 2016 after some 20 years.Starting with the Korando Sports pickup truck, which will go be called Actyon Sports there, and the Korando Turismo multipurpose vehicle, the company plans to export some 2,400 u

The eco-friendly compact sedan Ioniq plug-in hybrid electric vehicle does not have a sporty look. Yet, it is far more exciting to drive than expected.A latecomer to the green movement, Hyundai Motor released three different versions of Ioniq. The Ioniq PHEV, tested by the Korea Herald for three days last week, is the latest in the Ioniq series targeted at mass consumers. After three consecutive days of traveling nearly 200 kilometers, the Ioniq PHEV showed fuel economy of 18.7 kilometers per lit

Hyundai Mobis is developing a driverless system that would direct the vehicle to a safe area when it senses the driver dozing off, the company said Thursday.The system named departed driver rescue and exit maneuver, or DDREM, takes full control of the steering wheel when it determines that the driver is incapable of driving and leads the vehicle to the nearest road shoulder or resting area. The company aims to fully develop it by 2021, after introducing it at the Consumer Electronic Show in Las

Lexus Korea released the LS 500h flagship premium hybrid sedan Wednesday in Jamsil, eastern Seoul. The premium carmaker introduced the fifth-generation model at the Geneva Motor Show in March. It took 11 years to design the fully changed LS 500h.The company highlighted during a press launch that it represents the new segment that has combined premium and hybrid models. The LS 500h flagship premium hybrid sedan (Lexus Korea)The automaker’s flagship models have been targeting the small yet lucrati