In a race to gain a foothold in autonomous driving technology, Samsung Electronics, South Korea’s leading smartphone maker, has formed a fund worth $300 million to step up development in the self-driving industry.　“The $300 million Samsung Automotive Innovation Fund will focus on securing autonomous driving and connected car technologies,” the tech giant said through a press release.Self-driving and connected car technologies include: smart sensors, machine vision, artificial intelligence, and c

The Ministry of Environment has finalized subsidies for Telsa Model S 90D sedans based on eased regulations for the total time it takes to fully charge the electric vehicle, the ministry said Friday. Prior to the change in July, the 14 million won ($12,319) central government subsidy and provincial government subsidy was limited to electric vehicles that take less than 10 hours per charge.Subsidies offered by each provincial government differs, ranging from 3 million to 12 million won. Seoul cit

Audi Volkswagen Korea, the domestic distributor of the two German brands, named Rene Koneberg, the former managing director of Audi Hong Kong and Macau, as its new group managing director, the company said Friday. Koneberg replaces Johannes Thammer, who left for Germany in June, a month before his term in Seoul was to end on July 31. The Korean branch of the German carmaker was being led by two leaders including Thammer and Marcus Hellmann. Hellman, the co-group managing director, will continue

Chinese motorists report a high level of satisfaction with vehicles and service provided by Hyundai Motor and Kia Motors, according to a survey by China Association for Quality.Beijing Hyundai topped the sales service category in this year’s China Automobile Customer Satisfaction Index jointly with SAIC Volkswagen and GAC Toyota for the fourth consecutive year, the company said Thursday.Despite Korea’s frosty ties with China, Dongfeng Yueda Kia also came third in the sales service category. Rela

Posco Daewoo, the trading arm of Korean steel giant Posco, hosted a two-day Global Staff Conference at Shanghai, China, to search for ways to bolster its steel and grain business globally, the company said Thursday.“The company’s staff working overseas are valuable assets directly linked with our sales capacity, expanding local networks and spotting new business opportunities,” said Posco Daewoo CEO Kim Young-sang.Kim and some 50 employees from 34 overseas branches shared thoughts on ways to exp

Hyundai Motor, South Korea’s leading automaker, said Wednesday it sealed a deal with Hyundai Oto Komersial Indonesia to supply 500 units of the Xcient heavy truck. The volume of the latest deal is Hyundai’s biggest for trucks, the company said.Hyundai Motor said it would aim to expand its presence in Indonesia’s commercial vehicle market, which is currently monopolized by Japanese commercial vehicle brands.Lee In-cheol (left), senior vice president of Hyundai Motor's commercial vehicle export di

Market rumors are circulating that Hyundai Motor is looking to acquire the world’s seventh-largest auto manufacturer Fiat Chrysler Automobiles despite the automaker’s vehement denial. And a local analyst said Tuesday that Korea’s largest auto company would leap forward to become the world’s No. 1 if the deal goes through.Lee Jae-il, an analyst in charge of automobiles at Eugene Investment & Securities, said in a report that Hyundai Motor would benefit from the acquisition due to an expanded port

Renault Samsung Motors, the South Korean unit of French carmaker Renault, has released a gasoline-powered version of its popular QM6 midsize SUV, targeting drivers who drive in the city and prefer SUVs, the company said Sunday. The press took the QM6 GDe gasoline model for a test drive from Gyeongwonjae Ambassador Incheon to Grand Hyatt Incheon, totaling 60 kilometers earlier this month.Before the test drive, CEO of Renault Samsung Motors Park Dong-hoon told reporters, “SUVs are no longer for pe

HWASEONG, Gyeonggi Province -- Genesis, a luxury auto brand spun off from South Korea’s Hyundai Motor, unveiled its third model, the G70 sedan, with aims to expand its presence in the high-end segment, the company said Friday. 　Amid Hyundai’s weak performance at home and in the US, Genesis premium cars have been gaining popularity, which makes the first G70 sedan rolled out under the independent Genesis brand an important model. (From left) Lee Sang-yup, head of Genesis Styling, Luc Donckerwolke

Posco Energy, the power-producing unit of steelmaker Posco, said Thursday it replaced old energy devices for two households as part of its energy dream campaign to support the energy-poor population here.Energy-poor refers to the roughly 1.5 million households in Korea that spend more than 10 percent of their income on electricity, fuel, heating and other energy-related expenses.Employees of Posco Energy and Incheon LNG combined cycle power plant participate in the energy dream campaign. (Posco

Kia Motors, South Korea’s No. 2 automaker, hired former BMW designer Pierre Leclercq as part of its continued efforts to bolster the design quality of its vehicles, the company said Thursday.Leclercq previously worked as the head designer of BMW’s high performance M brand before moving to his latest post at Chinese automaker Great Wall Motors in 2013.“From the end of this month Leclercq will join Kia Motors where he will work with Chief Design Officer of Hyundai Motor Group Peter Schreyer, and h

The new CEO of GM Korea Kaher Kazem’s first wage talks with the labor union were canceled at the last minute due to procedural problems, the company said Wednesday.The thwarted negotiation was anticipated to provide the new chief with a breakthrough amid persisting wage disputes.In the last meeting with unionized workers in late July, before his inauguration, Kazem vowed to improve labor-management relations.“I understand that GM Korea has produced an accumulated 10 million units,” he said at th

The Posco 1% Sharing Foundation earlier this week held its 11th concert for manufacturing workers ahead of Chuseok, or the Korean Thanksgiving, the company said Wednesday.Taking place at Seoul Digital Industrial Complex, the former Guro Industrial Complex, the concert featured veteran pansori singer Nam Sang-il and rock singer Kang San-ae, and was attended by some 300 workers in the neighborhood.The Posco 1% Sharing Foundation hosts its 11th concert for some 300 workers in manufacturing at the S

SsangYong Motor CEO Choi Johng-shik (first row, third from right) and reporters covering automobiles, who participated in driving the company‘s large-size G4 Rexton SUV across 10 Eurasian countries, in joy after arriving at their final destination Wiesbaden, Germany earlier this week. (SsangYong Motor)SsangYong Motor, the local unit of India’s Mahindra & Mahindra, set next year’s target sales for the large-size G4 Rexton SUV at 6,000 units in the European market, its CEO Choi Johng-shik said Tue

CJ Logistics, the logistics arm of CJ Group, and the city of Seoul will work on developing the world’s first-ever logistics system using existing subway routes for heightened efficiency and a cleaner environment, the company said Tuesday.“We will work closely with the Seoul Metro to develop an innovative logistics system,” said CJ Logistics CEO Park Geun-tae.(123RF)“The new subway-based system will contribute to preserving the environment, create job opportunities, and strengthen national compet