The competition between BMW and Mercedes-Benz is heating up in the used car market again, following a duel in the luxury car segment. The two German carmakers have recently announced plans to expand their used car businesses in an effort to encourage the continued growth of their sales.BMW Korea has been the market leader among foreign car brands for the past decade in selling certified preowned cars since its launch of the “BMW Premium Selection’’ services in 2005.  The company said it offers

A sense of crisis is escalating at Hyundai Motor as sales by the nation’s largest carmaker fell in its two biggest overseas markets ― China and the U.S. ― in May. Shares of Hyundai Motor plunged 10.36 percent to 138,500 won ($124.8) on Tuesday, affected by lackluster sales at home and abroad. The stock hit a four-year low. On Monday, Hyundai Motor said its domestic and overseas sales fell 8.2 percent and 6.1 percent last month, respectively, from the same period a year ago. The disappointing sal

Hanwha Group, the nation’s 10th largest conglomerate, unveiled its facility investment plan to turn the nation’s central region of Chungcheong into a solar business hub. “Hanwha Q Cells Korea will build a 1.5 gigawatt solar cell plant in Jincheon, North Chungcheong Province, by the end of this year,” the group said in a press release. The company, where Hanwha Corp. and Hanwha Chemical hold 41 percent and 30 percent stake each, will invest 350 billion won ($260 million) for the project to build

 POSCO chairman Kwon Oh-joon delivers a speech during a career coaching session titled ``Dream Bridge’’ for a group of students from the Baekhak Middle School in Gyeonggi Province. The event was held at the POSCO Center in Samseong-dong, southern Seoul, Monday. POSCO

Hyundai Motor Group opened a five-story research and development center named after its chairman, Chung Mong-koo, within the Seoul campus of Hanyang University on Friday.“The Chung Mong-koo Automotive Research Center will focus on cultivating talent for the green and smart car sectors,’’ the automaker said in a statement. On the sidelines of the opening ceremony, Chung received an honorary doctorate in engineering from the university for his achievements in management and the automotive engineer

A growing demand for diversity and self-expression is creating new trends in many industries in Korea as its economy matures. The nation’s car industry, long dominated by large domestic carmakers like Hyundai and Kia, is no exception. The latest consumer demand is boosting the sales of foreign cars in Korea. Industry watchers forecast the market share of foreign carmakers in the Korean automotive market will hit a record high of 20 percent by the year-end. It has also created a demand for busine

GS Group chairman Huh Chang-soo has picked “change” and “innovation” as the management keywords for the future of the conglomerate, whose main businesses include energy, construction and retail.“The business landscape is expected to change faster than ever before, affected by the mobile revolution and the advent of new technologies like the Internet of Things,” Huh said.He made the remark to increase the sense of urgency for change among executives during the Value Creation Forum, an internal ma

The leaders of South Korea and India vowed to promote closer economic ties when they attended the first CEO forum for the two countries in Seoul on Tuesday.“There is still huge room for growth in economic ties between the two countries, given their economic growth potential and complementary trade structure,” South Korean President Park Geun-hye said during her opening speech in the first Korea-India CEO Forum in Seoul on Tuesday.Business areas where Korea and India can create win-win partnershi

Oceans and Fisheries Minister Yoo Ki-june will visit Shanghai on Wednesday to host a sales and marketing event targeting Chinese travel agencies and port operators to attract more Chinese cruise travelers to Korea. “During the three-day visit, the minister will also make a presentation on policy changes and efforts for the nation’s cruise industry development in details,” said Kim Sang-ki from the marine policy department at the ministry.According to the ministry, it is the first time for the So

Samsung Electronics vice chairman Lee Jay-yong, the heir apparent of Samsung Group, will take over the helm of two group foundations from his ill father starting May 31, the tech giant announced Friday. The term of group chairman Lee Kun-hee as head of the two foundations ― Samsung Life Public Welfare Foundation and Samsung Foundation of Culture ― ends May 30.This is the first time that the junior Lee, the chairman’s only son, has taken a chairmanship title inside the conglomerate.The Samsung Li

Mercedes-Benz Korea will fuel its growth momentum with a new CEO in the second half of this year, company officials said Thursday. From Sept. 1, Dimitris Psillakis, 49, current managing director of Mercedes-Benz Cars Brazil, will helm the Korean unit, the company said in a press release. He replaces Britta Seeger, who will move to Turkey to lead Daimler’s commercial vehicles business. Psillakis, who started his career at Mercedes-Benz in Greece in 1992, is known as a “growth accelerator.”  Dimit