South Korea

South Korea steps up price-fixing crackdown on auto suppliers

10:40 am U.S. ET | April 17, 2015

South Korea, supporting a global police action against auto-parts price fixing, has hit Japanese and German suppliers with a string of fines in recent weeks. The latest penalties came Tuesday, when Germany's Schaeffler and Japan's JTEKT were fined for rigging bids on tapered roller bearings to Hyundai, Kia and Hyundai Powertech....
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Bold Korean startup makes a statement with Seoul stand

12:01 am U.S. ET | April 13, 2015

South Korea's youngest would-be automaker Cony Motor Co. -- at less than a year old -- just splurged on a front-and-center stand at the country's premier auto show, right next to Bentley no less....
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HANS GREIMEL

BLOG: Meet South Korea's newest automaker

11:10 am U.S. ET | April 3, 2015

Cony Motor doesn't have a factory or a single customer. Its vehicles aren't even street-legal yet. But South Korea's youngest would-be automaker just splurged on a stand at the country's premier auto show, right next to Bentley....
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Major Hyundai investor to vote against some directors over property deal, report says

7:19 am U.S. ET | March 11, 2015

The second-largest shareholder in Hyundai Motor and its two affiliates will vote against the reappointment of some board members who last year approved buying a Seoul property for $10 billion or three times its appraised value, a person with direct knowledge of the matter said today....
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Hyundai to enter U.S. commercial vehicle market as part of $1.8 billion offensive

7:38 am U.S. ET | Feb. 16, 2015

Hyundai plans to spend around $1.8 billion by 2020 on a major offensive in commercial vehicles, including entering the race in the United States, to catch up with rivals in a rapidly growing global market....
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Nissan Rogue shipments to U.S. to be boosted by 38% to 110,000

1:46 pm U.S. ET | Feb. 5, 2015

Renault-Nissan will export 38 percent more Nissan Rogue crossovers to the U.S. from South Korea in 2015 than planned earlier, to meet rising demand in North America....
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Hyundai Motor Group plans to invest $73 billion by 2018

6:38 am U.S. ET | Jan. 7, 2015

South Korea's Hyundai Motor Group, the world's fifth-largest automaker, said it would spend $73 billion over four years on expanding capacity, building a new headquarters and developing new vehicles....
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Hyundai, Kia promote younger execs, with eye on succession planning

7:57 am U.S. ET | Dec. 26, 2014

Hyundai Motor and affiliate Kia Motors promoted younger executives in moves analysts said would help smooth an eventual leadership succession at the family-owned conglomerate....
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Visteon to sell Halla Climate unit stake for $3.6 billion

12:38 pm U.S. ET | Dec. 17, 2014

Visteon has agreed to sell a majority stake in Halla Visteon Climate Control to South Korea’s Hankook Tire and its investment partner for $3.6 billion, to focus on connected-vehicle solutions and cockpit electronics....
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Opel unions upset over output plans for Karl, Corsa, report says

Nov. 25, 2014 06:15 CET

Opel faces labor unrest in Germany over production plans for the Corsa and Karl small cars, a business magazine reported. Workers think the Karl should be made in Germany rather than Korea and fear future Corsa output will be cut from Germany....
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South Korea embraces European imports. Yes, South Korea

12:01 am U.S. ET | Nov. 24, 2014

Here is a fairly stunning statistic: South Koreans, long viewed as among the most nationalistic of car buyers, are on track to spend more on vehicle imports from Europe this year than their country takes in from its own vehicle exports....
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BMW, Mercedes gain in once-impregnable Korea

Nov. 23, 2014 06:01 CET

South Korea's car imports have leapt from 3 percent of sales a decade ago to 14 percent today as foreign brands led by Germany's BMW and Mercedes take advantage of a free trade deal to grow sales in a once-impregnable market....
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Hyundai Motor, Kia to spend $616 million to buy back shares

7:14 am U.S. ET | Nov. 11, 2014

Hyundai Motor and Kia Motors will buy back a combined 670 billion won ($616 million) of stock after their purchase of a Seoul property for three times the assessed price spurred a sell-off....
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Hyundai investor calls land deal ‘an embarrassment’

7:28 am U.S. ET | Nov. 3, 2014

Skagen Funds, the biggest holder of Hyundai Motor Co. preferred shares, is pushing the automaker to improve corporate governance after a real estate purchase for three times the property’s assessed value sparked a rout in the stock....
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Kia Motors says president resigned over prolonged wage disputes

7:11 am U.S. ET | Oct. 31, 2014

Kia Motors said its president, Lee Sam-ung, has resigned to take responsibility for "enormous" production losses caused by recent strikes by its South Korean union during wage talks....
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Hyundai plans to take on Toyota's Prius with new hybrid model

9:01 am U.S. ET | Oct. 30, 2014

South Korea's Hyundai Motor said it is developing its first dedicated gas-electric car that would go up against Toyota's best-selling Prius. The move will help it diversify its eco-friendly vehicle line-up and hedge its bets in next-generation green technology to meet stricter emission regulations in key markets....
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China's 'aggressive' EV ambitions to drive demand for aluminum

6:23 am U.S. ET | Oct. 21, 2014

China's drive to build electric cars is likely to set up a greater-than-forecast surge in demand for aluminum, according to Novelis, the world's biggest supplier to automakers of aluminum sheets....
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Hyundai Motor to use cash to fund $10 billion land deal

7:17 am U.S. ET | Oct. 16, 2014

Hyundai Motor and its two affiliates will use cash to fund their 10.6 trillion won ($10 billion) purchase for a land site in Seoul, raising concern the companies will reduce shareholder payouts....
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Hyundai Motor workers approve 2014 wage pact, end strikes

7:08 am U.S. ET | Oct. 2, 2014

Hyundai Motor's union workers in South Korea agreed to end strikes that may have cost the company more than 900 billion won ($847 million) in lost output after they accepted the carmaker’s proposal to increase wages....
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Hyundai reaches wage deal with union after work stoppages

11:30 am U.S. ET | Sept. 29, 2014

Hyundai Motor reached a tentative wage deal today with its South Korean labor union, a union spokesman said, potentially resolving disputes that had dragged on longer than expected and led to partial strikes....
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Hyundai pays the price for prestige

12:01 am U.S. ET | Sept. 27, 2014

Hyundai Motor Group Chairman Chung Mong-koo got what he wanted: a spacious corporate home in Korea's most prestigious neighborhood. Now he is paying the price....
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GABE NELSON

BLOG: Hyundai's hubris -- $10B land deal backfires

4:08 pm U.S. ET | Sept. 22, 2014

Chung Mong-Koo sought to imbue Hyundai with Gangnam style. Instead, Hyundai Motor Group's $10 billion bid for a nearly 20-acre plot in Seoul's prestigious Gangnam district backfired on the company that Chung has elevated into a global powerhouse....
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Hyundai directors kept in dark on size of $10 billion land bid, report says

10:56 am U.S. ET | Sept. 22, 2014

Hyundai Motor and two affiliates did not seek board clearance for the size of their record $10 billion bid for a plot of land in Seoul, more than triple its appraised value, four board members of the companies told Reuters....
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Hyundai Motor's record $10 billion bid for trophy property alarms investors

11:33 am U.S. ET | Sept. 18, 2014

Hyundai Motor Group will pay a record $10 billion for the site of its new headquarters in Seoul's high-end Gangnam district, out-bidding Samsung Electronics and sparking investor concerns that it is wasting cash on a trophy property....
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Bentley adds models in Korea on rising ultraluxury demand

Sept. 18, 2014 12:25 CET

Bentley is adding new models in South Korea as the brand sees increased competition for ultraluxury cars in the market. The automaker says its dealership in Seoul has seen a 133 percent jump in deliveries so far this year....
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