Hyundai Motor’s compact SUV Kona was named the car of the year by a Spanish national daily newspaper, beating Peugeot’s 508 and Honda CR-V, the company said Wednesday.According to ABC, the newspaper based in Madrid, Kona topped the list with 312 points, followed by Peugeot 508 and SEAT Arona, with 264 and 182 points, respectively.Also by a UK-based auto magazine Next Green Car.com, the electric version of Kona was named the car of the year and the family car of the year, citing its reasonable pr

The new head of the nation’s third-largest telecom company said Wednesday that the firm would make a final decision as to whether it will acquire a local cable TV service provider by June next year, making its merger and acquisition attempt official for the first time. “We are going to decide whether to proceed with (acquiring the cable TV service provider) or not as soon as possible,” said LG Uplus CEO Ha Hyun-hoi at a press conference. “I will make that decision happen within the first half of

The Ministry of Industry on Tuesday unveiled a comprehensive plan aimed at revitalizing the sluggish auto sector and increasing state spending on research and development for manufacturers of chips and batteries to secure their leadership in the global market. Industry Minister Sung Yoon-mo (center) visit a local auto parts maker in Changwon, South Gyeongsang Province, as part of the industry inspection tour on Dec. 13. (Yonhap)For auto parts makers suffering from shrinking sales at home and abr

It’s practically a taboo for a car company, particularly South Korean carmaker Hyundai Motor, to hire a celebrity as the face of a new vehicle. It’s supposed to be all about the car, not the star. Breaking this unspoken rule, Hyundai Motor brought a global sensation -- Korean boy band BTS -- into its all-out efforts to promote the large SUV it launched last month, seeking a rebound for its global sales. But the Palisade is a car with a target market that goes beyond BTS’ young fan base, extendin

Hyundai Motor’s market share in the US sport utility vehicle segment rose to a record high of 3.7 percent as of November, industry sources said Sunday. That marks the South Korean auto giant’s strongest showing since it entered the market in 2000. Hyundai sold 271,377 SUVs between January and November, a 14.1 percent increase from the same period last year.The company’s SUV market share had headed downward in recent years after peaking at 3.6 percent in 2009. The figure hit bottom in 2015 with 2

South Korea’s largest carmaker carried out a drastic executive reshuffle Wednesday, with the heir replacing his father's close aides with young CEOs and a foreign engineer, seeking immediate change within the 51-year-old conglomerate.In the sweeping reshuffle, led by Hyundai Motor Group Executive Vice Chairman Chung Eui-sun, the group appointed former BMW chief engineer Albert Biermann as its first foreign head of research and development. Hyundai Motor Group Executive Vice Chairman Chung Eui-su

YONGIN, Gyeonggi Province -- Despite being a late starter, Hyundai aims to take the top position in the large sport utility vehicle sector both in South Korea and in other major markets, the company said Tuesday, stressing the innovative design, high quality and state-of-the-art technology of its new SUV Palisade. Eight business days since the official launch of the new SUV on Nov. 29, the company has received 20,506 preorders. In contrast, there were only 14,000 preorders for the Santa Fe so so

South Korean carmakers Hyundai and Kia have sold a combined 20 million vehicles in the US since entering what is currently the world’s second-largest market 33 years ago.Their accumulated sales marked 20.69 million units as of November, the companies’ data showed. Hyundai entered the market in 1985. Kia, after it was acquired by Hyundai, started selling vehicles there in 1994. (Hyundai Motor)By company, Hyundai has sold around 60 percent of the total, or 12.22 million units, while sister affilia

A joint venture plan involving a local government and Hyundai Motor to build a manufacturing plant in Gwangju for sake of reinvigorating the local economy went adrift Thursday as the sides failed to narrow their differences at the last minute.Gwangju’s city government on Wednesday demanded Hyundai Motor remove a condition that wage renegotiations be suspended for the first five years. Later in the evening, Hyundai Motor rejected the demand, saying that the revised proposal no longer makes its in

South Korean SUV maker SsangYong Motor established an overseas sales subsidiary in Melbourne, Australia, last week, as part of efforts to expand its global operations, the company said Wednesday.The Australian unit will lead SsangYong’s overall operation in the country, building dealership networks and bolstering customer service. The carmaker expects to expand shipments to Australia, following its previous entries into Europe, South America and the Middle East. The carmaker is re-entering the A

LSIS, a South Korean power and energy solution provider, has acquired an energy storage system unit from US-based Parker Hannifin to expand its presence in the global smart energy market, it announced Wednesday. Citing confidentiality, the company did not disclose the deal value. Parker Hannifin is a leader in motion and control technologies and its ESS business, now acquired by LSIS, is the largest in the US and holds top-level ESS-related technologies, said officials in Anyang, Gyeonggi Provin

The Korea Advanced Institute of Science and Technology, the nation’ first research-intensive institution established with a development loan from the US in 1971, will help the Kenyan government build a science research hub starting next year, it said Monday.KAIST has concluded a deal with the Kenyan government to build a science research institution with a 107 billion won ($95.7 million) loan from the South Korean government. KAIST leads a South Korean consortium that includes local builders and

MotorTrend’s cover story on the Genesis G70 (Hyundai Motor)The 2019 Genesis G70, a sports sedan under Hyundai Motor’s Genesis marque, was named car of the year by US magazine MotorTrend last week, the company said Monday.The luxury sports sedan competed with 19 other car of the year award contenders, including the BMW3, in the magazine’s annual evaluation. It won the award for being the most competent, desirable and capable vehicle to debut for the 2019 model year, the magazine said in a stateme

US President Donald Trump’s renewed threats of a tariff on imported vehicles have raised a red flag to South Korean carmakers already suffering from declining production in and out of the country, amid growing protectionist moves and fierce competition. The US president on Wednesday tweeted, in response to General Motors’ massive restructuring plan, that the US carmaker would not have to shut down plants in its home county if the same amount of tariffs were applied, referring to the “chicken tax

When buying a used car, customers look for the highest quality possible at the best price. Although South Korea has a wide range of dealerships for used cars, many still find it difficult to make a decision, mainly because of the issue of trust. To ease concerns over cheating, such as dealers concealing information about vehicles, Hyundai Capital, a Korean provider of consumer financial services, has been taking the lead in providing certified pre-owned programs with a strict inspection process

Subscribing to a premium insurance program is not easy, even for a healthy person, if one has a record of treatment for a major health problem.But Samsung Fire and Marine Insurance, a major insurance company in South Korea, has introduced a new package that covers customers from a wide range of age groups as well as those who have undergone or are currently undergoing medical treatment.Anyone between the ages of 30 and 75 can apply for the Yoo-byeong-jang-soo Plus package, unless they have been

SK Group Chairman Chey Tae-won has left for the United States to oversee the conglomerate’s businesses in North America and to meet political and business leaders there, the group said Tuesday. The chairman will be briefed in Washington DC about SK’s energy, bio and petrochemical businesses and their plans next year. Chey will also hold meetings with US Sen. Johnny Isakson from Georgia, Kurt Campbell, chairman and CEO of The Asia Group and Edwin Feulner, president of the Heritage Foundation, the

Posco, the nation’s largest steelmaker, plans to hire 5,500 additional workers over the next five years and expand corporate social responsibility programs under its new vision “With Posco” announced by its new chief in July.The company signed an agreement on Oct. 10 with the Korea Commission for Corporate Partnership, along with eight businesses including Samsung Electronics and Hyundai Motor, to reduce the income gap between large and smaller companies, the company said in a statement. Under t

Amid growing interest in personal mobility, a total of 1,283 units of the Twizy, an ultracompact electric vehicle manufactured by French carmaker Renault, have been sold in South Korea as of October, making it No. 1 in the new segment with market share of 80 percent, Renault Samsung Motors said Tuesday.After the Twizy was presented on a home-shopping program, around 3,700 customers signed up for consulting services in just an hour, three times more than expected.  Renault’s ultracompact electric

South Korean telecom giant KT on Monday struggled to contain further fallout from the network blackout caused by a fire over the weekend, as it faces growing questions over its lack of safety measures. Amid rising concerns over the incident that showed the IT powerhouse’s vulnerability to network paralysis, Minister of Science, ICT and Future Planning Yoo Young-min apologized for causing the public concern, saying that the government also feels responsible.“The case revealed that not only teleco