POSCO announced Wednesday that it would support local small- and medium-sized enterprises to secure competitiveness in the global market.The steelmaker formed a partnership with 28 small- and medium-sized companies to collaborate in developing each of them into a “leading midsized company of global standing” on Wednesday. SMEs that signed on to POSCO’s scheme include industrial equipment makers Se

Hyundai Motor Co. launched the midsized truck Mighty in Brazil on Monday, tapping into South America’s largest commercial vehicle market. The Mighty trucks sold in Brazil will be shipped as complete knockdown kits and assembled at CAOA Group’s facility in Anapolis in the state of Goias, the company said.CAOA Group is also responsible for sales of Hyundai vehicles in Brazil.The company has set the

Hyundai Motor Co. will hire up to 1,000 Meister high school graduates over a 10-year period starting next year.The plans were revealed in a memorandum of understanding the carmaker signed with the Ministry of Education, Science and Technology to collaborate on related issues on Tuesday. Introduced last year, Meister high schools are high-quality vocational schools designed to diversify education a

DAEGU ― The disasters that struck Japan will not change the economic prospects of the country, Berkshire Hathaway Inc. chief executive Warren Buffett said Monday.Speaking at a press conference held on the sidelines of the groundbreaking ceremony for TaeguTec’s second plant in Daegu, Buffett said that while such adversity leaves effects, they would temporary and limited in the long term.TeaguTec is

Hyundai Heavy Industries Co. will provide four packaged power stations for areas affected by the earthquake and the tsunami in Japan, the Ministry of Foreign Affairs and Trade announced Sunday.Packaged power stations are transportable electricity-generating equipment packaged into 40-feet shipping containers. The packaged power stations will be used to supply power to the cooling system at the dam

BMW Korea launched the new R1200R roadster motorcycle on the local market on Tuesday. The bike is fitted with a 1,170 cubic centimeter engine that puts out 110-brake horsepower, and manages 24 kilometers per liter when traveling at 90 kilometers per hour.  BMW R1200RThe vehicle also comes with a number of safety features including automatic stability control and anti-lock braking systems as standa

Harley-Davidson Korea announced on Wednesday that oil tanks fitted in 833 XL Sportster and XR1200 vehicles sold in Korea will be replaced due to faults that may develop in cold conditions.According to the company, oil tanks fitted in model year 2004 to 2009 XL Sportster motorcycles and 2009 XR1200 could become damaged when condensation within the tank freezes in low temperatures. The company will

Hyundai Motor Co. added the new U2 diesel engine to the i30 and i30CW compact car lineup on Wednesday. The new 1.6-liter U2 diesel engine puts out 128-brake horsepower, and manages 18.1 kilometers per liter with automatic transmission, and 22 kilometers per liter with manual transmission, which according to the company is about 10 percent more efficient than the older diesel engine. i30The engine

After return to profit in 2010, carmaker hopes new models bring growth and stabilityWith its takeover by Mahindra and Mahindra Ltd. now complete, troubled carmaker Ssangyong Motor Co. is hoping to strengthen its product lineup, expand into new markets and rebuild its reputation. “Ssangyong caused much trouble for Korea, and to do this (revive the company) creditors and others involved had to make

Hanwha Engineering and Construction Co. has won a $220 million refinery facility contract in Kuwait.Under the deal signed Monday, the company will update fire detection and alarm systems at three refinery facilities near Kuwait City, and two office buildings, the company said.The project, issued by the state-run Kuwait National Petroleum Co., is to be completed in 30 months, the builder said.“The

Kia Motors Corp.’s midsized sedan K5 and the compact SUV Sportage R are to receive the top prizes in this year’s Red Dot Design Award, the carmaker announced Tuesday.According to Kia, this is the first time Korean automobiles have been selected to receive the top honors in the German design award. K5 (top) and Sportage RThe K5 has been selected as the Best of the Best award winner in the automobil

Mahindra and Mahindra completes acquisition of Korean automakerSsangyong Motor Co. will invest 240 billion won ($212 million) in developing new products and building its brand, new CEO Lee Yoo-il said at the press conference announcing the completion of Mahindra and Mahindra Ltd. on Tuesday.The Indian company was chosen as the preferred bidder for Ssangyong in August 2010, about 18 months after th

Annual event draws 12 Korean and 23 foreign carmakersThe upcoming Seoul Motor Show is set to be the biggest yet, with new offerings from domestic and foreign carmakers.This year’s Seoul Motor Show, to open with a media preview on March 31, will be packed with 12 domestic carmakers and 23 foreign brands.In comparison, last year’s Busan International Motor Show had only two foreign carmakers ― Lotus

 Subaru Korea is offering special deals including tax coverage and financing programs until the end of the month.During the period, the company is offering acquisition tax coverage and 1 million won ($888) discount with the Legacy sedan and the Outback crossover utility vehicle.OutbackOutbackThose buying the Forester will also receive acquisition tax coverage, and those who are required to wait fo

Chrysler Korea launched the new Jeep Compass on the local market on Sunday.According to the company, the latest version of the Compass comes with a host of convenience and safety features, including a nine-speaker sound system, cruise control and anti-theft systems.The vehicle also comes with a voice-activated multimedia system with MP3 and DVD player and 30 gigabit hard disk, the company said. Th

Ssangyong Motor Co. is operating a free checkup campaign until March 19 to mark the launch of its new crossover utility vehicle Korando C.During the period, free checkup services are available at 326 service centers across the country. All Ssangyong vehicles excluding large commercial vehicles are eligible to receive services.The checkup will go over 10 items including the air conditioning system,

Hyundai Motor Co. is holding a music video producing contest offering the new Veloster coupe as the top prize.The contest, which runs from Monday until April 25, is open to those over the age of 18.To enter, applicants need to produce an 80-seond-long music video for Mason Bates’ Mothership Remix to the theme of the carmaker’s new slogan “New Thinking. New Possibilities.”Applications can be filed

GM Korea Co. is holding an online promotion event for Chevrolet vehicles offering one each of the six Chevrolet models ― Aveo, Camaro, Cruze, Captiva, Orlando and Spark.The event, which will run from Tuesday until April 30, requires contestants to write short notes about the six Chevrolet vehicles at the event’s website at www.event.chevrolet.co.kr in the first stage.In the second stage, contestan

Volkswagen AG (VOW)’s Audi will add models and expand production in emerging markets as the luxury brand aims to topple Bayerische Motoren Werke AG (BMW) as the largest premium-car maker.“We expect further growth in the long term,” Chief Executive Officer Rupert Stadler said on March 8 at Audi’s annual press conference in Ingolstadt, Germany. “This gives us the confidence to extend our product ran

Toyota Motor Corp. president Akio Toyoda set the world’s largest carmaker on a course seeking sales growth in emerging markets and an improved image in the U.S., in a bid to rebound from record recalls and a recession.Toyoda laid out a “Global Vision” focused as much on boosting emotional ties to customers as on financial targets. His plan also shrinks Toyota’s board to 11 members from 27, the aut