Renault Samsung Motors Co.’s sales staff recorded the highest average monthly sales figure among local carmakers, the company announced Thursday.According to the company, the 2,342 sales staff working at its 195 sales agents sold 155,696 last year, putting the average monthly sales figure per person at 5.4. The figure per sales agent came in at 65 units per month. The company did not disclose figu

Government and private-sector representatives will introduce a new index to gauge large companies’ relationship with smaller suppliers as part of its efforts to promote broad-based growth, officials said Wednesday.The shared growth index will be announced once annually, starting with 56 companies including Hyundai Motor Co., POSCO and Samsung Electronics next year, the Commission on Shared Growth

AD Motors, a Seoul-based electric car maker, announced Wednesday that it will build a mass production facility in Yeonggwang Country in South Jeolla Province. Once complete, the facility will be capable of producing 43,000 electric vehicles on an annual basis.The company signed an agreement for the project with the governments of Yeonggwang county and South Jeolla Province on Tuesday. It will inje

Kia Motors Corp. named Lee Sam-ung as its new president for domestic sales and production on Wednesday.He had been serving as a vice president at the country’s second largest carmaker. Lee Sam-ungThe company said that Lee is a labor expert, and that he is expected to make significant contributions to developing the company into a global player by improving its labor management system, thereby esta

JEJU ― Ssangyong Motors Co. launched the compact sport utility vehicle Korando C, its first new vehicle in three years, on the local market Tuesday.Since the company launched the luxury sedan Chairman W in February 2008, Ssangyong has run into a series of critical problems that at points pushed the company to the brink of collapse delaying plans for the new vehicle.In February 2009 Ssangyong enter

KB Financial Group nominated Choi Gi-eui to head its new subsidiary KB Koomin Card on Monday.Choi currently heads the group planning the launch of KB Kookmin Card as a separate subsidiary. Choi Gi-euiIf approved at the inaugural shareholder’s meeting, Choi will become the first president of KB Financial Group’s credit card subsidiary, which is scheduled to be launched March 2.Choi, who holds a Ph.

POSCO TJ Park Foundation announced Monday that this year’s TJ Park Prize will be awarded to a Korea Advanced Institute of Science and Technology scientist, educator and two philanthropists.The foundation, named after POSCO founder Park Tae-joon, has awarded the annual prize for outstanding achievement in the fields of science, education and social services since 2006. KAIST professor Lee Sang-yubT

Hyundai Motor Group and the creditors of Hyundai Engineering and Construction have begun final negotiations over the price of stakes in the builder, with the carmaker expected to push for a reduction.According to industry sources, Hyundai Motor Group is seeking to reduce the amount paid for the 34.88 percent stake in Hyundai E&C due to additional debts the builder was belatedly found to be holding

Bayerische Motoren Werke AG’s Rolls- Royce Motor Cars unit said it’s developing a single vehicle from its Phantom model series that’s fully powered by electricity.The car will debut at the Geneva Motor Show on March 1 and will tour this year as the company collects data that “will be crucial in informing future decisions on alternative drive- trains for Rolls-Royce Motor cars,” BMW said in an e-ma

The world’s fourth-largest steelmaker POSCO announced Sunday that it has signed a memorandum of understanding with the U.S.-based bio-fuel manufacturer LanzaTech to produce ethanol using waste gases generated in blast furnaces.Under the agreement, POSCO will use LanzaTech’s technology to produce ethanol from the carbon-rich waste gases using microbes. The steelmaker plans to build necessary facili

Honda Korea is offering a larger discount and longer installment period for the compact car Civic until the end of the month. Until the end of the month, those purchasing the Civic ― either the 1.8 and 2.0 ― can choose between a 4 million won ($3,600) discount, and two special rate financing programs. Honda CivicThe financing schemes are a 36-month zero interest installment program and a low inter

BMW Korea is offering free checkup and discounts on maintenance fees for 5-Series, X5 and M5 vehicles registered before Jan. 31, 2006 until March 4.During the period, owners of vehicles that qualify will be given comprehensive checkup services using BMW’s latest maintenance equipment. Fees arising from any repairs will also be cut by 20 percent during the period.The offer excludes repairs on damag

The new Range Rover TDV8 Vogue was launched on the local market on Feb. 14.The vehicle is fitted with a LR-TDV8 4.4-liter engine that puts out 313 brake horsepower and 8-speed automatic transmission. Range Rover TDV8 VogueThe vehicle manages 9.6 kilometers per liter, which according to the company is 18.5 percent more efficient than the previous engine. The new engine also emits 14 percent less gr

Kia Motors Corp.’s Forte Eco Plus, the country’s first vehicle fitted with an idle stop-and-go-system for automatic transmission, will go on sale today.The idle stop-and-go-system automatically shuts down the engine when the vehicle comes to a halt and restarts the engine when the car is back on the move to reduce fuel consumption and greenhouse gas emissions. Forte Eco Plus. (Kia Motors Corp)Acco

Tesla Motors Inc., the U.S. electric carmaker backed by Daimler AG and Toyota Motor Corp., said its revenue this year may rise as much as 50 percent because of higher demand for its rechargeable vehicles and battery packs.“We project revenue to increase about 40 to 50 percent in 2011, to $160 million to $175 million,” Deepak Ahuja, Tesla’s chief financial officer, said in a conference call on Feb.

Muscle car measures up to competition, but stiffer price may dampen enthusiasmChevrolet’s iconic muscle car Camaro was unveiled in South Korea on Friday.The Camaro is the third model of the eight Chevrolet vehicles GM Daewoo Auto and Technology Co. plans to introduce to the local market this year as part of its strategy for pushing up domestic market share and to leave behind the less-than-flatter

New workers learn teamwork and living as part of the firm at induction programsLike many who join large companies in South Korea, Cho Duk-hyun’s career at Daeyang Shipping began with a two-month induction program.While such programs are often associated with tight schedules that begin at the crack of dawn and continue late into the night, and sometimes include activities with little relation to wo

Warren Buffett will visit South Korea in March to attend the groundbreaking ceremony for TaeguTec Ltd.’s second plant, which will double its production capacity.According to TaeguTec, a Daegu-based firm that specializes in producing tungsten and industrial cutting tools, Buffett will visit the company for the ceremony on March 21. Warren Buffett. BloombergAs he did during his first visit to Korea

Carmaker, electronics company nearing deal to develop ‘smart car’Hyundai Motor Co. and Samsung Electronics seek to collaborate in developing an automobile-smartphone link-up, sources said Tuesday. The largest automobile and electronics firms of Korea may sign a memorandum of understanding as early as next week, they said.The project will enable the built-in table computer on board Hyundai vehicles

The world’s largest shipbuilder Hyundai Heavy Industries announced on Tuesday that it would set up a 30 billion won ($27 million) fund for supporting small and medium sized enterprises’ research and development efforts in collaboration with the Small and Medium Business Administration.The shipbuilder and the Small and Medium Business Administration will each be responsible for raising 15 billion w