Major Korean oil refiner S-Oil will invest some 5 trillion won ($4.47 billion) through 2023 in its phase II petrochemical project for which it is conducting a feasibility study on building a mixed feed cracker, the company said Wednesday.The investment is part of the company’s goal to become a leading energy and chemical company under its “Vision 2025.”The steam cracker will produce 1.5 million tons of ethylene annually and basic petrochemicals using naphtha, giving the company a competitive adv

Hyundai Mobis, an auto parts supplier, has inked an investment deal worth 8 billion won ($7.1 million) with the Korean startup StradVision, which develops deep learning-based object detection and recognition technology, the company said Wednesday.The latest move comes as the company has vowed to develop sensors required for self-driving, such as lidar and radar, by 2020. StradVision was established in 2014 by graduates of the Pohang University of Science and Technology. It owns deep learning-bas

Fiat Chrysler Automobiles Korea has released the all-new Jeep Wrangler, revamped 11 years after its previous model, in hopes of boosting demand for off-road driving, the company said Tuesday.The latest 4x4 sport utility vehicle was revealed at the 2017 LA Motor Show. The carmaker described it as the model that created the SUV segment and the first to introduce the concept of off-road driving.Amid an increase in demand among off-road drivers, 1,425 units of the Wrangler were sold in 2017, up 40.6

The Korea Transportation Safety Authority (KOTSA) under the Transport Ministry on Monday said BMW Korea was uncooperative in transferring technical documents needed to look into engine fires prior to official orders by the ministry.“We confirmed irregularities in the BMW 520d frequently catching fire this June and requested BMW Korea for technical documents on June 25, July 5 and July 19. But BMW Korea did not transfer the files and in some cases, parts of the documents were missing,” said Kwon

Hyundai Motor and Kia Motors, South Korea’s top two automakers, will offer safety inspections of old vehicles free of charge in response to inquiries about vehicles catching fire, the company said Monday.The inspections are starting up in the wake of recent BMW engine fires, which have left drivers here increasingly concerned.Hyundai and Kia vehicles that have been on the roads for at least eight years are eligible for checkups through the end of November at 22 Hyundai service centers and some 1

The first group of elderly South Koreans selected to reunite with their relatives in North Korea this week -- the first such group in almost three years -- gathered in Sokcho, Gangwon Province, Sunday, to prepare for their journey across the DMZ.The 89 South Koreans will meet family members they had been separated from by the Korean War from Monday to Wednesday.According to South Korea’s Ministry of Unification, they will be briefed on reunion procedures and protocols Sunday before heading to th

With Korean drivers on alert for vehicles catching fire in the midst of the BMW engine fire crisis, reports of fires breaking out at vehicles manufacture red by other automakers have been making the rounds recently, reflecting the public’s raised concerns.The most recent case was a fire that reportedly started in the engine of a Chrysler 300C sedan after showing signs of malfunction, according to a local fire department on Sunday. “We are investigating what started the fire in the engine room of

BMW owners, who have filed a criminal suit against the German luxury carmaker over fire-prone vehicles, on Thursday urged authorities to conduct simulations and stress tests on models subject for recall, citing their psychological damage and the need for an acceptable explanation.They also downplayed recent speculations by some experts that the fires may be caused by software manipulation, instead stressing they believe the problem lies with a defective exhaust gas recirculation module.Speaking

POCHEON, Gyeonggi Province -- Sweden-based carmaker Volvo has completed its sport utility vehicle lineup with the launch of the XC40, stepping into the compact SUV market for the first time in the carmaker’s 90-year history. The XC40 is smallest in the XC family consisting of the flagship large-size SUV XC 90 and XC60 midsize SUV.In the hope of continuing popularity garnered by the XC60 last year, the XC40 was released here in June, targeting younger drivers. The Korea Herald had a chance to tes

Amid doubts raised by critics and skeptical consumers that BMW may have manipulated its exhaust gas recirculation software to meet emissions regulations, causing engine fires, the government said Monday it will conduct tests on various BMW vehicles to look into all possibilities.The Ministry of Land, Infrastructure and Transport will examine the amount of gas emissions from recalled BMW cars that have received a safety checkup and those that have not yet received the inspection along with vehicl

Amid mounting concerns over BMW vehicles catching fire here, the German luxury carmaker faces a tumultuous road ahead, with roughly 300 BMW owners affected by the recall and engine fires slated to file a criminal suit against the carmaker next week, a lawyer representing the case said Friday.According to lawyer Ha Jong-sun of law firm Bareun, roughly 300 more owners will take legal action around Wednesday. They follow 21 BMW owners -- 20 owners of recalled models and one who had experienced an e

Long-held debate over the need to widen the punitive damages system here has reignited following cases of BMW sedans catching fire, which have prompted legal action by consumers. The Ministry of Land, Infrastructure and Transport said Tuesday it would aim to add punitive damages under the current automobile management act together with the Fair Trade Commission within the month.“A slew of problems surfaced leading up to BMW’s recall and after the recall was announced, which has led us to review

Representative Director and Chairman of BMW Korea Kim Hyo-joon officially apologized for a series of engine fires that broke out in its vehicles, in an emergency press conference Monday as the controversy continued to expand into more lawsuits by customers.“BMW sincerely apologizes for causing inconvenience due to a series of fires. Deepest regrets go out for drivers who have experienced accidents. BMW headquarters takes the case seriously with updates shared every day,” said Kim.“A project team

Despite BMW Korea’s measures including a recall, checks and lease services, more owners of a problematic model that appears prone to catching fire are taking legal action against the automaker, this time joined by a local consumer protection group. Marking the first consumer protection group to take action since the series of BMW fires, the Korea Consumer Association said Monday it is preparing to file a lawsuit against the German luxury carmaker with about 100 members of a BMW car owners’ club.

In light of the recent BMW incident in which vehicles caught fire presumably over a malfunctioning component, Korea’s auto industry is paying close attention to the amended automobile management act, also referred to as the Korean version of the US lemon law, slated to take effect next January.The law is being met with mixed reactions. Some critics view it as insufficient and say it should be complemented with stronger legal bounds, while others welcome it as the first step to strengthening cons

BMW Korea, the local importer and distributor of the German luxury carmaker, is under growing pressure from the government and public to submit technical and auto parts documents to narrow down the reason for engine fires.“We urge BMW to take a responsible stance in the issue and provide substitute cars for owners alongside documents related to auto parts and technology promptly,” the Ministry of Land, Infrastructure and Transport said Friday.BMW Korea is scheduled to transfer the documents cont

The Ministry of Transport and Land on Friday advised the owners of BMW 520d sedans to refrain from driving the vehicle, citing safety issues.“(We advise) owners of the vehicles subject for recall to receive a safety check up as soon as possible and refrain from driving the vehicle until safety is ensured,” said Sohn Byeong-seok, the first transport vice minister.While apologizing for causing public concern, the vice minister said that the government would conduct a thorough investigation into th

Hyundai Motor has launched a campaign and programs tailored for female drivers in Saudi Arabia, joining a slew of global automakers eyeing a stake in the market to hike up sales in the region, the company said Thursday.During the company’s meeting of overseas representatives held last month, Hyundai said it would bolster sales in the Middle East in the second half of the year by targeting the Saudi Arabia market where a ban on female driving was lifted on June 24. A task force has been set up th

BMW Korea, the local importer and distributor of the German carmaker, will provide free car rentals for vehicle owners affected by its voluntary recall issued last week, the company said Wednesday.Owners of the 106,317 vehicles recalled related to an issue with engines catching fire will be able to rent cars free of charge in accordance with Korea’s standard auto insurance policy.In efforts to contain further incidents, BMW Korea plans to complete checkups on about 7,000 BMW vehicles that have b

SK Innovation rose six ranks on a list of this year’s global top 50 chemical companies complied by Chemical & Engineering News magazine, backed by its drive to beef up its chemical venture beyond its oil refinery business, the company said Wednesday.According to Chemical & Engineering News, published by the American Chemical Society, SK Innovation ranked No. 38 out of 50 global chemical firms, climbing up six notches compared to last year and showing the second-biggest improvement among the surv