Midsized construction company HDC Hyundai Development Company said Wednesday that it has postponed the schedule to complete the acquisition of Asiana Airlines, as more time is needed for the conditions precedent to be met, including a delayed foreign regulator’s approval. HDC said in a regulatory filing that the acquisition date has been resettled from April 30 to “a date agreed by both parties.”  A HDC official told The Korea Herald that the deal closing date can be af

Hit by the unprecedented economic impact of the coronavirus epidemic, the country’s largest automaker, Hyundai Motor Group, is moving to focus on increasing domestic sales to recover from weakened exports. The strategy, also taken by other smaller automakers, is expected to further intensify the local market, according to industry sources. According to Hyundai Motor Group, it would reorganize the production schedule and supply of popular models.  Hyundai Motor Group Executive Dire

Sales and profits of global automakers declined over the economic impact of the COVID-19 crisis, market data showed Tuesday. With European countries like France having gone into lockdown in the first quarter, French automaker Renault Group recorded 19.2 percent fall in their sales from January to February, compared to the previous year. German automaker BMW also saw its sales dwindle by 20.6 percent, while other German carmakers Daimler Group and Volkswagen saw their operating profits plumme

The South Korean government has been spewing out financial support schemes for the struggling airline industry upon the novel coronavirus pandemic since February. But the measures exclude minor and infant-stage low-cost carriers that had acquired their operation licenses only last year, stoking concerns over their business outlook. It also rekindled criticisms that the Transport Ministry had hastily handed out licenses for the already-crowded LCC sector. Most recently last week, the governmen

British carmaker Jaguar Land Rover’s premium sedan XF has come back with a 2020 checkered flag edition, upgrading the brand’s product portfolio. Jaguar’s 2020 XF checkered flag edition features the automaker’s unique exterior and interior elements, as well as the Ingenium engine which comes in both diesel and gasoline variants, the company said Sunday. The engine, which was manufactured with a high-tech aluminum-based material, delivers high fuel efficiency and up to 18

South Korea has rapidly become an attractive market for luxury sports car brands in recent years. Driving the trend is Porsche, with market watchers attributing the German carmaker as having opened the gateway for car enthusiasts here with its diverse models that coalesced its high-end image into individuality. “We are still a young brand (here). Porsche Korea began business here only seven years ago, we are still fairly new and there’s a lot about the brand that we can show and t

Low-cost carrier Jeju Air said Friday that it will conduct a temperature check for all passengers to prevent the spread of COVID-19. Following the extra-long weekend which begins from Buddha’s Birthday which falls on April 30 through Children’s Day on May 5, the air carrier said all passengers on flights departing to Jeju Island will undergo a temperature check.  The government has estimated that some 180,000 people are expected to visit the resort island during the upcoming

Hyundai Mobis said Friday that it has logged an operating profit of 360.9 billion won ($291 million) in the first quarter, down 26.9 percent on-year.  Hyundai Motor Group’s auto parts making unit cited market contraction over impact of COVID-19 as a reason. According to the company, its first-quarter sales came at 8.4 trillion won, down 3.6 percent on-year, while its total net profit recorded 348.8 billion won, which fell by 28.2 percent on-year.  Hyundai Mobis said its main

Kia Motors said Friday that its net profit in the first quarter this year has halved, while further losses are expected in the second quarter over the economic impact of COVID-19 pandemic.  The automaker’s disclosure showed that its sales from January to March came at 14.5 trillion won ($11 billion), up by 17.1 percent on-year. Its operating profit fell 25.2 percent to 444.5 billion won, while net profit plummeted by 59 percent to 266 billion won.  The huge profit drop can be

Renault Samsung Motors said Friday that its sport utility vehicle XM3 has recorded accumulated sales of 10,000 units in 49 days, the shortest period since the new model was launched on March 9.  A total of 5,581 units were picked up in the month, while from April 1-13, a total of 4,419 units were sold. The company said prior to XM3, its midsized sedan SM6 broke the record of selling over 10,000 units in the shortest period of time after launch in 61 days.  During the preorder perio

Hyundai Motor Group’s steady-selling sedan the Sonata has been upgraded with “quieter, stronger” features for 2020, the automaker said Thursday.  The company said it has applied thicker fixed glass to the front row and windshield molding that surrounds the vehicle, for a quieter driving experience. On the gasoline 2.0 model, the company additionally applied double-glaze glass to minimize road noise in the car. Also, Hyundai Motor said it has changed the gearshift patter

Hyundai Motor Group posted a mixed earnings report Thursday, with a rise in operating profit overshadowed by the effects of the novel coronavirus.  The carmaker said its first-quarter sales amounted to 25.3 trillion won ($20.5 billion) and operating profit 863.8 billion won, having respectively risen by 5.6 percent and 4.7 percent on-year amid product improvement and the weak Korean won.  But currency factors also weighed on the auto giant’s net profit, which plunged 42.1 perc

Hanjin Group said Wednesday that it has sold a rent-a-car unit to Lotte Rental to focus on strengthening its core business in logistics and parcel services.  According to the company, it has clinched a deal to transfer 60 billion won ($48 million) of assets to Lotte Rental, which also runs a rent-a-car business. Hanjin also handed over some 3,000 vehicles. The deal was discussed in mid-February, while the finalization process is to take place by May, Hanjin Group said.  “We w

Stefan Krapp, head of Volkswagen Korea, poses with the automaker’s brand new logo and design unveiled on Wednesday.  According to VW Korea, the new logo indicates the company’s goal to become “New Volkswagen,” under its core brand values: human-focused and digital-centered.  Krapp said during the logo unveiling ceremony that the company will make VW become “a more friendly brand that anyone can have access to.”  The new logo will be applied

Korean Air, the main cash cow for the transport and logistics company Hanjin Group, has sold a housing complex it built for its employees on Jeju Island, industry sources said Wednesday. The move was seen as a way to secure capital amid a liquidity crisis stemming from the COVID-19 pandemic.  The airline reportedly clinched a contract worth 40 billion won ($32 million) for the complex, which comprises 22 two-story houses on 9,450.9 square meters in the Yeon-dong neighborhood. The buyer&rs

The five major Korean carmakers and auto parts makers on Tuesday asked the government for liquidity support for the automobile industry, which has been hit hard by low sales amid the COVID-19 pandemic, and measures to boost domestic demand. According to the Ministry of Trade, Industry and Energy, Minister Sung Yun-mo met with representatives of the country’s automakers, including Hyundai Motor Group President Gong Young-woon, Kia Motors President Song Ho-sung, SsangYong Motors President

Kia Motors said Monday that it has launched upgraded versions of its signature midsized sedans the K3 and K3 GT, targeting young drivers in their 20s and 30s. The automaker said the latest models offer features that customers in their 20s and 30s prefer, as well as competitive prices.  The 2021 K3 is available in three trims: standard, prestige and signature. A button-type smart key to start the car and artificial leather seats have been applied to all trims, the company said.  For

Petroleum and refinery firm S-Oil said Monday that it has delivered 100 million won ($82,000) to the Heart to Heart Orchestra, an orchestra founded in 2006 to nurture musicians with developmental disabilities.  The company said the donation would be used to provide musical education for teenagers with developmental disabilities from low-income families, as well as to raise awareness about disability rights among elementary, middle and high school students. The funds will also support the

As continued losses in the second quarter are expected for the aviation industry over COVID-19 pandemic, the South Korean government is expected to roll out an upgraded support measure for cash-strapped air carriers this week, according to the government sources on Sunday.  According to the government, the fifth round of emergency economic council meetings presided over by President Moon Jae-in is set to take place this week.  President Moon has been reiterating the need to support

South Korean air carriers have resumed their domestic operations for the spring travel season, according to industry sources Thursday.  While resumption of international flights is uncertain over prolonging concerns of the COVID-19 pandemic, local air carriers are planning to reopen flight services to popular tourism destinations across the nation, such as Jeju Island. According to budget airline Jeju Air, it has newly launched Gimpo-Yeosu and Yeosu-Jeju routes on Thursday. The routes wi