GM Korea, the Korean unit of General Motors, unveiled its all-new Malibu on Wednesday, with the goal of becoming a game changer in the midsize sedan market. Hyundai and Kia have dominated the sedan market in Korea, but the newly-launched SM6 of Renault Samsung is changing the landscape of the market competition. During the launch at Gocheok Sky Dome, the automaker expressed confidence in overtaking the sedans of three local rivals -- Hyundai’s Sonata, Renault Samsung’s SM6 and Kia Motors’ K5.  G

Hyundai Motor Group on Tuesday categorically denied market speculation that it may be interested in buying Hyundai Merchant Marine and Hyundai Heavy Industries, to put the two ailing firms under its umbrella. The automaker has been mentioned in the market as a potential candidate to take over the debt-ridden firms. “The company plans to concentrate on having a competitive edge in the auto sector. We have nothing to do with and have no interest in the shipbuilding and shipping areas,” Yonhap News

Hanjin Shipping’s former chairwoman Choi Eun-yeong has come under scrutiny by financial authorities over suspicions that she might have used insider information to sell her shares in the troubled firm. According to sources Tuesday, the former chief and her two daughters sold their 970,000 company shares -- 0.39 percent of the total shares -- worth 3 billion won ($2.6 million) three days before the company’s board of directors decided to file for creditor-led rehabilitation on Friday. Hanjin Ship

Hyundai Motor said Monday that it plans to roll out its first electric sport utility vehicle by 2018. Hyundai’s Namyang R&D Center is currently developing the electric SUVs, which can go up to 320 kilometers on a single charge, nearly double the mileage of sedan-type Ioniq Electric’s 180 kilometers. “It is true that we will launch a new electric SUV,” a company spokesman said.Hyundai Motor vehicles bound for export await shipment at a port near the company’s plant in Ulsan. (The Korea Herald fil

Korean automakers will showcase mainly eco-friendly, hybrid and compact vehicles during the Beijing motor show that kicked off Monday, in an effort to capture greater market share in China. Hyundai Motor, the nation’s top carmaker, has unveiled concept car Verna and hybrid vehicle Ioniq at the Beijing International Automobile Exhibition.  Hyundai Motor’s concept Verna (Hyundai Motor)“Verna is a representative model in China’s compact vehicle market with more than 1 million unit sales since its l

A team from Seoul National University is set to unveil a newer and more advanced version of its autonomous car Snuber later this year, joining a global race to develop self-driving cars.Snuber is an app-based self-driving taxi that was unveiled in November and has since been used by college students as a ride-hailing service within the campus -- while also being used as a prototype for its upgraded version. “Snuber has already driven more than 2,000 kilometers on the campus without an accident.

Foreign automakers in Korea are very thrifty when it comes to local charity donations although they are generous in paying hefty dividends to their major shareholders, market data showed Thursday. The combined dividends of the major foreign automakers was around 83.6 billion won ($73 million) last year while their domestic donations stood at 4.2 billion won, according to their audited financial reports. Among the foreign automakers, Mercedes-Benz Korea paid dividends of 58.5 billion won, Audi Vo

SK Innovation said Wednesday that it will finalize its plans to build a battery plant for electric vehicles in China this year. “The company plans to transform its business portfolio to focus on more lucrative businesses such as EV batteries and noncommodity products,” said CEO Chung Chul-khil at a press meeting in Seoul. SK Innovation's CEO Chung Chul-khil (SK Innovation)The company needs to innovate its business structure as its traditional oil-refining sector repeatedly faces low growth, exce

 Doosan Group’s key affiliates turned a profit in the first quarter of this year, after a downsizing drive targeting money-losing businesses. Doosan Corp. said it posted 3.8 trillion won ($3.3 billion) in sales, 259 billion won in operating income and 253 billion won in net income in the first quarter, according to its regulatory filling on Tuesday.Its sales dropped 16.52 percent from the previous quarter which saw sales of 4.6 trillion won. However, both operating income and net income turned a

South Korea’s largest automaker Hyundai Motor and American tech giant Cisco Systems have agreed to cooperate on connected car technologies, the automaker said Tuesday. The announcement came as Hyundai Motor vice chairman Chung Eui-sun and Cisco Systems CEO Chuck Robbins met in Seoul to discuss the two firms’ future smart car business.   Hyundai Motor vice chairman Chung Eui-sun (third from left) and Cisco Systems CEO Chuck Robbins (fourth from left) pose after a meeting at the carmaker’s headqua

NISSAN UNVEILS NEW MIDSIZE SEDAN -- Nissan Korea unveiled its new midsize sedan All-New Altima, which has a combined fuel efficiency of 13.3 kilometers per liter, in Seoul on Tuesday. The price of the new sedan starts from 29.9 million won ($26,270). (Nissan Korea)

Kumho Tire unveiled Monday its new commercial music video made in collaboration with K-pop singer Psy.The tire company said in a statement, “We have created this commercial video by combining the company’s brand slogan ‘Better, All-Ways’ with Psy’s hit music ‘Good Day Will Come.’” Still cuts of Psy’s music video made in collaboration with Kumho Tire (Kumho Tire)The video, which was made to raise the company’s brand profile through music, was unveiled on YouTube channels and China’s media platfor

Ssangyong Motor plans to beef up sales marketing in China as part of efforts to diversify its global client base after struggling from weak sales in Russia – its main importer – due to economic recession and a weak ruble. The Korean unit of Indian auto giant Mahindra & Mahindra said on Monday the firm would start sales of its new mid-size SUV Tivoli Air in China (XLV in global market)  after unveiling it at the Auto China 2016 in Beijing next week. Tivoli Air of sangyong Motor “With a more enhan

Global experts talked about the need to change public misperception of green buildings, claiming it is cost-saving, healthier and eco-friendly at a conference in Seoul which kicked off Thursday for a three-day run.The conference, being attended by around 150 representatives from government, academia and companies from the Asia-Pacific region, has become a platform for the experts to discuss ways to better achieve carbon emission reduction goals set by the Paris climate change conference in Decem

Whether to import the popular Impala sedan or manufacture it at home is becoming a seed of labor dispute between GM Korea‘s management and its union.Last week, the Korean unit of U.S. General Motors decided to continue importing Chevrolet’s premium sedan Impala instead of producing them here.But the automaker’s labor union said in its statement that the management’s decision is tantamount to breaking trust between labor and management, warning that the company “will have to pay a huge price for

Business tycoons will soon come under closer watch, as political parties and civic groups are seeking to strengthen monitoring and regulation of their behavior. The move comes amid mounting public criticism toward conglomerate leaders, following a recent series of alleged assault and abuse cases. 　Nonprofit organization Public Welfare Committee recently set up a call center to monitor abusive remarks or acts by owner family members, CEOs or executives in workplaces.“We wanted to get to the botto

U.S. Secretary of State John Kerry urged North Korea on Monday to forgo any provocative actions, warning the U.S. is ready to impose even harsher sanctions than the latest U.N. resolution on the communist nation.Kerry issued the warning at a news conference during a landmark visit to Hiroshima, Japan, amid concerns that Pyongyang could conduct another nuclear test, its fifth, ahead of the birthday of founding leader Kim Il-sung on Friday.He said sentiment was uniform at a meeting of the foreign

South Korea plans to introduce more powerful loudspeaker systems by the end of this year to boost its ongoing anti-North Korea broadcasting campaign, government notices showed Tuesday.The Ministry of National Defense's finance management body posted notices on April 4 inviting local suppliers to submit tenders for two types of high-end loudspeaker, according to the military's public bidding website.According to the procurement postings, the military is seeking to introduce 24 fixed and 16 mobile

SK Group, the nation’s third-largest conglomerate, has the most offshore companies in tax havens, according to market data Tuesday. According to local business tracker Chaebul.com, SK operates 69 paper companies in the havens, the highest number among the nation’s top 61 conglomerates, followed by Lotte with 38 companies, Samsung with 20 and CJ with 12, as of 2014. By country, 32 of SK Group’s companies are located in Hong Kong, 32 on the Cayman Islands, three in Panama, one on the Virgin Island

Tax authorities in Seoul have slapped Hyundai Heavy Industries with an additional tax of 120 billion won ($104 million), the shipbuilder confirmed Monday. The National Tax Service recently notified the nation’s leading shipbuilder of its decision to impose the additional tax allegedly on a charges of corporate tax evasion. Its investigation into the country’s top shipbuilder began in April last year. Hyundai Heavy Industries (Yonhap)Hyundai Heavy Industries’ spokesperson said, “It is true that t