Auto Parts

Hyundai Motor enters electric car-sharing market

Hyundai Motor is rolling out a car-sharing service alongside Hyundai Capital, with the launch planned for this April, the firm said Tuesday. The first models to be offered will be electric cars, before further expanding, the company said. Hyundai Motor will contribute to the expansion of the eco-friendly car market by introducing car-sharing services, mainly offering electric car models, together with Hyundai Capital,” said Chang Jae-hoon, a senior vice president of the customer value division at Hyundai Motor, during the signing [...]

Hyundai, Kia flag nearly record-breaking sales in France

Hyundai Motor and Kia Motors sold a combined 61,727 automobiles in France last year, just 24 units short of setting a new record, industry data showed Wednesday. The automakers sold a record 61,751 units in 2012, according to state-run Korea Trade-Investment Promotion Agency. Hyundai Motor sold 28,043 units, up 17 percent on-year, while Kia Motors sold 33,684 units, up 15.6 percent on-year. Combined, the two firms saw a 16.2 percent increase in sales from 2015. The rate far exceeds France’s auto market expansion [...]

Hyundai, Kia warned of ‘hazardous conditions’ at US suppliers before worker's death

A worker at an Alabama plant making auto parts for Hyundai Motor and Kia Motors was crushed to death by machinery in June, several months after the automakers were warned of hazardous conditions at their suppliers. David Michaels, assistant secretary of labor for the Occupational Safety and Health Administration, said in a report on the death of Regina Allen Elsea that he had visited the carmakers in South Korea in 2015 and warned top managers of safety problems at their [...]

Hydrogen taxis hit the road in Ulsan

The Korean auto industry’s futuristic eco-friendly policies continue to evolve with the first fleet of hydrogen taxis starting operations on Dec. 13. Ten Hyundai Motor Tuscan ix models ― all hydrogen fuel cell cars ― began the test service in the southern coastal city of Ulsan. After the months-long test, Hyundai plans to expand the service to other areas next year. The taxi service, operated by the Ministry of Environment, Ulsan City Office and Hyundai Motor, will use the same meter [...]

Government confirms Chevy Bolt EV runs 383km with single charge

The Ministry of Environment has certified that the Chevrolet Bolt electric vehicle (EV) has a range of 383.17 kilometers when fully charged. GM Korea said in a press release, Tuesday, that its affiliate brand Chevrolet’s Bolt EV received the official drive range of 383.17 kilometers from the ministry ahead of the model’s sales in Korea early next year. “The Bolt EV can nearly travel from Seoul to Busan with a single charge. The model will suggest a new set of standards [...]

Hyundai Heavy clinches $700 million deal in Iran

Hyundai Heavy Industries (HHI) has clinched a $700 million order to build 12 ships for Iran’s state-owned shipping company Islamic Republic of Iran Shipping Lines (IRISL). The deal is expected to provide financial room for the debt-ridden company. According to HHI, Sunday, the nation’s largest shipbuilder signed a deal to build at least eight ultra-large container vessels (ULCVs) and medium-range tankers for carrying petrochemical products for the largest shipping company in the Middle East, Friday. A total of four ULCVs [...]

Hyundai Motor's Creta, ix25, KX3 SUVs lead overseas sales

Strategy models sold exclusively overseas are leading global sales for Hyundai Motor and Kia Motors, amid declining demand and domestic sales. According to sources Monday, Hyundai Motor’s ix25 and Creta, and Kia Motors’ KX3 small-size sports utility vehicle (SUV) are leading the two companies’ performance with global sales of 250,944 cars in the January to October period this year, a 70.4 percent surge compared to last year’s 147,252. Hyundai Motor sold 114,831 Creta SUVs in India during the period, up by [...]

Samsung acquires Harman for $8 bil.

Samsung Electronics has decided to buy Harman International Industries, a U.S. automotive part supplier for $8 billion, in a bid to secure a next-generation growth engine. The Korean firm held a board of directors’ meeting Monday to approve the all-cash deal, the biggest one in the history of the world’s largest smartphone maker. Korean companies have never before spent such a large amount of money to take over a foreign firm. Samsung will pay $112 a share for Harman, which is [...]

Samsung BioLogics to begin IPO process this week

Samsung BioLogics, a contract manufacturer of biologic drugs under Samsung Group, will apply for preliminary approval to begin its initial public offering process this week, the Korea Exchange said Monday. The South Korean drugmaker plans to submit its application to pursue am IPO on the country’s main bourse KOSPI on Thursday, the KRX said. Under this timeline, Samsung BioLogics will likely complete its public listing by November as scheduled. Samsung BioLogics declined to comment on the potential size of the IPO. [...]

Korean exporters still face growing protectionism

South Korean companies are confronted with growing trade barriers in overseas markets as major economies toughen import rules amid a protracted economic slowdown, industry sources said Wednesday. As of the end of July, South Korean products were affected by 179 anti-dumping measures, safeguards and other import regulations worldwide, according to the sources and the state-run Korea Trade-Investment Promotion Agency. In the first seven months of this year alone, 24 new complaints involving import regulations were filed against South Korean products, but [...]