Transport Vehicles

Outbound travelers jump over 40% in July

The number of South Koreans going overseas for vacation jumped more than 40 percent on-year in July as more people flock to foreign destinations despite a prolonged slump in domestic demand, industry data showed Tuesday. Hana Tour Co., the nation’s leading tour agency, said the number of its clients going abroad came to 289,000 last month, up 43.3 percent from the same month last year. hina was the destination that saw the biggest on-year jump with 92.3 percent, followed by Japan [...]

Ssangyong Motor returns to profit on Tivoli sales

[THE INVESTOR] Ssangyong Motor , owned by India’s auto giant Mahindra & Mahindra, bounced back into profit in the first half of the year for the first time in nine years, thanks to the popularity of its Tivoli sport utility vehicle. The automaker posted operating profit of 27.4 billion won (US$24.40 million) in the first half of the year, reversing a nine consecutive loss-making years since 2007, the company said in a regulatory filing on July 29. Sales stood at 1.77 [...]

Hyundai Mobis Q2 profit jumps 13% on SUV sales

[THE INVESTOR] Hyundai Mobis on July 28 said that it posted a 13 percent increase in second-quarter operating profit from a year earlier, thanks to favorable currency rates and improved supply to sport utility vehicles. South Korea’s largest automotive parts supplier affiliated with Hyundai Motor Group reported the April-June operating profit of 784.7 billion won (US$696.2 million), compared with the 694.4 billion won from the same period last year. Sales jumped 11.9 percent to 9.85 trillion won from a year earlier. Net [...]

Korea initiates Mongolia into forestry

The Korea Forest Service signed a memorandum of understanding last week with Mongolia’s ministry of environment, green development and tourism to jointly combat desertification, according to KFS officials. The agreement, which was made during Asia-Europe Meeting in Ulaanbaatar, reads that both countries will be in cooperation to contribute to afforesting Mongolian regions where the locals suffer from air pollution caused by its rapid urbanization. “We are pleased to promote amity with Mongolia through afforesting the deserts from which sandy dusts to [...]

Kia Motors unveils new Carens

[THE INVESTOR] Kia Motors, South Korea’s second-largest automaker, released its new version of compact minivan Carens that features more power, dynamic exterior and affordable price tag on July 26. The new Carens, better known as Ronda in overseas markets, shares the same external dimension with the older model launched in June 2015. “We improved the design of the radiator grille, head lamps, rear lights and wheels to emphasize strong appearance and voluminous body,” a company official said. “The new Carens is a [...]

Hyundai’s domestic SUV sales top 2 million

[THE INVESTOR] The number of Hyundai Motor ’s sport utility vehicles sold in South Korea has broken the 2 million mark, industry data showed on July 5. Hyundai is the first South Korean carmaker to sell more than 2 million SUVs in the local market. According to industry data, a total of just under 2.012 million units of Hyundai SUVs have been sold here since 1991 when the carmaker introduced its first SUV — the Galloper based on Mitsubishi Pajero. Apart from [...]

Former chief of Volkswagen Korea summoned over emissions scandal

A former CEO of the local branch of Volkswagen was summoned by prosecutors Tuesday over the German carmaker’s alleged irregularities that came to light following last year’s emissions scandal. The Seoul Central District Prosecutors’ Office summoned Park Dong-hoon as a material witness to gain background information. Prosecutors said his status can change to that of a suspect, if necessary, following the investigation. “I was not (involved),” Park told reporters, referring to the string of manipulations conducted on the German vehicles. The [...]

Malibu Hybrid misses low-pollution certification

[THE INVESTOR] GM Korea’s Malibu Hybrid has failed to obtain a low-pollution certification, making it ineligible for tax benefits on eco-friendly cars, government and industry sources. On July 3, GM Korea notified through its website that benefits for purchasing hybrid vehicles are not applied to the Malibu Hybrid. According to the Ministry of Environment, the Malibu Hybrid is excluded from the measure due to failing emission standards. At 95 grams per kilometer, the vehicle meets carbon dioxide emission standard of 97 grams [...]

Brexit raises concerns over exports

Britain’s departure from the European Union is drawing mixed reactions here, with local experts offering dim prospects for Korean exporters but some others viewing the historic change as an opportunity for the world’s seventh-largest exporter to outpace its rivals in the overall European market. Amid growing concerns, the Korean government said Sunday it would prepare for separate trade talks with the EU and Great Britain. In 2009, South Korea and the EU signed a bilateral free trade agreement, which took [...]

Air Busan opens Busan-Ulaanbaatar route

[THE INVESTOR] Air Busan began flying the Busan-Ulaanbaatar route on June 24, becoming the first Korean carrier to operate the route between the two cities. For Air Busan, this is the 17th international route. Air Busan is a budget carrier subsidiary of Kumho Asiana Group’s Asiana Airlines. Air Busan operates Busan-Ulaanbaatar flights on Tuesdays at 10:35 a.m. and Fridays at 8:35 a.m. Ulaanbaatar-Busan flights will take off at 3:40 p.m. on Tuesdays and 1:40 p.m. on Fridays. Source: