Mercedes-Benz Korea, the No. 1 imported car brand in Korea, surpassed 6 trillion won in sales in 2021. Its net profit of 147.3 billion won was all paid out as dividends to the German headquarters and its major shareholders.Mercedes-Benz Korea’s sales in 2021 reached 6,121.3 billion won, up 14.7 perc
CarIsYou Data Research Institute said on April 4 that 144,179 cars were newly registered in South Korea last month, up 25.8 percent from the previous month and down 14.8 percent from a year earlier.The new registrations include 116,172 domestic cars, up 22.8 percent from the previous month and down
The Korea Exchange announced on April 3 that one KOSPI and six KOSDAQ companies with a December fiscal year-end will be delisted. In addition, three KOSPI and 32 KOSDAQ companies are on the verge of delisting.Those include SsangYong Motor, which received a disclaimer of opinion for two years in a ro
SsangYong Motor’s commercial creditors have opposed Edison Motors’ acquisition of the troubled automaker, demanding that the company find a new investor.The commercial creditors filed a petition with the Seoul Rehabilitation Court to express their opposition to the takeover of the insolvent automake
The Ministry of Trade, Industry and Energy announced on March 16 that the domestic automotive industry output was 263,959 units last month, up 1.2 percent from a year ago. “Compared to February 2019, when there was no COVID-19, the output increased 2.6 percent from 257,276,” it said, adding, “Likewi
Domestic automobile sales increased in February compared with a year ago as the semiconductor shortage eased.Hyundai Motor, Kia and SsangYong Motor posted an increase, while Renault Samsung and GM Korea suffered negative growth. The five automakers all enjoyed an increase in exports.Their combined d
Ssangyong Motor announced on Jan. 25 that its capital had been completely eroded as of the end of last year.The company posted 296.2 billion won in operating loss and 292.9 billion won in net loss on a consolidated basis in 2021. Its debt exceeded its assets by about 60.2 billion won, which means it
South Korean automakers suffered a 10.8 percent decline in domestic sales volume last year amid a prolonged automotive chip shortage. Still, Hyundai Motor Group and Renault Samsung Motors saw their overall sales volumes increase on growth in exports and overseas sales.Last year, the five companies s
The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com. -- Ed. In 2022, cement industry woes are likely to continue amid bituminous coal price hikes. Despite increased investment in alternative fuel-fired facilities, the input cost of bituminous coal has mor
Toyota sold no electric, hydrogen, LPG and gasoline vehicles at all in South Korea last year, when it sold 14,168 hybrid and plug-in hybrid electric vehicles in South Korea and its low-pollution car supply rate calculated by the South Korean government was 43.7 percent. The figure is the highest of
Unionized Ssangyong E&C and GS E&C workers left the Korean Federation of Construction Company Unions (KFCCU), which is affiliated with the Korean Confederation of Trade Unions (KCTU).The withdrawal is because of their views different from those of the Korean Construction Workers’ Union (KCWU) and th
The Ministry of Trade, Industry and Energy announced on Nov. 18 that South Korea’s automobile production was 263,723 units last month, down 21.6 percent from a year ago.Last month, Hyundai Motor Co. and Kia’s production volumes fell 11.1 percent and 25.9 percent to 139,598 and 99,188, respectively.
Korean automakers posted sluggish sales performances in October due to a prolonged semiconductor shortage.Hyundai Motor Co. announced on Nov. 1 that its global sales fell 20.7 percent year-on-year to 307,039 units in October. The carmaker sold 57,813 units in the domestic market, down 12 percent fro
Edison Motors has been selected as the preferred bidder for SsangYong Motor, one of the nation's top five carmakers. Industry analysts say that the bidding outcome offers a positive sign for SsangYong Motor's exit from court receivership and management normalization.SsangYong Motor and its s
Cardinal One, a new corporation set up by HAAH Automotive of the United States, has joined the EL B&T Consortium, which participated in the main tender for SsangYong Motor.Electric vehicle and battery manufacturer EL B&T announced on Sept. 16 that it formed a consortium with Cardinal One and Pavilio
Every South Korean automaker wrapped up its collective bargaining and wage negotiations for this year. They avoided unnecessary conflicts with COVID-19 still ongoing along with the global automotive chip shortage.It is Renault Samsung Motors that came in last. In this company, unionized workers reac
Hyundai Motor Group announced on Sept. 1 that it sold 294,591 cars (51,034 at home and 243,557 abroad) last month, down 7.6 percent from a year ago. Domestic and overseas sales fell 6.5 percent and 7.8 percent year on year, respectively.SsangYong Motor sold 7,735 cars last month, down 3.9 percent fr
SsangYong Motor has recently launched the New Rexton Sports (local name: Musso) in Australian through its local subsidiary.SsangYong Motor's Australian subsidiary is the troubled automaker's first overseas direct sales corporation. Since its launch in Melbourne in November 2018, it has sough
The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com. -- Ed. Cement makers’ earnings began normalizing in 2Q21, and further improvement is expected in 2H21, driven by the full-blown impact of positive factors (eg, higher shipments). We draw attention to: 1
BMW Korea, Honda Korea and Jeep Korea considerably increased their sales volumes last month, when South Korean automakers stepped backwards with the only exception of Kia.Last month, Honda sold 327 cars in the South Korean market, up 153.5 percent from a year ago. Jeep Korea’s sales volume increased