The five major carmakers in Korea — Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors, and SsangYong Motor — suffered a setback in exports in March due to the spread of the novel coronavirus.March sales results announced on April 1 showed that the five automakers sold 597,826 units, down 1
SsangYong Motor Co. announced on April 1 that the company sold a total of 9,345 units in March 2020 -- 6,860 units in domestic sales and 2,485 in exports.SsangYong’s March sales dropped 31.2 percent over the same month last year due to the depressed real economy and worsening market conditions due t
South Korea’s vehicle exports fell to the lowest point in 17 years in February.The Korea Automobile Industry Association (KAMA) estimated Korea’s car exports in February at 119,942 units. The figure represented a 26.89 percent decrease from the same month in 2019 and the lowest monthly record since
SsangYong Motor Co., part of India's Mahindra Group, announced on March 2 that the company sold a total of 7,141 units in February 2020 -- 5,100 units in domestic sales and 2,041 in exports.SsangYong’s February sales dropped 27.4 percent over the same month last year due to a depressed domestic
SsangYong Motor may lose third place in the Korean car market to GM Korea or Renault Samsung Motors this year.GM Korea officially started to count sales of its new compact sport utility vehicle (SUV) Trailblazer in February and Renault Samsung Motors is also planning to launch its new XM3 in March.
Hyundai Motor and Kia Motors have decided to extend the suspension of their factories just one day after their operation has been resumed after a shutdown due to the COVID-19 outbreak. A shortage of wiring harnesses from China has not been totally resolved yet.Hyundai Motor said on Feb. 17 that its
SsangYong Motor Co., part of India's Mahindra Group, announced on Feb. 7 that the company sold 135,235 units at home and abroad in 2019, posting a revenue of 3,623.9 billion won, an operating loss of 281.9 billion won, and a net loss of 341.4 billion won.Despite strong domestic sales, the compan
Domestic car sales fell sharply in January due to the Lunar New Year holidays. However, Hyundai Motor Co. and Kia Motors Corp. made up for the decline in domestic sales by increasing exports.Hyundai Motor sold 304,076 units in January -- 47,591 units at home and 256,485 units abroad. The figures rep
SsangYong Motor Co., part of India's Mahindra Group, announced on Feb. 3 that the company sold a total of 7,653 units in January 2020 -- 5,557 units in domestic sales and 2,096 in exports.SsangYong’s January 2020 sales dropped 33 percent over the same month last year due to depressed auto market
The Wuhan coronavirus is causing global supply networks to collapse, including Hyundai Motor Group’s plants located in South Korea.Chinese wiring harness manufacturers announced on Jan. 31 that they would stop operating until Feb. 9. Under the circumstances, Hyundai and Kia are considering stopping
SsangYong Motor may have to shut down its production lines due to the disruption of its global supply chain amid the spread of the Wuhab coronavirus. A Chinese plant which supplies wire parts to SsangYong Motor is planning to stop production until Feb. 9 due to the Wuhan pneumonia outbreak.Leoni Wir
Pawan Goenka, managing director of Indian carmaker Mahindra & Mahindra Ltd., met with Lee Dong-geol, chairman of Korea Development Bank (KDB), on Jan. 16 in Seoul to ask for financial support for SsangYong Motor, its Korean affiliate.Goenka, who is also the chairman of SsangYong Motor’s board of dir
Unionized Kia Motors workers started a five-day partial strike on Jan. 13. The union staged a partial strike on Dec. 18, 19 and 24 last year after wage negotiations failed and started the strike after their talks failed again on Jan. 10. At present, the workers are demanding a salary higher than tha
Mercedes-Benz recorded the best sales performance in 2019 since its entry into the Korean market, beating Korea-based automaker GM Korea. This marked the first time that an imported car brand recorded annual sales exceeding those of an automaker producing cars in Korea.Last year, Mercedes-Benz's
SsangYong Motor, part of India's Mahindra Group, announced on Jan. 2 that the company sold a total of 12,923 units in December 2019 --10,574 units in domestic sales and 2,349 in exports.SsangYong’s December sales increased 20.2 percent from the previous month, driven by domestic sales growth. Sa
A senior executive of U.S. automaker Ford will visit SsangYong Motor this month to discuss ways to sell vehicles produced at Ssangyong’s plant in Pyeongtaek under the Ford brand in overseas markets. A triangular alliance involving Ssangyong, Mahindra and Ford has been forged to support the financial
Korea Development Bank (KDB) is reportedly considering extending the maturity of its 90 billion won loan to SsangYong Motor, which is suffering from severe financial trouble due to sluggish sales.If KDB agrees to extend the maturity of the loan, which matures next year, SsangYong Motor will be able
SsangYong Motor Co. announced on Dec. 19 that its additional business reform plan is under an internal consent procedure. According to the plan, employees’ 200 percent bonus will be returned along with production incentives and the pay for unused annual leave will be reduced from 150 percent to 100
SsangYong Motor’s labor and management agreed to reduce labor cost on Dec. 19. The ailing automaker’s labor and management have been implementing voluntary cost-cutting measures since September in their bid to draw support from Korea Development Bank, its main creditor bank, and India’s Mahindra Gro
Hyundai Motor Co., the flag bearer of the Korean automotive industry, has come close to 100 percent utilization of its Korean plants in four years. The company’s assembly plants have been running powerfully throughout the year thanks successful launches of new models and no labor dispute.However, ap