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Category: Automotive

Retail News Asia is committed to providing both local and global retailers with the latest Auto and Car news throughout the Asian market. This on a daily base.

  • SUVs are selling more in Korea

    SUVs are selling more in Korea

    Korea’s domestic car market moved in two different directions this year. The rising popularity of large sedans and sport utility vehicles (SUVs) stood in sharp contrast to weaker demand for smaller vehicles, industry data showed Sunday. In the January-November period, Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and SsangYong Motor sold a combined 698,326 units, up 0.3 percent from 696,403 cars sold a year earlier, the data showed.

    Demand for medium SUVs, such as Hyundai’s all new Santa Fe, reached 207,269 units, up a sharp 29.5 percent from the same 11 months in 2017.

    The total so far is expected to push medium-sized SUVs to become the country’s top-selling vehicle type on an annual basis in 2018. This will mark the first time such crossovers have taken the top spot in Asia’s fourth-largest economy, where car buyers generally tended to favor mid- to large-size sedans.

    In regard to larger crossovers, the popularity of SsangYong’s G4 Rexton caused sales of such cars to jump 12.9 percent on year to 46,734 units, further pushing up overall SUV numbers.

    Industry watchers said the release of Hyundai’s three-row Palisade and a longer version of SsangYong’s G4 will further fuel sales going into 2019, with numbers likely to get a further boost once Kia releases its own large SUV that is expected to get the Telluride name.

    Besides SUVs, sales of large sedans, centered on Kia’s K9 luxury sedan, caused total numbers to rise a respectable 5.7 percent to 52,945 units up till November despite drop in demand for Hyundai’s luxury Genesis EQ900 falling off compared to the year before.

    On the other hand, sales of midsize and smaller vehicles dipped 0.9 percent on year to 481,542 units, with demand for small city cars dropping 7.5 percent to 115,647 units.

    “Vehicles like the Sante Fe clearly bolstered demand this year, with this trend likely to continue with the release of the Palisade and new versions of the G90 and G80 to further contribute to sales growth for bigger cars going into 2019,” an industry source said.

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  • BMW assembly on the anvil, says Vietnam auto conglomerate

    BMW assembly on the anvil, says Vietnam auto conglomerate

    THACO, a major player in the country’s commercial vehicle segment, plans to assemble German brand BMW cars in Vietnam. Tran Ba Duong, chairman of the Truong Hai Auto Corporation (THACO), said at a conference last week that BMW cars will be the next vehicle that THACO assembles in the country, following other brands like Peugeot, Kia and Mazda.

    He did not reveal further details about when this would happen and what models would be assembled.

    THACO became the sole authorized distributor of BMW in Vietnam starting January this year, after Ho Chi Minh City-based Euro Auto lost its license for smuggling 133 BMW cars in December 2016.

    Duong had said earlier that he plans to open 15 BMW and MINI (a car brand owned by BMW) showrooms by early next year. However, the company currently runs only one BMW showroom in Hanoi, another in HCMC and one MINI showroom, also in HCMC.

    THACO has not revealed its revenue from selling BMW cars this year, but a source told VnExpress that the company sold almost 400 vehicles in the first half of this year. Euro Auto, at its peak, sold 1,400 BMW and 400 MINI cars a year.

    BMW cars were first assembled in Vietnam in 1995 by the VMC company in Hanoi. However, low sales led to the factory’s shutdown in 2005, and VMC had to spend two years selling its inventory.

    Mercedes-Benz is currently the only luxury car brand that assembles its vehicles in Vietnam, and it tops domestic market sales in this segment. Industry insiders say that if BMW cars are assembled in the country again, they could emerge a strong competitor, especially in terms of price.

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  • Korea’s car take top safety awards

    Korea’s car take top safety awards

    Vehicles from Hyundai Motor and Kia Motors were awarded three top safety prizes in the Ministry of Land, Infrastructure and Transport’s 2018 Korean New Car Assessment Program (Kncap) on Wednesday in a ceremony held at the InterContinental Seoul Coex in southern Seoul.

    Hyundai Motor’s hydrogen-powered sport-utility vehicle (SUV) Nexo, mid-sized sedan Genesis G70 and Kia Motors’ large-sized sedan, the K9, were awarded top Kncap prizes in their size segments.

    Vehicles were tested in three key areas – collision, pedestrian and accident prevention safety. The program assessed 11 vehicles this year, including four imported models.

    Hyundai’s eco-friendly vehicle, the Nexo, received perfect scores in front and side collision safety, pedestrian leg protection and advanced driver assistance system to not only win the top safety prize in its segment but also to win two other special awards: the top safety eco-friendly vehicle award and the top children’s safety award.

    Hyundai Motor said that the automaker conducted a variety of tests on the hydrogen-powered Nexo to ensure the safety of its high-pressure hydrogen tank such as shooting it with a bullet along with other fire-safety tests.

    Kia Motors’ flagship large-sized sedan, the K9, also scored top marks to receive a special award in top accident prevention on top of its top award for segment size.

    Meanwhile, the Genesis G70, awarded the top prize in the mid-sized sedan segment, ensures pedestrian safety with an active hood system that automatically lifts the hood of the vehicle if it collides with a pedestrian.

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  • Auto industry revs up industrial real estate in Vietnam

    Auto industry revs up industrial real estate in Vietnam

    Industrial real estate developers have been reaping the benefits of the investment surge into Vietnam’s automobile industry. Over the past three years, auto producers from Europe, the U.S. and Asia have been increasingly renting out industrial space and manufacturing facilities in Vietnam, giving real estate developers a significant boost.

    This is the conclusion drawn by a recent report by real estate service firm CBRE Vietnam which evaluates the impact of growth of the Vietnamese automobile industry on the industrial real estate market.

    The report notes that Camoplast Solideal from Luxembourg has rented 70,000 square meters of land to open a tire factory, and Schaeffler from Germany, 55,000 square meters to develop production facilities.

    Mercedes from Germany has rented 5,500 square meters of land to open a distribution center, while Bentley from the United Kingdom has rented 5,000 square meters for a showroom and service center.

    Yazaki of Japan has rented 39,000 square meters for electric car cable production, and Mogul Federal from the U.S. 5,000 square meters to make seats.

    The CBRE report says that although Vietnam’s car manufacturing sector may be behind some other ASEAN countries, the consolidation of cleared land allocated for automobile production is increasing.

    For both foreign and domestic producers, manufacturing facilities are mainly clustered in the north. Auto producers tend to choose this area to rent industrial land, the CBRE report says.

    Due to higher demand for industrial land, rentals have increased, recently.

    At an industrial park in southern province of Dong Nai, the price to rent industrial land for long-term leases of up to 50 years reached $90 per square meter last month, up from $60 to $70 last year.

    The average rent of industrial land in northern Vietnam hit $82 per square meter per lease term in Q3, an increase of nearly 9 percent compared to Q1, according to a report by real estate service firm Jones Lang LaSalle (JLL).

    Hanoi’s average rents increased significantly to $137 per square meter per lease term, the highest in the north, driven by limited supply.

    There are only 358 businesses in the auto industry in Vietnam compared to 2,500 in Thailand, according to the Ministry of Industry and Trade, and observers have said that the potential for growth is high.

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  • Mercedes-Benz Vietnam to recall 4,802 SUVs over faulty seatbelts

    Mercedes-Benz Vietnam to recall 4,802 SUVs over faulty seatbelts

    Mercedes-Benz Vietnam is expected to issue a recall notice for 4,802 vehicles due to seatbelt faults in their rear seats. Company representatives said that an application for the recall has been submitted and they are waiting for approval from the Vietnam Register, the vehicle registration, inspection and quality control department of the Ministry of Transport.

    The models affected by this recall are the popular GLC 200, GLC 250 4MATIC, and GLC 300 4MATIC. These models were assembled at the Mercedes factory in HCMC between March 2016 and February 2018, and sold mainly to Vietnamese consumers.

    It is expected that owners of the faulty SUVs can have their vehicles checked and repaired free of charge at Mercedes Vietnam dealers nationwide from Jan 15, 2019 till the end of 2023.

    For the left and right rear seats, the seatbelt retracts so much that its locking clip can be stuck in a crevice in the inner car plating. If this happens, the clip cannot be retrieved and used again.

    Mercedes GLC is one of the models distributed in the Vietnamese market by the German luxury manufacturer.

    In 2017, GLC was the best-selling model for the company as well as the entire luxury car market, priced at VND1.68-2.9 billion ($72,032 – $124,032).

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  • CGS-CIMB sees strong vehicle sales in December, raises 2018 TIV growth forecast

    CGS-CIMB sees strong vehicle sales in December, raises 2018 TIV growth forecast

    CGS-CIMB expects vehicle sales to be stronger in December and has raised its 2018 total industry volume (TIV) growth forecast from 2.5% to 4% on the back of stronger-than-expected TIV year-to-date. “We expect stronger sales in December in view of year-end promotions and multiple new models that were recently launched. For example, Proton launched its first SUV, the X70 on Dec 12 and we learned that it has started delivery to showrooms. Proton has so far received encouraging bookings of over 12,000 units since the end of November,” it said in its sector note today.

    On Wednesday, the Malaysian Automotive Association (MAA) announced that TIV grew 2.1% month-on-month to 48,282 units in November due to higher passenger vehicles (PV) sold. Perodua and Mazda recorded 8% and 14% month-on-month growth respectively.

    For the 11 months ended November, TIV rose 5.5% year-on-year to 550,526 units due to stronger PV and commercial vehicles (CV) demand on the back of the tax holiday period. PV and CV recorded healthy 5% and 8% year-on-year sales growth respectively during the period.

    For 2019, it expects resilient sales in PV on the back of new model launches in the passenger car and SUV segments from Perodua, Proton, Honda and Toyota but overall, TIV delivery is expected to be flat next year.

    “We project a 10% sector net profit growth in 2019, driven by positive earnings growth from all companies, led by Sime Darby. However, we see downside risk to earnings from the depreciation in ringgit versus US dollar and Japanese yen, as this will increase the distributors’ costs of imported complete knocked-down kits and complete built units,” it said.

    Bermaz Auto Bhd (BAuto) is CGS-CIMB’s top pick, in view of the company’s undemanding valuation, attractive yield and proxy to export sales growth. It has an “add” rating on the stock with a target price of RM2.65.

    “We expect BAuto to deliver robust sales volume in FY19-20, driven by the popular Mazda CX-5 and upcoming new model launches of Mazda 3 and CX-8,” it added.

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  • Vietnam’s car imports down 20 pct in 2018

    Vietnam’s car imports down 20 pct in 2018

    Vietnam imported 72,650 cars this year, down nearly 20 percent over 2017, according to the Vietnam Customs. The import value of cars exceeded $1.64 billion this year, up 21 percent year-on-year, the agency said. Thailand and Indonesia remain major suppliers of Vietnam’s imported cars. From Thailand alone, Vietnam has imported more than 52,170 vehicles worth a combined $1.04 billion since the beginning of the year.

    According to customs data, from December 7-13, car imports slowed down by 701 units from the previous week, totaling 2,833 vehicles. Total import value is reported to be $67 million.

    Vietnam’s population is around 93 million, larger than South Korea, but car consumption is only around 300,000 units a year, Mike Dunne, an independent industry analyst who has spent more than three decades in Asia, told U.S. television channel CNBC recently.

    Most cars sold in Vietnam are foreign brands assembled in the country from kits. But a series of free trade agreements have reduced import duties and are opening up the market. A 30 percent import tax on cars from other Association of Southeast Asian Nations (ASEAN) countries was scrapped this year.

    There are only 358 businesses in the auto industry in Vietnam compared to 2,500 in Thailand, according to the Ministry of Industry and Trade. The ministry also said that Vietnam imports over 90 percent of auto parts.

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  • Nissan terminates contract with Vietnamese distributor

    Nissan terminates contract with Vietnamese distributor

    Japanese carmaker Nissan announced it has ended its tie-up with its distributor in Vietnam, Tan Chong, without disclosing the reason. Malaysian-owned Tan Chong Motor Holdings Bhd, said it would stop importing and distributing Nissan vehicles and parts in Vietnam from September 10 next year.

    Tan Chong said it “remains open to further discussion with Nissan to explore alternative solutions and business opportunities for mutual benefit in Vietnam.”

    Nissan said: “The termination of the joint venture with Tan Chong will not affect the sales of Nissan cars in Vietnam.”

    Its business operations would remain unchanged in the near future, it said. It is set to debut its seven-seat SUV Terra in Vietnam on December 18.

    Tan Chong, a multinational corporation based in Malaysia, is not only the official distributor of Nissan in Malaysia and Vietnam, but also in Laos, Cambodia and Myanmar.

    In Malaysia, it also distributes cars by Opel, Renault and Foton. Its subsidiary, Motor Image, also owns the rights to produce and distribute Subaru vehicles in Southeast Asia, including Vietnam.

  • LG U+ 5G pass self-drive test on expressway

    LG U+ 5G pass self-drive test on expressway

    LG U+ has successfully tested a 5G-powered self-driving vehicle on an expressway for the first time. The mobile carrier announced Tuesday that a self-driving car developed by Hanyang University successfully drove on LG U+’s 5G network for 25 minutes across seven kilometers (4.35 miles) of busy city roads including the Gangbyeon Expressway and Olympic Expressway.

    A low latency video transmitter developed by LG U+ delivered real-time footage of the test drive to Hanyang University. Two cameras attached to the self-driving vehicle recorded the front and rear of the car.

    During the test drive, the vehicle had to react to certain scenarios such as avoiding obstacles and changing course. The vehicle was also tested to see how it reacts to new traffic information such as a blocked parking lot entrance.

    The vehicle was remote controllable, offering added safety measures in case of emergency.

    It was the first time that a self-driving car has completed a test drive on such a scale on an expressway or high-speed road in Korea, according to the company.

    “Self-driving cars that run on the 5G network will make important contributions to solving social problems like traffic volume and accidents,” said Sunwoo Myung-ho, who teaches automotive engineering at Hanyang University.

    “It’s significant that we were able to produce substantial results with self-driving cars through cooperation between industry and academia,” said Kang Jong-oh, who manages future technologies at LG U+. “We will continue to invest our efforts into developing self-driving car technology through cooperation between mobile carriers and the auto industry.”

    LG U+ will continue to work with Hanyang University to polish its 5G-based self-driving car technology.

    Competitors SK Telecom and KT are also actively investing in self-driving technology. KT, for example, successfully tested a self-driving bus at Incheon International Airport last month.

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  • Hyundai forms joint venture for Algerian assembly plant

    Hyundai forms joint venture for Algerian assembly plant

    Hyundai Motor and Algerian car maker Global Group signed a deal on Monday to establish a joint venture to produce commercial cars in Algeria. The joint venture will operate a factory that assembles knock down kits in Batna, Algeria. The assembly facility is scheduled to start operations in 2020.

    In the early stage, the factory will assemble 6,500 cars a year and gradually increase production. Medium and large trucks like the Mighty and Xcient, as well as the Hyundai County bus, will be assembled at the facility.

    According to the Korean automaker, the commercial vehicle market in Algeria has been expanding. Last year demand for commercial cars in the country was around 8,000 units, but that has increased to 12,000 units this year. By 2025, the automaker projects demand will reach 22,000.

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  • Genesis starts by-the-month car subscriptions

    Genesis starts by-the-month car subscriptions

    Hyundai Motor luxury brand Genesis is starting a car subscription service, the first such effort by a domestic automaker in Korea. The company Thursday announced its Genesis Spectrum program. Under the program, subscribers can drive Genesis vehicles – including the G70, G80, G80 Sport and G90 – for 1.49 million won ($1,330) per month. The service is in collaboration with domestic rental-car companies and Hyundai Capital’s Deal Car.

    The fleet of available cars includes the 2018 G70 3.3 Sports Supreme, the G80 3.3 Premium Luxury, the 2019 G80 Sports 3.3T Premium Luxury and G90 3.8 Premium Luxury. The provided cars are relatively new, with fewer than 10,000 kilometers (6,213 miles) of accumulated driving, according to the carmaker. For those using the G70, G80 and G80 vehicles, cars can be switched twice a month. The G90 is available to subscribers only for test driving 48 hours a month.

    Subscribers will not have to pay any maintenance costs, including after-sales service and the purchase of replacement parts. They will have to renew their subscription every month, but no fee is charged for early termination of membership. The program offers pick-up and delivery in Seoul as long as the vehicles are reserved three days in advance.

    “Genesis has been researching opportunities our brand could offer customers,” an official at Genesis said. “One of the results of the survey is a subscription program, which is globally emerging as trend.”

    Genesis added that the subscription service will allow the brand to collect data about its customers and drivers, such as preferred models for certain age groups and car replacement cycles.

    While subscription services for cars are a global phenomenon, as fewer people opt for ownership, the concept hasn’t taken off in Korea yet.

    Hyundai Motor’s finance affiliate Hyundai Capital America has already launched a subscription service in the United States called Hyundai PLUS, where subscribers can use the Sonata, Tucson, Santa Fe and other models for a monthly fee. Other carmakers have been offering subscriptions in certain markets. Porsche runs Porsche Passport, Mercedes-Benz has Benz Collection and BMW has Access by BMW.

    Swedish carmaker Volvo recently started Care By Volvo, and has rolled out its “Don’t Buy This Car” campaign to promote the new service.

    “Subscription services are suitable especially for younger people who want to enjoy a diverse range of driving experiences while avoiding the financial burden of buying the car and then maintaining it,” said Kim Pil-soo, an automotive engineering professor at Daelim University.

    The Mini brand launched a subscription service in partnership with connected-car platform Epikar last month in Korea. Its membership fee is 1.79 million won, but it charges more depending on which model the customer wants to drive.

    The Genesis service started Thursday and will run for 10 months.

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  • Korea’s auto exports on the rise, but local industry still struggling

    Korea’s auto exports on the rise, but local industry still struggling

    Attractive prices and returns have seen the number of Chinese customers buying high-end apartments in HCMC soar this year. Duong Thuy Dung, senior director of real estate market research firm CBRE Vietnam, said at a recent forum that 31 percent of high-end apartment buyers in HCMC in the first nine months were Chinese. This figure increased from only 2 percent in 2016 and 4 percent last year.

    In the last two years, Chinese were sixth among all buyers, but this year, they have surpassed Vietnamese to rank first.

    Only 24 percent of high-end home buyers are Vietnamese, CBRE data shows.

    Stephen Wyatt, country head of property service firm JLL Vietnam, said the number of Chinese buyers has been increasing because Vietnam has an attractive price compared to other markets like Hong Kong, Japan, Singapore, South Korea and Taiwan.

    Chinese people often compare prices in Vietnam with Shanghai when they buy properties, he said, adding that they hope to gain profit from higher property prices in Vietnam in the future.

    A high-end apartment in the city costs around $5,000 per square meter, but the same one in Hong Kong could cost four times, said Nguyen Khanh Duy, director of residential sales at real estate service provider Savills HCMC.

    Nguyen Hoang, director of research and development at real estate firm DKRA, said that the number of Chinese and South Korean buyers in HCMC started to increase last year.

    Chinese from Shanghai and Hong Kong are buying properties as investments (not to stay in). “Most projects that foreigners bought in the last two years are under construction,” he said.

    Other industry insiders said that the high returns that HCMC high-end apartments offer is attracting many foreign buyers.

    The rate of return is 5-6.5 percent in Thao Dien ward and Thu Thiem Peninsula in District 2, while in other Asian countries, this rate is only 3.7-5.2 percent, Duy said.

    CBRE senior director Dung added that it was not just Chinese, but foreign buyers in general who are showing an increasing interest in HCMC real estate.

    Dung said that each foreigner group has a different preference for high-end apartments. Customers from mainland China, Hong Kong and Taiwan prefer large-scale projects near the downtown HCMC.

    South Koreans like to buy apartments in the southern District 7 that hosts a large community of South Koreans, while Western buyers often look for a quieter lifestyle in eastern District 2.

    Dung said HCMC is estimated to receive 40,000 new apartments in the 2018-2020 period, 60-70 percent of these in the high-end segment.

    In the last three years 35,000 luxury apartments have come into the market, CBRE said.

    This is a major increase from 2012-2014 when fewer than 10,000 units were on offer, CBRE said.

  • Yamaha to invest $150 million in Grab Vietnam

    Yamaha to invest $150 million in Grab Vietnam

    Yamaha Motors has announced a $150 million investment in Grab to collaborate on motorcycle ride-haling. The collaboration will be for Southeast Asia in general and Indonesia in particular. Through this partnership, Yamaha Motors and Grab aim to “develop next-generation mobility services by implementing solutions and innovations,” Grab said in a press release issued Thursday.

    The two companies aim to leverage Yamaha Motor’s technology and knowhow to boost safety as well as make it easier for Grab’s driver partners to buy motorbikes.

    Yamaha Motors also aims to leverage Grab’s customer base in Southeast Asia and knowledge of the motorcycle ride-hailing business for future product development.

    The Southeast Asian ride-hailing firm is teaming up with global investors to expand its reach after forcing Uber out of Southeast Asia earlier this year.

    Toyota Motor Corp. had said in June it was investing $1 billion in Grab, and Hyundai Motor Co. last month agreed to put an additional $250 million into the company as well as sell Grab a fleet of electronic vehicles.

    The focus on Indonesia may mean that Grab is intensifying its push against local ride-hailing platform Go-Jek. Both companies now compete in the Vietnamese market after the Jakarta-based start-up commenced operations in Vietnam under the name Go-Viet some months ago.

    Grab entered Vietnam early in 2014, but is currently under an antitrust investigation after acquiring Uber’s services in March.

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  • KDB to pay GM Korea by the end of the month

    KDB to pay GM Korea by the end of the month

    The state-run Korea Development Bank (KDB) said Thursday it will complete its injection of $750 million into the Korean unit of General Motors later this month, ending a controversy over GM Korea’s plan to spin off its research unit. The KDB and GM signed a deal in May on the rescue package for GM Korea.

    Under the agreement, the KDB pledged to inject $750 million, while GM agreed to provide $3.6 billion in fresh loans to keep GM Korea afloat.

    The condition to the additional investment was that GM would keep its Korean operation open for a minimum of 10 years.

    In June, the KDB injected $375 million into GM Korea, but the bank said the remaining half may not be provided amid concerns that the U.S. carmaker may keep only its research facility in Korea and eventually shut down its manufacturing facilities here.

    KDB Chairman Lee Dong-gull in October told lawmakers that the remaining investment may not be executed, depending on policy decision.

    The KDB’s decision came after GM Korea submitted details of its spin-off plan to the bank, the second-largest shareholder of GM Korea.

    The KDB has a 17-percent stake in GM Korea.

    The KDB said it will buy about 11.9 million preferred shares of GM Korea for 404.5 billion won ($360 million), or 33,932 won per share.

    The transaction will be made on Dec. 26, the KDB said.

    The May agreement prohibits GM from selling any stake in GM Korea over the next five years and limits GM’s right to sell shares or assets in GM Korea for 10 years.

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  • Hyundai sets aside 1.67 trillion won to support its suppliers

    Hyundai sets aside 1.67 trillion won to support its suppliers

    Hyundai Motor Group has introduced a 1.67 trillion won ($1.49 billion) support program for small and midsized auto parts suppliers, the company said Thursday. As auto parts suppliers in Korea tend to be highly dependent on the performance of carmakers, the sluggish performance of Korea’s largest auto group by sales this year has been a major blow to their earnings.

    A report published by the Economic Research Institute run by the Industrial Bank of Korea earlier this year showed that 48 percent of domestic auto parts suppliers supply parts to a single carmaker and their business growth is highly dependent on the growth of that carmaker. Also, while carmakers have extra capital to respond to ups and downs in their earnings, small-sized parts suppliers are more vulnerable to changes in the market.

    Hyundai Motor Group said it will first create a 140 billion won fund for its suppliers and subcontractors. Suppliers will be able to borrow money at low interest rates and use it to stabilize their business or invest in research and development.

    Considering many suppliers lack liquidity due to the massive investment and costs incurred in early stage R&D and parts manufacturing, the group also said it will pay forward some of the cost incurred in those activities. For instance, part of the cost incurred to develop parts used in Hyundai cars will be paid by the carmaker at the beginning of development rather than after the finished product is designed. The auto group estimates its suppliers and subcontractors will receive roughly 1.46 trillion won in investment upfront over the next five years.

    Hyundai Motor, Kia Motors and auto parts affiliate Hyundai Mobis are also creating a 15 billion won fund to provide emergency aid to suppliers.

    There is a special program for suppliers expanding facilities to support the mass production of Nexo, Hyundai’s fuel-cell powered vehicle. The group is planning on injecting up to 44 billion won into suppliers and subcontractors that expand investment into facilities for parts used in the Nexo next year.

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