Retail News CRM

Tag: Kia

  • Kia Seltos Teased Again Ahead Of India Debut

    Kia Seltos Teased Again Ahead Of India Debut

    It was February 2018 when Kia Motors showcased the SP Concept, which was supposed to be the first Kia offering in India. Needless to say, it was an SUV too. Fast forward a year and a half and Kia Motors India is all set to take the wraps off the Kia Seltos, the first model from Kia for India. The company has been releasing teasers of the Kia Seltos SUV for some time now and the latest teaser reveals certain features on the SUV along with insight into the design language as well. The latest teaser video of the Kia Seltos reveals in-cabin features such as steering mounted controls for audio and cruise control. There is climate control along with analogue tachometer and speedometer. Plus the Seltos Compact SUV also gets front parking sensors along with a sunroof, not a panoramic one, but similar to the one on the Hyundai Creta.

    Spy images of the Kia Seltos’ interior reveal piano black finish inserts on the dashboard, black leather seats and rear AC vents. The front and rear seats both get hand rests for added convenience, while there are a couple of cup holders and storage spaces. Kia Motors India has already confirmed a number of features on the upcoming Seltos SUV that will include a 10.25-inch touchscreen infotainment system, 360-degree camera, wireless charging, head-up display (HUD), MID, cruise control and more. The model will also come with ambient lighting, electronic parking brake, hill assist and multiple driving modes.

    As far as exterior design is concerned, the Kia Seltos will feature Kia’s signature ‘Tiger-Nose’ grille along with LED headlamps and stylish fog lamps which are vertical. Also, we expect the top trims of the Seltos to have a dual-tone colour scheme (The roof having a different colour). The design of the 5-spoke diamond-cut alloy wheels is also different from that of the concept model. The teaser video also shows the Seltos taking on some off-road terrain but we don’t know if the SUV will get an off-road kit such as driving modes, AWD or anything on those lines.

    The Kia Seltos will get a 1.5-litre petrol and a 1.5-litre diesel and both engines will get manual and automatic gearbox options. It may be possible that Kia also offer a 1.4-litre turbo-petrol engine which could have a 7-speed dual-clutch automatic gearbox. As far as competition is concerned, the Kia Seltos will be going up against the likes of the Tata Harrier, Nissan Kicks, Renault Captur and its sister model, the Hyundai Creta. The top-spec models of the Kia Seltos could also rival the MG Hector and the Jeep Compass.

  • Kia Seltos India Launch Details Out

    Kia Seltos India Launch Details Out

    Kia Motors India has unveiled the Seltos compact SUV and yes, we all are waiting for the company to launch the car. The Kia Seltos will be launched in India in August 2019. We still do not have a confirmation on the date but it will be in the second half of that month. The company has invested more than $2 billion in India and the Seltos is the first of many product offerings to come to the country. The Seltos will be exported to other markets too from India including Latin America, the Middle East and other parts of Asia, which shows how important a product it is for Kia Motors globally. It is also equipped with a host of segment-first features which should give it an edge in its segment.

    The Kia Seltos enters a very crowded segment which has seen more players enter than ever before. Of course it has to deal with contenders like the Hyundai Creta, which has been the segment leader, but there are newer challengers to deal with too, the Tata Harrier and even the first connected compact SUV – the MG Hector.

    But while the Seltos too is a connected car, there are a host of segment first features that it brings to the table. To begin with, it’s the first carmaker to make a car available in a dual trim option. It also gets a first in segment 10.25-inch touchscreen infotainment system with navigation. Adding to the premiumness, is an 8-speaker sound system by Bose. Kia has also provided an air purifier which has been placed between the front two seats and provides for an AC vent for rear seat passengers. There’s a 360 degree surround camera added to the segment first list as well which provides for better visibility.

    So, the Seltos becomes the second connected compact SUV after the MG Hector. Kia calls it UVO and you can, just like we’ve seen in the Venue, use your phone to operate the car’s ignition, AC controls and more. There’s also Apple Carplay and Android Auto on offer. That’s not the end of the segment first features yet, the Seltos SUV also gets an 8 inch heads up display which gives you all the information you need without being distracted. There’s also a sound mood lamp, rear sunshade curtain and a 7-inch colour TFT unit for the instrument console, which add to the premiumness of the Seltos.

    With all these features expect the Seltos to be priced competitively and that’s because of the local content that it gets. The Seltos is expected to be priced between ₹ 11 lakh – ₹ 17 lakh when it’s launched, but we’ll know more about the car when we drive it and also at the launch.

  • Hyundai And Kia To Invest In Self-Driving Start-Up Aurora

    Hyundai And Kia To Invest In Self-Driving Start-Up Aurora

    Hyundai Motor Co said on Thursday it would invest in self-driving car software startup Aurora along with Kia Motors Corp to speed up development of autonomous vehicle technologies.

    “With the new investment, the companies have agreed to expand research to a wide range of models and to build an optimal platform for Hyundai and Kia’s autonomous vehicles,” Hyundai said

    Aurora said in a blog post that Hyundai and Kia’s investment is part of a series B financing round, which has now raised more than $600 million.

    Aurora, which just announced a partnership with Fiat Chrysler Automobiles, competes with Alphabet’s Waymo and General Motors’ majority-owned Cruise, among others.

  • Hyundai and Kia Invest 80 Million Euros In Rimac

    Hyundai and Kia Invest 80 Million Euros In Rimac

    Hyundai Motor Company and Kia Motors Corporation have jointly invested 80 million Euros in Rimac Automobili – the Croatian high-performance electric vehicle technology and sportscar company. Hyundai Motor will invest 64 million euros while Kia Motors will add 16 million Euros in Rimac and will form a technical partnership to collaborate on two high-performance electric vehicles by 2020.

    The companies have announced a strategic partnership to collaborate on the development of high-performance electric vehicles. Rimac has established themselves as a leader in high-performance electric vehicle technology and as an electric sports car manufacturer. The company continues to deliver EV technology supporting many industry partners, including Hyundai Motor Group, to accelerate their way towards an electric future.

    The electric motors used in the Rimac One develop more than 1000 bhp and it is the fastest accelerating electric vehicle in the world

    Hyundai Motor, Kia Motors, and Rimac will work closely together to develop an electric version of Hyundai Motor’s N brand sports car and a high-performance fuel cell electric vehicle. Euisun Chung, Executive Vice Chairman of Hyundai Motor Group said, “Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles. Its startup roots and abundant experience collaborating with automakers combined with technological prowess makes Rimac the ideal partner for us. We look forward to collaborating with Rimac on our road to Clean Mobility.”

  • Kia Showcasted Three Concept Cars At The Seoul Motor Show

    Kia Showcasted Three Concept Cars At The Seoul Motor Show

    Kia Motors is all set to reveal a trio of new concepts at the 2019 Seoul Motor Show and they will preview the brand’s future design direction. Two of the three concepts make their international debut in Seoul, with the rugged Kia Masterpiece Concept which shows off a large SUV body with a luxurious, high-tech cabin. The Masterpiece is accompanied by the Kia Signature which is essentially the SP concept that the company showcased at the 2018 Auto Expo and finally the Imagine by Kia concept car which is an all-electric sports sedan which embodies Kia’s desire to create exciting low-emissions passenger cars.

    Each of the cars illustrate different elements of the brand’s future model strategy. The Kia Masterpiece concept makes its first public appearance, with a rugged and robust large SUV. The Masterpiece hints at how the brand could adapt its latest designs and features for the large off-road SUV segment. It sees sculpted bodywork and bold lines and it combines a purposeful SUV stance and raised body, and an all-wheel drive system. The front of the car features Kia’s new tiger nose grille, extended outwards across the whole front section of the concept, with no clear boundaries between grille and LED headlamps. The design of the front of the car is echoed in the rear of the car, with signature lines at both ends of the vehicle giving the car a consistent design all round.

    The Signature Concept is the made its international debut at the India’s Auto Expo 2018 in Delhi. Driven by advanced technology, the Kia SP Concept hints at the company’s plans to introduce a new small SUV for its global markets as well. The SP Concept gets a wide grille and long hood at the front, and a rear design which emphasises stability with wide rear lamps and body lines, the Signature stands out on the road. At the front, its lamps are connected to the ‘tiger nose’ grille, with integrated daytime running lamps. Its strong shoulder line, with a glasshouse which tapers towards the rear of the car, lends the compact SUV an air of understated sportiness. The exterior is completed with a series of distinct styling features, contributing to the car’s contemporary, technical design. These include thin LED lamps at the front and rear, sharp lines pressed into the bodywork, and precise metallic details. Of course the production ready version will be revealed later this year.

    Finally, it’s the Imagine by Kia concept which was revealed at the 2019 Geneva International Motor Show, but it’ll now make its Asian debut. The fully-electric sports sedan concept has been designed at Kia’s European design center in Frankfurt, Germany. This concept is Kia’s first pure electric four-door passenger car. The Imagine by Kia concept represents a more progressive Kia design language for the future, with intelligent reinterpretations of existing Kia motifs and a bodywork characterized by a blend of tautly-drawn sheet metal, crisp lines, and efficient aerodynamics.

    The design team has exploited the chassis architecture of the powertrain’s all-electric layout to maximise cabin space and create an airy and spacious interior. The concept features 21 individual ultra high-resolution screens. While not immediately destined for production, the Imagine by Kia concept hints at interior and exterior design elements that could be adapted for future production models from the brand.

  • Kia Partners With Amazon To Sell Charging Stations For Electric Vehicles

    Kia Partners With Amazon To Sell Charging Stations For Electric Vehicles

    Kia Motors America (KMA) in partnership with Amazon Home Services has announced a new program for its plug-in vehicle customers. The program will see Amazon sell and install electric vehicle charging stations at the customers house or office. The tie-up makes Kia, the second automaker after Tesla in America to offer the service online with the electric charging network. The manufacturer says the process of purchasing and installing a charging station will be as easy as buying other products on Amazon.

    Speaking about the new initiative, KMA – Car Planning and Telematics, Executive Director, Orth Hedrick said, “Home-charging can’t get any easier than this. Being able to order a Level 2 charger and installation through Amazon further demystifies and simplifies the experience for new Kia EV and PHEV owners. It’s just another example of how we’re constantly striving to provide the very best vehicles and customer experience.”

    Kia Motors has been actively working on improving its charging infrastructure in the US as it adds more electric cars to its portfolio. The company currently retails the Soul EV, Niro EV1, Niro PHEV and Optima PHEV, among other models in the country. Customers will find recommended Level 2 or 240-volt charging units selected by Kia on Amazon, along with information about home charging installation and customer reviews. The site also gives customers the cost for the installation and will schedule a licensed electrician for the same, if needed. The charging stations are backed by Amazon’s Happiness Guarantee plan. Kia’s vehicles in the US are offered with a 10 year/160,000 km warranty cover and roadside assistance.

    Kia and Amazon have set up a new ‘Charge my Kia’ portal for the sale of the electric charging stations. While buyers can purchase the Bosch 40-amp station that is available in partnership with the manufacturer, there are other charging stations available as well from companies like Chargepoint and Juicebox.

  • Vietnamese car maker plans private share issue

    Vietnamese car maker plans private share issue

    Truong Hai Auto Corporation (THACO) is planning to issue more than 30.3 million shares to a strategic shareholder. The company is currently collecting shareholders’ opinions on a draft resolution to authorize a private placement worth an estimated total of VND3.89 trillion ($167.19 million) to Jardine Cycle & Carriage, a Singaporean diversified conglomerate that specializes in investment in car manufacturing.

    The share issue aims to raise additional capital to finance THACO’s investment and business plans this year, the company said in a circular issued to shareholders last week.

    The 30.3 million shares proposed in this placement make up 1.82 percent of THACO’s current chartered capital, and will raise the Singaporean shareholder’s stake in the car manufacturer to 26.57 percent.

    The share ownership of remaining shareholders will remain unchanged. Currently, 6.8 percent of THACO is owned by billionaire Tran Ba Duong, founder and chairman of the company, and another 60.6 percent by Tran Oanh JSC, a holding company owned by Duong and his family.

    The shares are expected to be issued soon after the State Securities Commission has confirmed the receipt of all documentation regarding the private placement.

    Dong Nai-based THACO was established as an auto and commercial vehicle maker in 1997. It has a plant in central province of Quang Nam and 89 showrooms and 53 dealerships.

    It makes trucks and buses and assembles cars for brands like Kia (South Korea), Mazda (Japan), and Peugeot (France).

    Jardine Cycle & Carriage Ltd, which is part of the Jardine Group of companies, has a diverse business portfolio. They have long term shareholdings in major manufacturers such as Jakarta based Astra International, as well as other interests in the refrigeration, cement and milk business.

    In Singapore, Jardine C&C is best known as the retailer of Mercedes Benz, Mitsubishi, Kia, Citroen, DS, and Maxus motor vehicles. The company has a current market capitalisation of S$14.55 billion (US$10.71 billion).

  • Kia Motors begins sales of 2020 edition of Sorento SUV

    Kia Motors begins sales of 2020 edition of Sorento SUV

    Kia Motors announced Monday it has begun rolling out the 2020 model of its Sorento sport-utility vehicle (SUV) for sale. The updated Sorento comes with new safety features applied to all of its diesel trims and a refreshed design. The diesel version of the compact crossover SUV will have smart safety features, such as lane keep assist, lane departure warning, driver attention warning and others on all of its trims.

    As for design, the automaker said it applied a newly designed dark chrome grille on all of its models, with the highest trim model installed with 19-inch chrome alloy wheels.

    The new model also comes with a new premium trim called “master special,” which features more options, such as rear occupant alert and a head-up display.

    The SUV comes in diesel and gasoline models, with the base diesel model starting at 27.88 million won ($25,000).

  • At Kia, sales go up, but profit doesn’t follow

    At Kia, sales go up, but profit doesn’t follow

    Kia Motors’ sales expanded last year, but profits faltered. Korea’s second-largest carmaker by sales said Friday it posted 94.3 billion won ($84 million) in net profit for the fourth quarter last year, a 10 percent drop year on year.
    Though the carmaker’s revenue in the fourth quarter increased by 3.6 percent to 13.47 trillion won due to increased sales, the company said the Korean won’s strength against the U.S. dollar dragged down profits.

    A similar trend is evident in the company’s annual earnings report. The company posted 54.17 trillion won in revenue for the whole of last year, a 1.2 percent increase from the previous year. Global sales also increased by 2.4 percent during the year, selling more than 2.8 million units.

    Despite expanded sales, the company’s net profit was limited to 1.16 trillion won, a 19.4 percent jump from 2017, but still below market expectations or the company’s average profit recorded between 2014 and 2016.

    Profit in 2017 fell to below a trillion won due to a one-off cost of around a trillion won that was reflected that year after a local court ordered the company to make an overdue payment to employees.

    The goal this year for Hyundai Motor’s sister company is to ramp up profitability, especially in the U.S. and Chinese markets, with new car launches and stronger SUV lineups. The automaker also plans to tackle emerging markets like Russia and India with localized models.

    Kia is betting big on its Telluride SUV to turn its business around in the U.S. market. The largest SUV yet in Kia’s lineup will launch in the United States during the first half of this year.

    “As we launch new cars in the U.S. market including the Telluride SUV and new Soul crossover and diversify our product mix, we expect our profitability to improve,” said Joo Woo-jeong, chief financial officer at Kia, during a conference call with analysts on Friday. “The Telluride SUV was well received at the Detroit Motor Show and its image as an off-roader fits well with demands in the U.S. market.”

    The SUV was recently introduced during the North American International Auto Show in Detroit.

    For China, Joo said Kia will strengthen its local dealer network and better manage car inventories there to improve business. The company is also planning on launching dedicated SUV models for the Chinese market. While Kia sold 370,000 cars in China last year, it hopes to sell 410,000 cars this year based on the new strategies.

    Joo admitted that “China is the most difficult market for Kia” at the moment. Kia plans to sell a total of 2.92 million cars this year, a 3.9 percent increase from last year.

  • Kia Motors Niro wins Car of the Year from U.K. magazine

    Kia Motors Niro wins Car of the Year from U.K. magazine

    Kia Motors said Thursday its Niro electric vehicle has won British consumer magazine and website What Car?’s Car of the Year Award. Kia said the model received high scores for its long range and reasonable price. The Niro also won the Electric Car of the Year.

    This year’s What Car? awards were given to 25 models in various categories.

    Kia and its larger affiliate Hyundai Motor have won a total of nine What Car? awards this year, the companies said in a statement.

    Kia’s Picanto was named the best City Car of the Year, with its Cee’d compact winning the best Family Car for less than £20,000. Kia’s Stinger fastback sports sedan received the best Performance Car for less than £50,000. Hyundai said its Ioniq passenger car was given the Hybrid Car of the Year Award.

  • Hyundai, Kia move ahead with recall in U.S.

    Hyundai, Kia move ahead with recall in U.S.

    Despite a government shutdown, Hyundai and Kia are moving ahead with a recall of about 168,000 vehicles to fix a fuel pipe problem that can cause engine fires. The problem stems from improper repairs during previous recalls for engine failures. The affiliated Korean automakers have been dogged by fire and engine failure complaints from across the nation. They’re both under investigation by the U.S. National Highway Traffic Safety Administration, which has been trying to figure out whether initial recalls covered enough vehicles. But the agency is mostly closed due to the shutdown.

    In addition to the recall, each automaker says it will do a “product improvement campaign” covering a total of 3.7 million vehicles to install software that will alert drivers of possible engine failures and send the cars into a reduced-speed “limp” mode if problems are detected.

    Nhtsa employees who do safety investigations and recall notifications are not at work. Under normal circumstances, the agency would review the recalls to make sure they are adequate and post details on the agency website. It would also monitor notices to customers, and ensure customers could check to see if their vehicles are included.

    Kia spokesman James Bell said the company is proceeding with the recall and campaign regardless of government delays.

    “Making our customers comfortable is vastly more important than making sure we’re following additional government processes right now,” he said. Kia sent letters to dealers around Jan. 10 notifying them of the recall, he said.

    But a U.S. auto safety advocate called the recalls inadequate and said the product improvement campaigns should instead be recalls that are overseen by Nhtsa.

    An Nhtsa spokeswoman said she could not comment due to the shutdown.

    Hyundai and Kia started recalling 1.7 million vehicles in 2015 – about 618,000 of which are Kias – because manufacturing debris can restrict oil flow to connecting rod bearings. That can cause bearings in 2-liter and 2.4-liter four-cylinder engines to wear and fail. The problem can also cause fires. The repair in many cases is an expensive engine block replacement.

    Now the companies are acknowledging that the engine replacements may not have been properly done in all cases by dealers. A Kia statement says the high-pressure fuel pipe may have been damaged, misaligned or improperly tightened while the engines were being replaced under recall. That can allow fuel to leak and hit hot engine parts, causing fires.

    Kia says it has six reports of fires among the vehicles being recalled for possible fuel leaks, while Hyundai says it has no fire reports. Neither company had any reports of injuries.

    The fuel injector pipe recall covers some 2011 through 2014 Kia Optima cars, 2012 through 2014 Sorento SUVs, and 2011 through 2013 Sportage SUVs, all with 2-liter and 2.4-liter four-cylinder engines. Also covered are many 2011 to 2014 Hyundai Sonata cars and 2013 and 2014 Santa Fe Sport SUVs.

    More than 2 million 2011 Sonatas from the 2011 through 2018 model years and Santa Fe Sports from 2013 through 2018 are covered by the software and engine-knock sensor updates. About 1.7 million Kias, including the 2011 through 2018 Optima, the 2012 through 2018 Sorento and 2011 through 18 Sportage, are covered.

    The companies say owners of the recalled vehicles will be notified by letter. Dealers will check the fuel pipe for leaks and replace the pipe if needed.

    Kia is only doing the fix on 68,000 of its 618,000 vehicles recalled for the engine problems, while Hyundai is recalling 100,000 of more than 1 million. Hyundai said only vehicles that had engines replaced in the previous recalls are covered by the new recall.

    He also raised concerns about the government shutdown’s impact on Nhtsa, which he said should be open to handle critical safety recalls.

  • Korean SUV sales soar globally

    Korean SUV sales soar globally

    SUVs have recently grabbed the spotlight in Korea, breaking both local and export sales records. According to the Korea Automobile Manufacturers Association (KAMA), the number of exported SUVs by five local automakers reached a new record of 1.38 million units in 2018, a 6.7 percent increase from the previous year. In just 17 years, the figure rose by 700 percent – exports recorded merely 196,111 units in 2000.

    Over the same period, overall exports of passenger vehicles declined 3.1 percent to 2.34 million units. The share of SUVs also reached an all-time high.

    Compact SUVs from Korea were most popular in export markets.

    GM Korea’s Chevrolet Trax was shipped the most, at 239,800 units, followed by Hyundai Motor’s Tucson at 228,461 units.

    Small-sized SUVs also performed well, with 202,779 units of Hyundai Motor’s subcompact SUV Kona shipped abroad, a 437 percent rise from the previous year.

    Kia Motors’ Stonic exported 58,989 units, increasing 75.8 percent from 2017.

    Much of the enthusiasm surrounding SUVs in markets abroad was also present in the local market.

    Last year, 519,883 SUVs were sold in Korea, passing the 500,000 unit mark for the first time.

    With a 12.7 percent rise from 2017 sales figures of 461,385 units, SUVs currently take up a 40.1 percent share in the overall passenger car sales figures.

    Meanwhile, passenger car sales, excluding SUVs, dropped 6.9 percent last year from the previous year.

    Hyundai Motor’s mid-sized SUV, the Santa Fe, was the most popular in Korea, selling 107,202 units. This was the first time that an SUV model recorded an annual sales figure over 100,000 units.

    The SUV market is expected to grow this year.

    As compact and small-sized SUVs are poised to lead exports and medium and small-sized SUVs the local market, large-sized SUVs are also being rolled out this year.

    Hyundai Motor’s Palisade, unveiled last November, recorded over 25,000 preorders in just three weeks, hitting 62.5 percent of the automaker’s annual sales target of 40,000 units for the model.

    It will likely take customers around seven months to receive the vehicle if ordered now.

    According to Hyundai Motor, the large-sized SUV is popular among older drivers. Customers in their 40s accounted for 37 percent of orders and those in their 50s made up 26.9 percent.

    “As high-quality amenities and vehicle stability that used to be developed through sedans is now applied to SUVs, there was quite a bit of progress,” said Kim Pil-soo, a professor of automotive engineering at Daelim University.

    “This year’s SUV sales and market share will grow as local and foreign SUVs have adopted the advantages of sedans,” added Kim.

  • Hyundai sales ups a bit in December

    Hyundai sales ups a bit in December

    Hyundai Motor, Korea’s largest carmaker by sales, said Wednesday its December sales rose 0.4 percent from a year earlier on weak overseas demand. Hyundai sold 410,326 vehicles last month, up from 408,637 units a year earlier, the company said in a statement. Domestic sales jumped 22 percent to 64,835 units last month from 53,361 a year ago. Overseas sales fell 2.8 percent to 345,491 from 355,276 during the same period, the carmaker said.

    The slowing global economy and lower vehicle demand from China and the United States, the world’s two biggest auto markets, restricted monthly sales results, it said.

    To boost sales, Hyundai launched the all-new Santa Fe SUV and the face-lifted Tucson SUV in the United States and other markets last year. But the SUV models did not greatly boost overall demand for the carmaker.

    For all of 2018, sales gained 1.8 percent to 4.59 million autos from 4.51 million units a year earlier.

    Kia Motors said its December sales rose 6.3 percent from a year earlier on improved overseas demand for its vehicles.

    Kia sold a total of 241,199 vehicles in December, up from 226,875 units a year ago. Domestic sales fell 13 percent to 42,200 from 46,502 during the same period, while overseas sales rose 10 percent to 198,999 from 180,373, the company said in a statement.

    For all of 2018, sales gained 2.4 percent to 2.81 million units from 2.75 million in the year-ago period, it said.

    GM Korea, the Korean unit of General Motors, said its December sales fell 6.7 percent from a year earlier due to weak demand for its models.

    GM Korea sold 42,424 vehicles in December, down from 45,466 units a year earlier, the company said in a statement.

    Domestic sales declined 12 percent to 10,428 units last month from 11,852 a year ago. Exports were down 4.8 percent to 31,996 from 33,614 during the same period, it said.

    For all of 2018, sales dropped 12 percent to 462,871 autos from 524,547 a year earlier, the statement said.

    To revive sales, the carmaker plans to introduce 15 vehicles into the local market over the next five years. It launched the U.S.-made Equinox SUV and the upgraded Chevy Spark minicar last year.

    The Traverse SUV will be the next model to be added to its lineup.

    Renault Samsung Motors’ December sales plunged 30 percent from a year earlier on weaker overseas demand for its vehicles.

    Renault Samsung sold 18,462 vehicles in December, down from 26,515 units the previous year, the company said in a statement.

    Domestic sales rose 8.6 percent to 10,805 units last month from 9,953 units a year ago. But exports nosedived 54 percent to 7,657 autos from 16,562 during the same period last year, the statement said.

    For the whole of 2018, sales dropped 18 percent on year to 227,577 from 276,808, it said.

    The company’s current lineup includes the SM3 compact, the all-electric SM3 Z.E. sedan, the QM3 small SUV, and the SM5, SM6 and SM7 sedans.

    France’s Renault S.A. has an 80 percent stake in Renault Samsung

    SsangYong Motor sales fell 0.2 percent last month from a year earlier on weak exports.

    SsangYong Motor sold 14,177 vehicles in December, down from 14,208 units a year earlier, due to weak overseas demand for its vehicles, the company said in a statement.

    Domestic sales edged up 0.1 percent to 10,656 units in December from 10,647 a year earlier. But exports backtracked 1.1 percent to 3,521 units from 3,561 during the same period, it said.

    For the whole of 2018, the maker of the flagship G4 Rexton and compact Tivoli SUVs sold a combined 141,995 vehicles, down 1.2 percent from 143,685 a year earlier, the company said.

    Indian carmaker Mahindra & Mahindra owns a 72.85 percent stake in SsangYong Motor.

  • 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.

  • 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.