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Retail Asia22/02/2019

Prosecutors raided the main office of Hyundai Motor and its smaller affiliate Kia Motors on Wednesday as part of a probe into allegations that the company tried to conceal defects in some of its vehicle lineups. The Seoul Central District Prosecutors’ Office sent its investigators to search the quality division at the headquarters of the […]

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Retail Asia22/02/2019

Rolls-Royce announced Wednesday it will follow Korea’s voluntary lemon law for automakers, making it the first foreign luxury brand to accept the newly introduced regulation. Korea’s revised automobile management law, enacted last month, forces complying automakers to replace or refund recently purchased vehicles that repeatedly exhibit problems, similar to lemon laws in the United States. […]

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Retail Asia21/02/2019

VinFast, Vietnam’s first indigenous car manufacturer, plans to test its first vehicle for safety parameters in Europe on March 6. According to company executives, the vehicle will be tested for international standards to ensure its highest safety. This announcement came after VinFast’s Hai Phong factory successfully manufactured the first body shell of the Lux A2.0, […]

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Retail Asia20/02/2019

Hyundai Motor is considering releasing a range of bottled water inspired by its hydrogen fuel-cell vehicle Nexo, the company confirmed Monday. The automaker is hoping to use the Nexo-branded water to market its Nexo sport-utility vehicle (SUV) as pure and eco-friendly, like water. The unusual approach of using water to promote the car’s eco-friendly aspect […]

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Retail Asia20/02/2019

The chief of Hyundai Motor’s financial affiliates outlined the units’ digital strategy and future vision at IBM’s largest annual conference that ran through Friday in San Francisco. Chung Tae-yong, who heads Hyundai Card, Hyundai Capital and Hyundai Commercial, said that finely-tuning customization will take center stage in Hyundai’s approach to serving financial services’ clients. “The existing […]

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Retail Asia19/02/2019

Hyundai Motor Executive Vice Chairman Chung Eui-sun laid out a plan to develop 44 electric vehicle models (EVs) and sell 1.67 million of the cars by 2025 during his New Year’s message held at the beginning of this year. The goal was a dramatic increase on the 38 models he planned to have by 2025 […]

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Retail Asia19/02/2019

The U.S. Commerce Department sent a report on Sunday to U.S. President Donald Trump that could unleash steep tariffs on imported cars and auto parts, provoking a sharp backlash from the industry even before it is unveiled, the agency confirmed. Late on Sunday, a department spokeswoman said it would not disclose any details of the […]

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Retail Asia15/02/2019

Renault Samsung Motors and its labor union once again failed to reach a consensus on 2018 wages after negotiations fell through for a 14th time on Tuesday. Renault Samsung is the only domestic automaker that has still not clinched a wage deal for last year. A source from the automaker said the Tuesday talks lasted […]

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Retail Asia13/02/2019

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 […]

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Retail Asia13/02/2019

Mercedes-Benz outsold local carmakers in Korea to finish fourth in domestic sales in January, industry data showed Monday. The Korean unit of the German automaker sold 5,796 vehicles last month, equal to 4 percent of the total 114,632 vehicles. The sum places it fourth after Hyundai Motor (31.2 percent), Kia Motors (22.8 percent) and SsangYong […]

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Retail Asia13/02/2019

Korea’s auto production tumbled for a third consecutive year in 2018 amid weaker domestic and global demand, data showed Sunday. According to the data by the Korea Automobile Manufacturers Association (KAMA), Korea produced 4.03 million vehicles last year, down 2.1 percent from the previous year. The figure has been decreasing over the past three years […]

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Retail Asia11/02/2019

Korea needs to give equal emphasis to the development of battery electric vehicles and fuel cell cars, considering the estimated future demand and the country’s competitiveness, a report said Thursday. “It’s a well-known fact that our car manufacturers have the mass-production technology for fuel cell automobiles,” the report from the Korea Institute for Industrial Economics […]

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Retail Asia11/02/2019

Sales of imported vehicles in Korea declined by more than 10 percent in January from a year earlier due to typically low seasonal demand and supply shortage of some brands, industry data showed on Friday. The number of foreign cars sold last month reached 18,198 units, down 13.7 percent from a year earlier, according to […]

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Retail Asia11/02/2019

The average unit price for exported automobiles last year reached a record high of $15,400, pushed up by the strong performance of sport-utility vehicles (SUVs), according to industry statistics Thursday. Monthly data from the Korea Automobile Manufacturers Association (KAMA) put total exports by five local carmakers last year at 2,447,903, down 3.2 percent from the […]

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Retail Asia08/02/2019

South Korea’s largest carmaker Hyundai Motor is hoping to revive its flagging fortunes by building more hydrogen-powered cars, as part of the country’s bid to become a leader in hydrogen technology by 2040. Last October in the United States, the company launched Nexo, an SUV that goes 609km on a single charge, has no battery, […]

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Retail Asia07/02/2019

Exports have continued to fall for a second month, but at a steeper rate, confirming concerns raised by Finance Minister Hong Nam-ki earlier this week. Although Korea succeeded in posting a trade surplus for the 84th consecutive month, a new record, exports in January fell 5.8 percent, sharper than the 1.2 percent drop recorded in […]

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Retail Asia07/02/2019

Rolls-Royce Motor Cars, the luxury car brand under the BMW Group, said Wednesday it will introduce one of its 35 limited-edition Silver Ghost Collection models in South Korea this month. Rolls-Royce made the limited edition cars to pay homage to the original Silver Ghost from the early 1990s. The car makes use of real silver […]

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Retail Asia04/02/2019

Among consumers willing to spend at least VND1 billion ($43,135), the preference is for SUVs and Crossovers over sedans. In recent years, high ground clearance vehicles have gradually become the number one choice for the majority of Vietnamese consumers, having grown steadily in number sales and variety over the years. In contrast, the D-class sedan […]

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Retail Asia04/02/2019

SsangYong Motor, the Korean unit of Indian carmaker Mahindra & Mahindra, said Thursday its net losses narrowed for the October-December period from a year earlier on a strengthened lineup. Net losses reached 3.99 billion won ($3.59 million) in the fourth quarter from 30.25 billion won a year ago, the company said in a statement. Robust […]

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Retail Asia04/02/2019

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Vietnam’s largest listed private company Vingroup has reported revenues of VND600 billion ($25.77 million) from car, electric motorbike and phone sales last year. VinFast, a Vingroup subsidiary, became the country’s first indigenous car manufacturer last October and showed off its first two car models at the Paris Motor Show in France. It has begun to accept bookings […]

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