Honda Korea to exit car sales after two decades
Honda Korea announced it will cease automobile sales in the country by the end of 2026, pulling the curtain on a presence that once crowned it the top-selling import brand but withered steadily over the past several years. Lee Ji-hong, CEO of Honda Korea, told a hastily convened press conference on Thursday at COEX in Seoul that the decision came after a thorough review of shifting market conditions and persistent currency headwinds. "We have comprehe
Hyundai Motor profit falls sharply on cost surge, misses expectation
Hyundai Motor, South Korea's largest automaker, posted a sharp drop in first-quarter earnings amid rising cost pressures from U.S. tariff barriers and Gulf-related shocks. Operating profit for the first quarter of 2026 came in at 2.51 trillion won, down 30.8 percent on year and in line with the market consensus of 2.4 trillion to 2.6 trillion won compiled by FnGuide. The underperformance reflects multiple headwinds for carmakers – sharp rise in o
Korea auto industry calls for tax incentives as Chinese EV share hits 33.9 percent
After dominating the rechargeable bus market, smaller electrified four wheels of Chinese origin are rapidly proliferating on South Korean roads. Chinese brands accounted for 33.9 percent of Korea's electric vehicle market in 2025, up sharply from 4.7 percent in 2022, according to a report presented at the Automobile & Mobility Industry Development Forum hosted by the Korea Automobile & Mobility Industry Association (KAMA) in Seoul. Over
Automakers to recall over 500,000 vehicles due to defective parts
About half a million vehicles will be recalled due to defective parts, the Ministry of Land, Infrastructure and Transport said on Wednesday. The country's largest automaker Hyundai Motor will recall about 239,683 units across four models including the Santa Fe sport utility vehicle (SUV), the Ioniq 6 electric sedan, as well as its luxury brand Genesis' G90. The recall, set to begin on June 4, follows a similar recall in the U.S. earlier this mont
Hyundai Motor's Q1 earnings to reflect tariff and war costs
Hyundai Motor is expected to post a sharp drop in first-quarter earnings, as rising tariff burdens, war-related disruptions and currency-driven costs squeeze margins despite relatively resilient global demand. According to data compiled by FnGuide, the automaker’s operating profit is forecast at 2.4 trillion to 2.6 trillion won, down 38 to 50 percent from a year earlier. The company is set to report results on Thursday. The downgrade reflects inte
Hyundai Motor protests to USTR Section 301 probe for potential double taxing
South Korea's Hyundai Motor Group has lodged a complaint with U.S. trade authorities over potential double taxing, claiming additional duties under Section 301 could duplicate existing restrictions under other regulations. In its submission to U.S. Trade Representative Jamieson Greer, the automaker — which plans to invest $26 billion in the United States through 2028 — stressed its role in strengthening American supply-chain resilience as it
Double tariff whammy hits Korean steel as EU barriers pile on top of U.S. tariffs
When it rains, it pours for South Korean steelmakers as they face collateral damage from higher trade tariffs in Europe on top of U.S. duties aimed at curbing cheap Chinese imports. The European Parliament and the Council of the EU hammered out a deal on Monday (local time) after late-night negotiations, setting tariff-free quotas at 18.3 million tons per year — nearly halved from about 35 million tons permitted under the current safeguard regime. Impo
Kumho Tire to supply tires for Škoda's electric SUVs
Kumho Tire will supply original equipment (OE) tires to Czech automobile manufacturer Škoda Auto, the tiremaker said on Monday. Kumho's flagship Ecsta PS71 tires, designed to optimize handling and braking on both dry and wet roads, will be fitted on Škoda Auto's electric SUVs, the Enyaq and Elroq, both built on Volkswagen's MEB electric vehicle platform. Škoda Auto has been a wholly owned subsidiary of the Volkswagen Group sin
Kia's fully facelifted Seltos leads small SUV market last month
Kia sold 4,983 units of its Seltos in the domestic market last month, the most in the small sports utility vehicle (SUV) segment for March, according to sales figures released by its parent company Hyundai Motor on Monday. Kia gave the Seltos its first major facelift in six years, giving it a bolder, more angular look in line with the brand's overall lineup, along with improved convenience and safety features. The popular SUV has held the top spot in its
Hyundai unveils two Ioniq concepts in Beijing
Hyundai Motor's two concept cars for electric vehicles have been unveiled at a three-day event in Beijing, the automaker said on Friday. The event, which kicked off last Tuesday, was held to mark the launch of its flagship Ioniq brand in the world's most populous country. Stressing that it has "invested years in preparing" the brand to meet the demand and tastes of Chinese customers, it explained that Ioniq "evolves beyond a traditional