Seoul, April 24 (IANS) Hyundai Mobis, South Korea’s leading auto parts maker, said on Friday its first-quarter net profit fell 14 per cent from a year earlier as weaker global vehicle demand weighed on earnings.Net profit for the three months ending in March fell to 883.05 billion won ($596 million) from 1.03 trillion won a year earlier, the company said in a regulatory filing.”Rising external uncertainties linked to prolonged tensions in the Middle East dampened vehicle sales and parts demand,”…
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Seoul, April 15 (IANS) Seoul shares soared more than 2 per cent on Wednesday to close above 6,000 points for the first time after the outbreak of the US-Iran conflict in late February. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 123.64 points, or 2.07 percent, to close at 6,091.39, after hitting an intraday high of 6,183.21, reports Yonhao news agency.Trading volume was heavy at 915.03 billion shares worth 31.37 trillion won (US$21.3 bil…
Seoul, Feb 8 (IANS) South Korea’s exports of auto parts to the United States fell in 2025 for the first time in five years, data showed on Sunday, as domestic automakers expanded local sourcing in the US amid tariff measures.Shipments of automotive parts to the U.S. declined 6.7 percent from a year earlier to US$7.67 billion last year, according to data compiled by the Korea Auto Industries Cooperative Association. It marked the first annual fall since 2020, when exports fell 11.5 percent, repor…
Seoul, Jan 30 (IANS) Hyundai Steel Co., South Korea’s second-largest steelmaker, said on Friday its net profit plunged 84 percent in 2025 from a year earlier due to a downturn in the construction sector and rising protectionism.Net profit fell to 1.4 billion won ($970,000) last year from 8.8 billion won the previous year, the company said in a press release.”A prolonged slump in the construction industry and growing protectionism, including U.S. import tariffs, weighed on earnings,” a company sp…
Seoul, Jan 23 (IANS) The labour union of Hyundai Motor, South Korea’s leading automaker, said on Friday it will strongly oppose any deployment without prior consultation of physical artificial intelligence (AI) robots in automobile production.”Not a single humanoid robot will be allowed on the production lines without a labor-management agreement,” the automaker’s 40,000-member union said on its website, reports Yonhap news agency.The union said the company’s new humanoid robot Atlas, unveiled a…
Seoul, Jan 15 (IANS) Hyundai Motor, Porsche Korea and two other automakers will voluntarily recall more than 340,000 vehicles in South Korea to fix various component defects, the transport ministry here said on Thursday.The four companies, including Kia Corp. and Mercedes-Benz Korea, are recalling a combined 344,073 vehicles across 74 models, according to the Ministry of Land, Infrastructure and Transport, reports Yonhap news agency.The recalls were issued to address several defects, including a…