Nomura Expands Alternative Assets Strategy With Focus on Private Debt Acquisitions 
iRobot Files for Chapter 11 Bankruptcy Amid Rising Competition and Tariff Pressures 
Gold and Silver Surge as Safe Haven Demand Rises on U.S. Economic Uncertainty 
Amazon in Talks to Invest $10 Billion in OpenAI as AI Firm Eyes $1 Trillion IPO Valuation 
Gold and Silver Prices Dip as Markets Await Key U.S. Economic Data 
Apple Explores India for iPhone Chip Assembly as Manufacturing Push Accelerates 
Why financial hardship is more likely if you’re disabled or sick 
How to support someone who is grieving: five research-backed strategies 
Chinese Robotaxi Stocks Rally as Tesla Boosts Autonomous Driving Optimism 
6 simple questions to tell if a ‘finfluencer’ is more flash than cash 
Singapore Growth Outlook Brightens for 2025 as Economists Flag AI and Geopolitical Risks 
Japan Exports to U.S. Rebound in November as Tariff Impact Eases, Boosting BOJ Rate Hike Expectations 
South Korea Warns Weak Won Could Push Inflation Higher in 2025 
Debate over H-1B visas shines spotlight on US tech worker shortages 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
Kia Corp. is set to intensify the rivalry in the Korean automotive market with its newly unveiled Sorento facelift, ramping up competition against Toyota's latest Highlander. The remodeled Sorento, Korea's top-selling mid-sized SUV for three consecutive years, features an expanded body size and redesigned LED headlamps. As Toyota struggles to regain Korean market share amidst a Japanese product boycott, the fresh battleground lies in the SUV segment.
On Tuesday, Kia unveiled the design of a facelift model of its mid-sized Sorento SUV. The New Sorento, set to hit the market next month, is the fourth generation of the SUV and has been Korea's best-selling mid-sized SUV for three years since its launch in 2020.
The latest model has undergone various enhancements, including an increased body size with a larger symbolic "Tiger Nose" grille. Notably, the layout of the new SUV's LED headlamps has been changed from horizontal to vertical, creating a distinctive appearance.
Kia expects the New Sorento to elevate Hyundai Motor Group's overall SUV market share, along with the recently released large-size 2024 Palisade and the new Santa Fe from sister company Hyundai Motor.
According to Seoul-based automotive data provider CarIsYou, Kia Sorento's Korean sales reached 37,047 units in the first half of this year, marking a 17% increase from last year. Similarly, the first-half domestic sales of the Hyundai Santa Fe SUV stood at 17,423 units, a 31.3% surge compared to a year ago, while the Palisade experienced a 5.6% year-on-year decline in Korean sales, with 24,520 units sold.
On Tuesday, Toyota Motor also announced the launch of the Highlander in Korea, a seven-seater, three-row SUV resembling the Hyundai Palisade. Praised for its high fuel efficiency, comfortable ride, and versatile use of space, the Toyota Highlander has been a consistent seller in the global market, including North America, since its initial release in 2001.
The latest fourth-generation Highlander features a 2.5-liter gasoline hybrid powertrain and boasts a stable chassis and body with a low center of gravity.
Sales of Toyota's RAV4 and Sienna SUVs in the first half stood at 1,430 and 1,084 units, respectively, reflecting a 65.3% and 124.9% increase from last year. Overall, in the first half, Toyota sold 10,930 vehicles, including 6,950 units of its premium brand Lexus. As a result, Toyota overtook Germany's Audi, which sold 9,636 vehicles, to claim the third spot in Korea's imported vehicle market as of June.
Photo: Hyundai Motor Group/Unsplash
