Renault, BMW Korea chiefs win Car Person of the Year awards

Renault Korea CEO Stephane Deblaise and BMW Korea CEO Han Sang-yoon won the 2024 Car Person of the Year awards from the Korea Automobile Journalists Association on Thursday. In the four award categories, Deblaise received the Industrial Innovation award, while Han was honored with the Industrial Contribution award. According to KAJA, Deblaise has played a crucial role in revitalizing the French auto giant’s Korean operations since his appointment in 2022. Deblaise, a former automotive en

Dec. 19, 2024

Hyundai Motor keeping tabs on Honda-Nissan merger

The reported merger plan between Japanese auto brands -- Honda and Nissan -- is set to increase competition for Hyundai Motor Group amid an unpredictable outlook brought on by geopolitical uncertainties. According to news reports Wednesday, Honda and Nissan began discussing a plan to establish a joint holding company as they look to better grapple with the fast-changing electric vehicle industry and bolster their competitiveness against EV leaders such as America’s Tesla and China’s

Dec. 18, 2024

Hyundai Motor sales chief urges record year-end production

Lee Dong-suk, head of domestic sales and chief strategic officer at Hyundai Motor Group, has called on employees to push for record-breaking year-end production despite business disruptions, the company said Wednesday. “The most pressing issue is that (both international and domestic uncertainties) are raising concerns among global investors and customers. These factors are likely to impact us directly, leading to fears of hurting (the company’s) sales volume and a diminishing corpor

Dec. 18, 2024

Samsung to present AI-driven appliances at CES 2025

Samsung Electronics announced Wednesday that it will unveil a new lineup of home appliances powered by artificial intelligence at CES, the world’s largest tech trade show taking place in Las Vegas from Jan. 7-10, 2025. The lineup includes AI-driven refrigerators, washing machines and dryers designed to streamline household tasks and enhance connectivity. Central to these devices is Samsung’s “AI Home” solution, which allows users to remotely monitor and control all compat

Dec. 18, 2024

Hyundai Mobis to roll out battery cooler material for EV

Hyundai Mobis, the automotive parts maker affiliated with Hyundai Motor Group, said Tuesday that it is ready to commercialize a new battery cell cooler material expected to boost electric vehicle charging efficiency and safety. The material, called “Pulsating Heat Pipe,” consists of aluminum alloy tubes filled with refrigerants. In the battery module assembly, the tubes, located between battery cells, cool down the heat, especially during fast charging. With the breakthrough in batte

Dec. 17, 2024

Economy's biggest fear is uncertainty, says SK chief

SK Group Chairman Chey Tae-won, who also heads the Korea Chamber of Commerce and Industry, on Tuesday urged policymakers to ensure consistent economic policies to support businesses amid growing uncertainty following the National Assembly’s impeachment of President Yoon Suk Yeol over his botched martial law decree. During a meeting with National Assembly Speaker Woo Won-shik, Chey relayed the business community’s concerns regarding stalled economic bills and the challenge of navigati

Dec. 17, 2024

US approves $9.63b loan to SK On, Ford’s battery joint venture

BlueOval SK, a joint venture between SK On and Ford Motor Co., received approval from the US Department of Energy for a $9.63 billion loan Monday, securing funds to construct three battery manufacturing plants in the US. The loan is part of the government’s Advanced Technology Vehicles Manufacturing program, which offers low-cost loans with an interest rate equivalent to the US 10-year Treasury bond, currently around 4 percent, according to sources. The program targets companies producing

Dec. 17, 2024

Kakao Mobility slapped with W15.1b fine for unfair business practices

South Korea's antitrust regulator said Tuesday it has fined Kakao Mobility Corp., the operator of the country's top taxi-hailing service, 15.1 billion won ($10.5 million) for unfair business practices. Kakao Mobility is accused of manipulating its algorithm to direct more ride requests received through its mobile taxi application to cabs under its franchise, the Fair Trade Commission said. While the app is open to both franchise and non-franchise taxis, it allegedly allowed franchise t

Dec. 17, 2024

Get ready for aggressive US trade policy: ex-Trump adviser

A former top trade adviser to US President-elect Donald Trump during his first administration warned that Trump's second term would likely adopt a more “aggressive” stance on trade, urging South Korean businesses to engage proactively with US officials to navigate potential challenges. Stephen Vaughn, a lawyer and former acting US Trade Representative, spoke at a seminar, titled "Trade Regulations Under Trump's Second Term: Risk Management and Strategies for Korean Com

Dec. 16, 2024

Calls grow for swift passage of stalled chips, AI bills

Business leaders are calling on lawmakers to expedite the approval of bipartisan, noncontentious bills on semiconductors and artificial intelligence, amid rising concerns that political uncertainty following President Yoon Suk Yeol’s impeachment could delay enactment of critical legislation, jeopardizing industry competitiveness. Finance Minister Choi Sang-mok on Sunday stressed the importance of passing legislation such as the Semiconductor Special Act, the AI Basic Act and the Expansion

Dec. 16, 2024

Porsche Korea's 'Do Dream' campaign drives positive change

Since 2017, Porsche Korea has led corporate social responsibility efforts among imported car brands in South Korea through its Porsche Do Dream campaign. The initiative focuses on five key areas -- education, sports, arts and culture, environment and society -- to address societal challenges and promote sustainable development. By 2024, Porsche Korea has donated 76.3 billion won ($53 million) to various projects, cementing its position as one of the top contributors in the industry. To celebrate

Dec. 16, 2024

Hyundai Motor’s global execs gather to address trade disruptions

Hyundai Motor Group’s global executives convened on Thursday to devise strategies to address potential trade disruptions arising from Korea’s martial law crisis and the upcoming inauguration of Donald Trump’s second administration. The company said its newly appointed president and CEO Jose Munoz, who doubles as the global chief operating officer, and overseas regional heads from Europe, Russia, China, India, Latin America and other regions gathered to discuss strategies for th

Dec. 13, 2024

Hyundai chief vows to overcome upcoming challenges

Marking the first anniversary of Hyundai Motor Group’s innovation hub in Singapore, Executive Chair Chung Euisun reaffirmed his commitment to addressing deepening domestic and international uncertainties. Alongside Chung, key executives from Hyundai Motor, including Chang Jae-hoon, president and CEO of Hyundai Motor Co., Jung Jun-cheul, executive vice president and head of manufacturing for Hyundai Motor Group, Park Hyun-sung, CEO of Hyundai Motor Group Innovation Center in Singapore, and

Dec. 13, 2024

Hyundai Motor, Google bolster ties on in-car navigation

Hyundai Motor Group said Thursday it will expand its business collaboration with Google to upgrade its vehicles’ navigation and infotainment features. Under the partnership, Hyundai, Kia and Genesis vehicles will integrate Google Maps Platform’s Places application programming interface, or API, to improve the accuracy of navigation systems in Hyundai, Kia and Genesis vehicles. The enhanced navigation will provide detailed information such as business hours, contact details, ratings

Dec. 12, 2024

Kia’s Chinese joint venture turns first profit in 7 years

Kia’s Chinese joint venture turned a profit in the third quarter of this year, ending a seven-year run of losses thanks to a surge in sales and exports, sources said Thursday. Yueda Kia, where Kia and China’s Yueda Group hold 50 percent shares each, logged 3.2 trillion won ($2.3 billion) in sales in the July-September period, a 60.4 percent jump from the second quarter. The company achieved a profit of 17.2 billion won, a significant turnaround from the previous quarter’s 4.4 b

Dec. 12, 2024

Production disruptions loom at Kia plants

Kia’s decision to join the Korean Metal Workers’ Union’s strike — demanding the resignation of President Yoon Suk Yeol amidst the ongoing martial law crisis — could lead to increased production disruptions for the carmaker, industry sources said Wednesday. The strike is part of the Korean Confederation of Trade Unions, the nation’s largest umbrella labor group with 1.2 million members, which has launched an indefinite strike until Yoon offers to resign, claimi

Dec. 11, 2024

[Photo News] More accolades

Hyundai Motor announced Wednesday that the Ioniq 5N, the automaker's award-winning high-performance all-electric vehicle, has been selected as performance car of the year in the 2025 China Car of the Year Awards held at Crowne Plaza Beijing Lido. Hyundai Motor said that the Ioniq 5N's latest honor highlights the brand's competitiveness in China, which is one of the fastest EV-transitioning markets in the world. Based on its outstanding motor power, the Ioniq 5N also was recognized

Dec. 11, 2024

KAI wins W1.1tr to supply tail wings for Boeing aircrafts

South Korean aircraft maker Korea Aerospace Industries said Tuesday that it has extended its contract with Boeing to produce empennage parts for the US aerospace giant’s 737 Max model. The extension will add 1.12 trillion won ($789 million) in sales to the existing contract. The Boeing 737 Max – the manufacturer's newest narrow-body model for short and medium-haul passenger flights – carries up to 230 passengers. KAI has provided vertical and horizontal stabilizers for the

Dec. 10, 2024

Chinese battery makers gobble up Korean firms' global market share

The competitiveness of Korean battery makers -- LG Energy Solution, Samsung SDI and SK On -- continues to be threatened by the seemingly unceasing growth of Chinese rivals, a global electric vehicle battery usage report showed Monday. According to SNE Research’s analysis, the three Korean battery makers’ combined share in the global EV battery sector logged 20.2 percent between Jan. and Oct. this year, down 3.5 percentage points from the same period last year. The decline came even t

Dec. 9, 2024

[Photo News] Smart choice

Hyundai Mobis, an auto parts manufacturer under Hyundai Motor Group, said Monday that it released a new button-type smart card key for Hyundai vehicles. The smart card key, which was first launched for the Ioniq 5 N, Hyundai's high-performance vehicle in April this year, can now be applied to the Santa Fe, Tucson and Grandeur -- three of Hyundai's most popular models. The functions of the smart card key include starting the car from outside, remote parking assistance and opening and cl

Dec. 9, 2024