The fate of SsangYong Motor, the cash-strapped Korean affiliate of Indian carmaker Mahindra & Mahindra, hung in the balance Thursday, as it failed to secure a letter of intent from its likely investor, US-based HAAH Automotive. With the “prepackaged plan” scenario practically eliminated, the SUV-focused automaker now faces the worst risk of market delisting and liquidation. Financial authorities, however, maintained a prudent stance over the issue, leaving room for a last-min

Industry April 1, 2021

Despite the COVID-19 pandemic, which weighed down most of the world’s economies last year, the bilateral economic relationship between South Korea and Germany gained momentum even in the midst of market turbulence. While the auto and biopharma businesses flourished last year, it is the green growth and hydrogen energy sectors that are likely to pick up speed down the road, according to the chief representative of German businesses here. “Germany and South Korea are already moving

Industry March 31, 2021

Hyundai Mobis, Hyundai Motor Group’s auto parts maker, on Wednesday unveiled its blueprint to shift the focus of its business model from conventional automotive component hardware to future mobility software and to transform itself into a platform-oriented company. It also presented new mobility solutions and urban shared mobility concept cars -- the M.Vision X and M.Vision POP -- to shape up the transformation of mobility in the future market context. “In light of the automotive

Industry March 31, 2021

Kia Corp., South Korea’s second-largest carmaker and an affiliate of Hyundai Motor Group, on Tuesday held the digital world premiere of the EV6, its first all-electric model built on the group’s exclusive electric vehicle platform. Being the first electric vehicle to be launched since Kia Motors changed its name to Kia Corp. earlier this year, the EV6 is expected to signal a new chapter for the carmaker in light of the fast-growing mobility market. In terms of functions, the new

Industry March 30, 2021

Hyundai Mobis, the auto parts affiliate of Hyundai Motor Group, is expanding its presence in the global auto lamp market with its series of unique rear lamp technology, officials said Tuesday. After two years of joint research with LG Innotek, the parts maker has recently come up with HLED, a thin film-like material that can be flexibly bent and that emits light in all conditions. Due to its delicate light control, the product may be applied to both the stop lamp and the tail lamp with a mere

Industry March 30, 2021

SK Holdings, the holding firm of SK Group, South Korea’s third-largest conglomerate in assets, said Monday that it has changed its name to SK Inc. and vowed to accelerate its sustainable investments in strategic sectors. It also established an exclusive committee dedicated to ESG -- environmental, social and governance issues -- and added a first-ever female member to its board of directors, all in line with the growing calls for nonfinancial consideration in management. “Despit

Industry March 29, 2021

South Korea’s top steelmaker Posco will receive 150 billion won ($133 million) in dividends from Roy Hill Holdings, the developer of Australia’s largest single iron ore mine, officials said Monday. With the dividends to be paid out next month, Posco will have secured 270 billion won in total from its preemptive investment in the Australian mine. As Australia’s largest single mine, Roy Hill comprises an iron ore reserve of 2.3 billion tons and accounts for 55 million tons i

Industry March 29, 2021

Those attending the Consumer Electronics Show this year received the impression that South Korea is one of the most innovative players in the world, standing next to the US and outrunning Germany and Japan. Autonomous driving was picked as the most promising business sector, while LG was seen as operating the most impressive booth, unveiling new products such as rollable phones. According to a survey conducted by the Federation of Korean Industries on 80 Korean companies that participated i

Industry March 29, 2021

The Korea Herald is publishing a series of interviews with executives of South Korea’s leading corporations on their response to environmental, social and corporate governance, or ESG, issues, which have become central factors globally in measuring the sustainability of an investment or business decision. -- Ed.  Handling with the uncertainties and anxiety rising from the COVID-19 pandemic, businesses here and abroad have found themselves swept away by burgeoning ESG calls over th

Industry March 28, 2021

In the wake of the Suez Canal blockage that is paralyzing regional and global logistics, South Korean companies are starting to feel an impact. With importers tense over possible delays in their material and product supplies, shipping companies are expected to gain from increased fees and surplus demands. HMM, Korea’s largest and the world’s eighth-largest shipper, saw its stock price climb 15.96 percent on-day to 34,150 won ($30.20) on Friday, prolonging the uptrend for nine co

Industry March 26, 2021

Samsung Electronics Vice Chairman Lee Jae-yong had part of his large intestine removed after his appendix burst, local reports said Thursday. The de facto chief of the nation’s largest conglomerate, who is currently in jail for bribing former President Park Geun-hye, had a partial colorectal resection last week, the reports said, after a case of acute appendicitis was diagnosed too late and resulted in complications. They said Lee, not wanting to draw unnecessary attention, endured th

Industry March 25, 2021

Hyundai Motor Group’s key affiliates held their annual shareholders meetings Wednesday and addressed pending issues such as reshuffling boardrooms, enhancing ESG policies and revamping business in keeping with the post-coronavirus market trends. A notable change was that the group efficiently wrapped up the generational shift in its leadership, with the senior honorary chairman stepping down from all his official posts and fully clearing the track for his recently inaugurated son. Chung

Industry March 24, 2021

South Korea’s auto giant Hyundai Motor Group on Tuesday unveiled a plan to build its own high-speed charging infrastructure for electric vehicle models under the new independent brand “E-pit.” Under the new system, electric cars embedded with Hyundai Motor’s exclusive platform may operate for up to 100 kilometers upon a single five-minute charge at E-pit stations. E-pit was inspired by pit stops where motorsports race cars pause for refueling, tire replacement, repairs

Industry March 23, 2021

Like many global carmakers, Kia Corp. plans to take preorders online for EV6, its first all-electric vehicle built on an exclusive EV platform, slated for release here in July. But its labor union is opposing the idea, sensing a potential threat it poses to the job security of conventional sales staff. “The online preorder system introduced for the upcoming EV6 will infringe on the employment security of the sales workforce,” the Kia branch of the Korean Metal Workers’ Uni

Industry March 23, 2021

European companies operating here are generally optimistic over Seoul’s growing importance as business venue but also pointed out the rigid regulatory environment, the European Chamber of Commerce in Korea said Monday. According to the Business Confidence Survey 2020, 51 percent of respondents said that South Korea’s strategic importance is increasing, while 41 percent replied that its importance remains the same as before. A year earlier, only 34 percent recognized the country&rsq

Industry March 22, 2021