An envisioned joint venture between Posco Energy and US-based FuelCell Energy is making little progress due to mutual differences, an industry insider said Wednesday.The energy unit of steel giant Posco produces molten carbonate fuel cell -- dubbed a second-generation technology -- with technology transferred from the US company.  FuelCell Energy CEO Jason Few was in Seoul to discuss the JV proposal. The talks, however, ended without any agreement, sources noted. The two had signed a memora

Industry Dec. 11, 2019

MALAGA, Spain -- It may be difficult to have it all, but Mercedes-Benz’s new compact SUV lineup of the GLB has certainly tried its very best. It’s a luxury family car with enough spacious cabin room for a third row of seats. It has strong and adaptive suspension and an intelligent four-wheel system that increases driving pleasure even on curvy, steep and inclined mountain roads. Above all, the spirit of a traditional SUV is intertwined with the latest auto technology, including the a

Mobility Dec. 9, 2019

More than a half of new cars manufactured by South Korean carmakers Hyundai and Kia sold in US were sport utility vehicles, reaching the highest mark since they launched operations in the world’s second-largest auto market, the companies said Sunday. Of the 1.2 million vehicles Hyundai and its smaller affiliate Kia sold as of November, 668,328 units or 55.4 percent of the total were SUV, from 30.9 percent in 2013. The number of SUVs sold by November already has surpassed the figure for las

Mobility Dec. 8, 2019

Celebrating the launch of its latest overseas plant in India, Kia Motors said Thursday it will expand its portfolio of “Made-in-India” products next year and introduce fully digitalized sales and service channels for customers.The South Korean auto giant officially opened its new production facility in Anantapur district in the state of Andhra Pradesh, built with an investment of $1.1 billion. It started operations in July rolling out the Seltos compact SUV, the company’s first

Mobility Dec. 5, 2019

GS Group said Tuesday that Huh Tae-soo, vice chairman of its TV shopping channel subsidiary, will lead the energy-to-retail giant and also be chairman of its board. The leadership succession at South Korea’s eighth-largest conglomerate will be carried out after a shareholders meeting next year.  Huh, who is now with GS Home Shopping, replaces his elder brother Chairman Huh Chang-soo who tendered his resignation, citing the need for a leadership transfer amid the fast-changing business

Industry Dec. 3, 2019

The heads of South Korea’s two major conglomerates, Posco and SK Group, attended a rare joint event Tuesday to promote corporate social responsibility, indicating a possible partnership to generate social value for sustainable growth.The purpose of the event, held at Posco’s head office in Seoul, was to share the steelmaker’s vision of becoming a responsible business entity and to present the CSR projects carried out by affiliates over the past 1 1/2 years. Posco Chairman Choi

Industry Dec. 3, 2019

Renault Samsung, a South Korean subsidiary of the French carmaker, sold 5,648 units of its sport utility vehicle QM6 in November, up 50 percent from the same month last year, the company said Monday.It was the first time since 2016 that sales of the QM6 surpassed the 5,000 mark. It ranked second in the mid-sized SUV segment, after Hyundai Motor’s Santa Fe, added the company. Driven by growing interest in vehicles powered by liquefied petroleum gas, 3,626 units of the QM6 LPe were sold

Mobility Dec. 2, 2019

Seven distributors of foreign car brands in South Korea are voluntarily recalling more than 12,000 vehicles over faulty parts, the Ministry of Transport said Monday.Audi Volkswagen Korea, FCA Korea, Porsche Korea, Scania Korea, Bike Korea, Moto Rossa and Hanbul Motor -- which imports Peugeot and Citroen vehicles -- will recall 12,053 units of 16 models.VW’s Tiguan was found to have a faulty air bag while Peugeot 5008 1.5 BlueHDi SUV reported problems with the spare tire holder. Defects in

Mobility Dec. 2, 2019

Kim Dong-kwan, the eldest son of Hanwha Group Chairman Kim Seung-youn, has been promoted as the vice president of Hanwha Q Cells and Advanced Materials, the conglomerate’s solar panel maker.The 36-year-old chaebol scion has been serving as the chief commercial officer and a senior executive of Hanwha Q Cells for four years. Officials said he was promoted in recognition of his contributions in raising the company’s profile as the world’s leading photovoltaic panel manufacture. H

Mobility Dec. 2, 2019

A corporate social responsibility project by Han Sung Motor, the largest official dealer of Mercedes-Benz in South Korea, will join the 2019 Seoul Design Festival that kicks off Wednesday for a five-day run.Taking place at Coex in southern Seoul, the annual event invites prominent designers, design brands and companies to exchange their artistic talents and to support local designers in making international debuts. Recipients of Han Sung’s Dream Gream scholarship program will demonstr

Mobility Dec. 2, 2019

The two-year hiatus in South Korea where Audi Volkswagen Group held years of market leadership has been a lesson to reorganize its operational structure and restore strength for another leap forward, according to a top executive. Audi VW Korea Group Managing Director Rene Koneberg told The Korea Herald that the company is “back on the track” to regain market leadership next year, armed with a wide range of lineups and customer services reinforced in line with restoration of public tr

Mobility Dec. 1, 2019

FINANCIER OF THE YEAR/ NH CAPITAL　Under the leadership of CEO Lee Koo-chan, NH Capital, a subsidiary of South Korea’s leading banking group NH NongHyup Financial Group, is making a foray into the fast-growing financing markets in Asia, as part of its efforts to diversify its business portfolio and raise its profile as a global financial firm. With the corporate vision of becoming a global credit-specialized financial company, NH Capital plans to sign partnership agreements with agricultura

Market Nov. 28, 2019

Hyundai Glovis said Thursday it has launched two joint ventures in China to make a foray into the local used car and shipping markets.The subsidiary of Hyundai Motor Group and Beijing Changjiu Logistics have set up two separate JVs -- Beijing Changjiu Glovis Automobile Service and Shanghai Changjiu Glovis Shipping. The two JVs will be launched early next year, the company said without disclosing the size of investments.The first JV seeks to target China’s growing secondhand car market, whi

Mobility Nov. 28, 2019

Backed by diplomatic ties between South Korea and Southeast Asia, the nation’s sole aircraft manufacturer Korea Aerospace Industries is stepping up efforts to expand the sale of advanced aircraft to the region, touting its technological strengths and cost effectiveness.Taking the ASEAN-ROK Commemorative Summit in Busan this week as an opportunity to showcase its cutting-edge aircraft to leaders of Southeast Asian countries, KAI said it hopes to contribute to expanding cooperation with defe

Industry Nov. 27, 2019