Hyundai Motor’s labor union has approved a tentative agreement that includes higher base pay, bonuses and new hiring commitments, concluding months of contentious wage negotiations and strikes. The carmaker said 19,183 workers, or 61.55 percent of the 31,166 union members who cast ballots in a vote held Monday, voted in favor of this year’s wage agreement between the labor union and the company. Under the agreement reached last week, Hyundai Motor will raise monthly base pay by 100,000 won ($73)

Hyundai Rotem has developed a new armored medical evacuation vehicle designed to safely transport wounded soldiers from battlefields to medical facilities. The company said Tuesday it completed the two-year development project, led by the Defense Acquisition Program Administration, carrying out the entire process of design and prototype production to testing and evaluation with domestic technology. The vehicle can carry up to six ambulatory patients or four patients on stretchers, along with two

South Korea’s five major automakers are on track to finalize their annual wage talks as soon as Monday, freeing them up to concentrate on expanding sales in the second half amid mounting pressure from US tariffs, intensifying competition with Chinese rivals and slowing global demand. Hyundai Motor Co., the last of the five automakers to complete negotiations, is holding a union vote Monday on a tentative agreement reached last week. If approved, it would effectively bring this year’s wage and co

The decades-old rivalry between HD Hyundai and Hanwha Ocean is moving across the Pacific, as the two shipbuilding giants race for a much bigger prize: entry into the US naval shipbuilding market. Hanwha has seized an early lead. After acquiring Philadelphia-based Philly Shipyard, it is now pursuing Austal USA, a major supplier of vessels to the US Navy and Coast Guard. HD Hyundai has taken a more cautious route, favoring partnerships with American shipbuilders over outright acquisitions, but tha

Doosan Group said Thursday it would provide $5 million in emergency aid to Nepal’s Rasuwa district, where devastating flash floods struck a hydropower construction site and left six employees of its affiliate Doosan Enerbility missing. The contribution will be used to support search and rescue operations and other recovery efforts. “We hope the assistance will help enable a swift response and recovery from the large-scale disaster that occurred so suddenly,” a Doosan official said. On Wednesday,

South Korean companies Doosan Enerbility and Korea South-East Power Co. dispatched emergency response teams to Nepal on Thursday after nine Korean workers went missing when devastating flash floods hit the Himalayan country. Of the nine workers missing since Wednesday’s floods, six are employees of Doosan Enerbility and three are from state-run KOEN. All nine had been working on the Upper Trishuli-1 hydropower project in Nepal’s Rasuwa district. Doosan Enerbility sent a team of eight officials,

SK Innovation expects its merger with loss-making battery separator unit SK IE Technology to cut annual costs by about 60 billion won ($43.3 million) and return the business to earnings before interest, taxes, depreciation and amortization profitability within two years. The company plans to eliminate overlapping operations in marketing, production and other functions after absorbing SKIET, executives said during an online briefing Wednesday. The merger will also give SKIET access to SK Innovati

BMW Korea is expanding financing incentives, membership benefits and after-sales services to lower the cost of purchasing and owning its vehicles. Customers purchasing a 7 Series through BMW Smart Lease can receive up to 1 million won ($723) a month for eight months, depending on the contract terms. Eligible corporate customers using an operating lease or rental program can receive an additional 2 million won. For the 520i, Smart Lease customers can receive 500,000 won a month for 10 months. Eli

SK Innovation will absorb its battery separator subsidiary SK IE Technology, bringing the struggling business back under direct control five years after it went public. The companies said Tuesday that their boards approved the merger to strengthen SKIET’s financial stability, streamline operations and improve the separator business’s long-term competitiveness. SK Innovation will remain the surviving company and issue new shares to SKIET shareholders. Each SKIET common share will be exchanged for

South Korean defense company Hanwha Aerospace said Tuesday it has established a US-based subsidiary, Hanwha Horizon USA, as part of its push to grow its footprint in the global liquefied natural gas market. The new company will serve as the control tower for Hanwha Aerospace's LNG business, overseeing procurement, trading and logistics optimization, the company said. James Sagar, CEO of Hanwha Shipping, will concurrently serve as the first CEO of Hanwha Horizon USA. Sagar has about 30 years of e

Hyundai Motor and its labor union reached a tentative wage agreement Tuesday, more than three months after negotiations began, potentially ending a protracted labor dispute that disrupted production. The two sides struck the deal during their 17th round of negotiations at Hyundai Motor’s Ulsan plant. Representatives from management and the union engaged in talks that began Monday and continued overnight. The two sides agreed to raise monthly base pay by 100,000 won ($72.33) and provide a perform

Italian carmaker Ferrari unveiled its first electric sports car, the Ferrari Luce, in South Korea on Monday, highlighting the model’s high-performance electric powertrain and advanced display technology developed in collaboration with Samsung Display. Ferrari Korea presented the Luce at a media event at its showroom in Cheongdam-dong, southern Seoul, offering a first look at the vehicle in the Korean market. The Luce, which made its global debut in May, marks a new chapter in Ferrari’s shift tow

The South Korean government will keep fuel price ceilings unchanged for another four weeks as renewed tensions in the Middle East push global oil prices higher, the Industry Ministry said Friday. The Ministry of Trade, Industry and Resources said the maximum prices for gasoline, diesel and kerosene supplied by local refiners to gas stations will remain unchanged from the previous four-week period at 1,784 won ($1.29), 1,773 won and 1,380 won per liter, respectively, beginning Saturday. The decis

Samsung SDI said Friday it will sell a portion of its stake in affiliate Samsung Display for 4.45 trillion won ($3.22 billion), as the battery maker seeks to secure funds for investment in future growth businesses. In a regulatory filing, Samsung SDI said it will sell 13.09 million shares in Samsung Display for 340,000 won apiece, representing about 33 percent of its current holdings in the display maker, with Samsung Display buying the shares as treasury stock. Samsung SDI currently holds 39.86

Hyundai Motor labor union launched a full-day strike Friday, bringing production to a halt across the company’s key plants in South Korea as wage negotiations remain deadlocked. The walkout marks the first time since 2016 that members of the Hyundai Motor branch of the Korea Metal Workers’ Union have staged an eight-hour, full-day strike for each shift. The escalating strikes raise concerns that prolonged labor disruptions could undermine the automaker's push to revive domestic sales with new mo