Kia, an affiliate under the leading carmaker Hyundai Motor Group, said Tuesday it has decided to build a new car plant in South Korea, an outcome of yearslong negotiations with its labor union. With the construction set to start in the first quarter of this year, the upcoming plant will become Kia’s first new factory to be built in Korea in 26 years. Kia and the labor union agreed on producing 200,000 electrified purpose-built vehicles a year in the long term, gradually expanding productio

Hyundai Motor Group said Monday it would operate 58 vehicles during the World Economic Forum in the Swiss city of Davos this week to promote South Korea’s bid to host the 2030 World Expo in Busan. As a means to echo Busan’s sustainability vision for the World Expo, the carmaker offered 45 EV models. The list includes the luxury brand Genesis’ 18 Electrified G80, 8 Electrified GV60, 4 Electrified GV70 and Hyundai’s 15 Santa Fe Plugin Hybrid models. The cars, wrapped wi

South Korea’s Ministry of SMEs and Startups said Monday it has forged a partnership with the United Arab Emirates to boost cooperation in nurturing startups. The ministry signed a memorandum of understanding with the UAE’s Ministry of Economy to step up as a major partner country for Dubai’s Entrepreneurial Nation 2.0 project. The state-led project aims to nurture 8,000 small and medium-sized firms and 20 unicorns that is worth more than 1 trillion won ($810 million) in corpora

HWASEONG, Gyeonggi Province -- Despite burgeoning demand for electric vehicles, one key concern among consumers is the huge high-voltage battery pack carries a fire risk. In an apparent move to ease such concerns and show off its latest safety technology, Hyundai Motor Group conducted a rare crash test of its bestselling Ioniq 5 EV in front of the media Thursday. During the test performed at the carmaker’s Namyang Technology Institute in Hwaseong, Gyeonggi Province, the Ioniq 5, built

Kazem was sentenced to eight months in prison and a two-year probation, while GM Korea was slapped with a 30 million won ($24,260) fine, according to the Incheon District Court. Four former and current executives of GM Korea and 13 CEOs of subcontractors who illegally outsourced their workers to the company were also found guilty on the same charges. The four current and former GM Korea executives were fined 7 million won each, and the subcontractor CEOs fined between 2 million - 5 million w

Samsung Electronics recently purchased a sizeable stake in Rainbow Robotics, a local humanoid robotics company, for 59 billion won ($47 million), offering a glimpse into the South Korean tech giant’s robotics ambitions that are still under wraps. Earlier this month Samsung purchased some 1.94 million shares of Rainbow Robotics, one of the handful of robot companies that make bipedal human-like robots, becoming the second-largest shareholder of the company. Following the news, shares of t

South Korean electric vehicle battery maker SK On said Monday it is reconsidering its plan to build a new battery plant in Turkey together with US auto giant Ford Motor, citing prolonged economic woes. “We have held talks (with Ford and Turkish partner Koc Holdings) on the matter, but the process is lagging behind the schedule,” said an SK On official. “The final decision on whether to pull out of the deal is still pending.” SK On said it is looking to change its invest

South Korean companies will unveil cutting-edge products, offering a glimpse into the ways innovative technology could change people's lives at CES 2023, the world’s largest tech convention, to be held from Thursday to Monday in Las Vegas. Shrugging off prolonged pandemic disruptions, this year’s event will be at the largest scale in three years. Some 3,100 exhibitors from 173 countries and around 100,000 visitors are expected to show up, according to CES organizer the Consume

Hyundai Motor Group Executive Chair Chung Euisun on Tuesday held a rare town hall meeting with approximately 600 employees, during which he stressed that the automotive company would brace for challenges and embrace changes to tackle an economic slowdown. “We should not be afraid of upcoming crises and (helplessly) face the aftermath, but leapfrog toward sustainable growth with active innovation,” Chung said during the New Year's event held at the company’s Namyang Re

By Business Desk New opportunities can arise from out of crises. Chiefs of Korea's top conglomerates are banking on words of wisdom for the year ahead as businesses face an age of relentless changes stemming from geopolitical conflicts, inflationary pressures and a recessionary environment. To overcome factors dragging on business activities, uncovering their own path to thrive for growth has become more important than ever as traditional approaches and paradigms have been challenged. In

Hyundai Oilbank, one of South Korea’s leading refiners, said Monday that it handed out 1,000 percent of base salaries as bonuses to its staffers. The company declined to disclose the specific amount of the salaries given. In 2021, its employees received an average of 121 million won ($94,800) per person including bonuses at a 600 percent rate. The refiner’s lump-sum bonuses came in line with the refining industry’ stellar performance last year. In the third quarter alone, Hyu

South Korean battery makers are luring tech talent in the US with big welfare benefits and other hefty incentives to fuel their growth momentum in the burgeoning electric vehicle market, industry sources said Monday. Starting from Jan. 1, LG Energy Solution, the largest battery maker here, will extend its medical welfare policy by offering free health insurance to some 2,000 employees working at its Michigan plant along with their family members. Currently, the company covers insurance for denta

South Korean battery giants -- LG Energy Solutions, Samsung SDI and SK On -- are expected to see a combined sales of some 50 trillion won ($39 billion), marking a record-breaking year amid burgeoning demand for electric vehicles overseas. LG Energy Solutions’ revenue this year is estimated to surge on-year by 41.4 percent to 25.2 trillion won, according to data from market tracker FnGuide. Net profit would skyrocket 95.3 percent to 1.5 trillion won, surpassing the 1 trillion won mark for

Cold wave alerts prompt drivers to take greater caution to stay safe on snowy and icy roads. However, some 370,000 electric vehicle owners face an extra challenge with less driving range. Combustion engine and hybrid cars see their fuel economy fall by 10 to 20 percent in freezing weather. But the impact is much more severe for EVs, experts say. “At minus 10 degrees Celsius, EVs that have heater pumps show 20-25 percent drop in driving range, while those with no heater pumps can decrease i

Chief executives of Samsung Electronics and BMW Group, two leading business moguls in tech and automotive industries, met on Saturday to strengthen their electric vehicle battery alliance. Samsung Electronics Chairman Lee Jae-yong met with BMW Group Chairman Oliver Zipse at BMW’s driving center in Incheon to discuss further measures to facilitate collaboration, according to the Korean tech giant. It is the second time the two have met since Lee's business trip to Europe in July. &ld

Piggybacking on the global popularity of Korean culture led by K-pop and K-dramas, Korea Airports Corporation said Thursday it is going all out to attract more international travelers next year. “Welcoming 2023 and 2024 as the Visit Korea Year, we plan to bring in as much as 8.5 million inbound travelers, 40 percent of the pre-pandemic level, by combining K-culture and tourism,” Korea Airports Corporation CEO Yoon Hyeong-jung said during a press conference at the company headquarte

Hanoi, VIETNAM -- In the heart of Vietnam’s capital Hanoi, some 5 kilometers northwest of Hanoi City Hall, lies Daewoo Engineering and Construction’s Starlake City complex of luxury residential, commercial and administrative centers around the West Lake, a spiritual place in the city. Within an area of almost 2 square kilometers, one of the largest urban projects in the city, the South Korean builder aims to feed the dreams of Vietnamese locals who yearn to live a lavish lifestyle. T

After some high-profile success stories like Coupang and Toss, going global is an ultimate goal for South Korean startups -- but many of them are still struggling to tackle decades-old regulatory hurdles and hostile financial investors, even at home. SMEs and Startups Minister Lee Young, who took office in May upon the inauguration of the Yoon Suk-yeol administration, vows to create a more investment-friendly startup ecosystem, saying getting funding should be the starting point of their overs

Although the endemic phase is nearing, Incheon International Airport said Tuesday it will take another three years for South Korea's largest airport to recover the number of international passengers to pre-pandemic levels. “Due to the prolonged COVID-19 shutdowns from China and other countries, we expect the travel demand should rebound by 2025,” said Kim Kyung-wook, CEO of Incheon International Airport. “For next year, we predict international travelers will surge by 59

Hyundai Motor Group said Monday it will supply a total of 1,100 hydrogen fuel-cell systems to Enginius, an eco-friendly car brand under the Germany-based Faun Group, in a three-year deal. It is the first time the South Korean carmaker has agreed to provide a massive amount of electric power systems. Under the deal, Hyundai’s 90-kilowatt hydrogen fuel-cell systems will power Enginius’ two brands -- Bluepower for garbage trucks and Citypower for cargo trucks whose market debuts are set