South Korean auto parts-maker Hyundai Mobis has secured $1.7 billion worth of overseas orders from foreign carmakers last year, marking a record on-year increase of 40 percent, the company said Tuesday.Overseas sales of core auto components by the company have also shown rapid growth, having shot up from $500 million in 2015 to $1.2 billion in 2017. (Hyundai Mobis)The company has secured around 60 percent of its overseas orders -- worth $1 billion -- from electric vehicle manufacturers from Chin

Driving a sports car on slippery roads in wintertime is definitely not a smart thing to do, but can be fun if you know how to handle the adrenaline-stimulating horsepower from a turbocharged engine. And the advanced safety features of the latest sports cars to hit the market, including GM’s all-new Camaro and Mercedes-Benz’s 400 d 4Matic, ensure a driving experience that’s fun but not terrifying.Mercedes-Benz`s CLS 400 d 4 Matic run on slippery roads on Dec. 13, 2018. (Cho Chung-un/The Korea Her

North European and classic American styles have prevailed among interior design fanatics in South Korea in recent years.But before the invasion of Western culture, it was mostly wooden furniture -- made from either maple or paulownia -- that was favored by aristocrats in the 18th and 19th centuries. The Korea Furniture Museum in Seongbuk-dong, northern Seoul, invites visitors to take a break -- and perhaps, travel back in time -- inside hanok, or traditional Korean houses, where more than 2,500

South Korea will produce 6.2 million units of fuel cell electric vehicles and build 1,200 refilling stations across the country by 2040, in a major industrial push aimed at securing energy independence and assuming a leadership role in hydrogen technology. President Moon Jae-in (center) looks at a model of the hydrogen fuel cell electric vehicle Nexo during a visit to a Hyundai Motor facility in Ulsan on Thursday. (Yonhap)In its road map announced Thursday, the government said it would diversify

South Korea will increase the number of hydrogen-powered vehicles on the roads by 80,000 units in the next four years, the finance minister said Wednesday.Deputy Prime Minister and Minister for Economy and Finance Hong Nam-ki said at a ministerial meeting on innovation-led growth in Seoul that the new fuel-cell electric vehicle target is part of a broad strategy aimed at building an ecosystem for hydrogen industries. It would include producers of the fuel as well as technologies that store and t

Determined to restore customer trust and committed to doing so by contributing to society, the head of the Korean arm of Audi Volkswagen said the automaker is on board with the South Korean government’s drive to promote future technologies and is planning to foster young professionals in the area of future mobility.In an interview with The Korea Herald, Rene Koneberg, a group managing director with Audi Volkswagen Korea, said the company would start providing educational and cultural opportuniti

Hyundai Motor became the first South Korean automaker to have two vehicles win top US auto awards this month, signaling a favorable start for the auto giant to gain fresh momentum in the sought-after market this year.The annual award given by 55 automotive journalists was announced at the North American International Auto Show in Detroit that officially kicked off Tuesday.The Hyundai Genesis G70 and Hyundai Kona won the North American car and utility vehicle of the year awards, respectively. Man

The head of the nation’s largest steelmaker Posco said he has no plans to make additional investment overseas in the steel sector this year but will focus on securing natural resources needed for its lithium-ion battery business touted as the company’s new growth engine.“With regard to steel, (I) don’t have any plans for making additional investment or (pursuing) mergers and acquisitions overseas,” said Posco Chairman Choi Jeong-woo in a brief meeting with reporters Thursday. “As for the new bus

Strong business growth in Asia was behind the record-breaking sales of British luxury carmaker Rolls-Royce last year, particularly in China and South Korea, its head said in an interview with The Korea Herald. “Our growth was fueled by a strong Asian business and a Korean business. We have seen an uptake in your market by around 40 percent compared to the year 2017 and for that reason I am very satisfied with the results,” said Torsten Muller-Otvos, chief executive officer of Rolls-Royce Motor C

South Korean auto giant Hyundai Motor has unveiled the world’s first holographic augmented reality navigation system equipped on its luxury sedan Genesis G80 in partnership with Swiss startup WayRay, the company said Wednesday.Introduced at the Consumer Electronics Show being held in Las Vegas, the holographic AR navigation technology delivers driving guidance by projecting navigational alerts through the windshield onto the road, the company said. A holographic augmented reality navigation syst

Samsung Electronics saw its operating profits nose-dive by nearly 40 percent in the fourth quarter last year, mainly on weakening market demand for memory chips, the biggest source of its profits, the company said Tuesday.In a regulatory filing, the world’s largest manufacturer of chips and smartphones posted 10.8 trillion won in operating profits in the past three months, a 38.5 percent decrease from 15.1 trillion won posted for the previous quarter. It is the lowest operating profit figure sin

It cannot be explained scientifically in today’s hypermodern society. But for hundreds of years, Koreans have pinned high hopes on the new year by reinterpreting the symbolic significance of each of the 12 zodiac animals. And this year, Koreans celebrate the Year of the Pig, which symbolizes abundance, luck and fecundity. According to Chinese astrology, the pig is the 12th animal in the 12-year zodiac cycle, and it is a good year to make money and build one’s fortune -- just like the plump image

South Korean auto giant Hyundai Motor will start pilot operation of robo cabs here in 2021, part of a drive to become a smart mobility service provider, its chief said Wednesday.In a noticeable change for the 51-year-old car manufacturer, the conglomerate’s Executive Vice Chairman Chung Eui-sun said he would seek partnership with global leading companies to develop eco-friendly robo taxis that were both “safe and innovative.” Hyundai Motor Group Executive Vice Chairman Chung Eui-sun addresses th

The nation’s energy-to-petrochemical giant SK Innovation will introduce flexible film developed for foldable devices at the Consumer Electronics Show, which kicks off next week in Las Vegas, the company said Tuesday.The transparent film, called Flexible Cover Window, was designed to protect displays and is considered a core component of foldable smartphones for its flexibility as well as its durability. Market interest in the plastic film has been growing alongside plans for the commercializatio

The clock is ticking for full-fledged reforms in regulations for Korean businesses to survive, the head of the country’s top business lobby group said Wednesday, voicing concerns over an economic recession and companies losing growth momentum due to multilayered market restrictions.Comparing companies to “frogs in a burning pot,” KCCI Chairman Park Yong-maan stressed that there is not much time for companies in the face of fierce market competition, adding that damage is already being seen. The

Korea Chamber of Commerce and Industry Chairman Park Yong-maan (Yonhap)The head of the Korea Chamber of Commerce and Industry urged businesses to strengthen ties with Moroccan firms, highlighting the country’s push for industrial development.“Morocco, which has signed free trade agreements with about 50 countries, holds geopolitical advantage for business expansion,” said Park Yong-maan, chairman of the KCCI, the nation’s largest group representing Korean businesses.“I wish for broader cooperati

Korea Aerospace Industries, the nation’s sole aircraft manufacturer, said Friday that it would accept the findings of an investigation identifying a defective part as the cause of a Marine Corps chopper crash in July.After a monthslong probe, a team of civilian, government and military experts said a defective rotor mast on the Marineon chopper had caused the crash that killed five military personnel. (Yonhap)The chopper crashed after the main rotor became detached from the airframe due to a cra

Transport Minister Kim Hyun-mee proposed in July that taxi drivers adopt an IT system similar to that of Uber in order to streamline their operations, but received no response, she said in a radio interview on Friday.“If you look at Uber service abroad, it is built to make reservations and pay through an IT platform and the drivers get (paid) for various supplementary services,” she said. “I believe that the nation’s taxi service will be improved if such a system is adopted,” she said, adding th

Steel giant Posco has hired former the CEO of Daelim Industrial to seek the company’s future growth, it said Thursday in a statement.  Oh Gyu-seokOh Gyu-seok, former president of the local builder, will take charge of the newly established future growth division assigned to pave the way for the 50-year-old steelmaker struggling to find alternatives amid declining market demand for metal. Oh is the first outsider to take the top-level executive position at Posco. Along with Oh, Posco named Park S

Car-sharing services in South Korea on Thursday intensified their marketing efforts while taxi drivers held a massive rally in protest of the planned launch of commercial carpool services.Kakao Mobility offered 10,000 points to carpool drivers who joined its trial service, in addition to 5,000 won ($4.50) worth of points per service, in an effort to encourage them to continue operating despite fierce opposition from taxi driversAnother ride-sharing service, SoCar, offered an 87 percent discount