Hyundai Heavy Industries’ failed acquisition of its smaller rival Daewoo Shipbuilding & Marine Engineering may be a boon for the nation’s largest shipbuilder as it has secured abundant cash to focus on new growth engine businesses such as hydrogen, autonomous driving and robots. Last week, the European Commission disapproved the merger plan of the two Korean shipbuilders over monopoly concerns. With the veto by the world’s largest shipbuilding market, Hyundai Heavy saw it

Daewoo Shipbuilding & Marine Engineering is in search of a new owner again after a merger plan with its larger rival Hyundai Heavy Industries failed due to an EU veto on monopoly concerns. The European Commission announced Thursday its prohibition for the merger, claiming that the deal could reduce competition in the global LNG carrier market amid soaring energy prices. Back in 2019, Hyundai Heavy announced it would acquire a 55.7 percent stake in Daewoo Shipbuilding from its largest shar

South Korea’s top steel maker Posco said Thursday that it will be working with the Indian conglomerate Adani Group to build a reduced-emissions integrated steel mill in India and carry out other projects to reduce carbon emissions. The firm said the two are currently reviewing the western state of Gujarat as the potential site for the new steel mill, with an estimated investment worth about $5 billion. “Under the latest deal, Posco’s strength in steel making technology and

South Korean builder Daewoo Engineering & Construction and Vietnam’s NBX Green Park, an affiliate of YSL Group, signed a memorandum of understanding to jointly develop the Nam Binh Xuyen Green Park Industrial Zone located in Vinh Phuc, Vietnam, the companies said Thursday. The NBX Green Park Industrial zone is a large-scale real estate development project authorized by the Vietnamese government last year. The plot of land of nearly 300 hectares will include industrial and commercial

South Korea’s top steel maker Posco said Wednesday that it has succeeded in producing neon, a rare gas mainly used for making chips, at its Gwangyang steel mill, becoming the first Korean firm to do so. “It is very meaningful to achieve the complete localization of neon, which was a long-cherished task in the industrial gas market, in cooperation with TEMC, a small but strong Korean company,” Vice President Yoo Byung-ok said during the ceremony. “Through ESG business

LAS VEGAS – Hyundai Motor’s first collaboration project with Boston Dynamics is expected to come by 2024, according to their executives, under the South Korean auto giant’s ambitious goal of creating a better future for humans. At the Consumer Electronics Show last week, Hyundai presented its vision for future mobility, with robots, not cars, taking center stage. Now keen attention is being paid to its collaboration work with Boston Dynamics, the robotics startup it acquired

LAS VEGAS -- Software development is no longer a priority for only IT companies, but also for carmakers. “The car industry itself is transitioning from being manufacturing-based to digital-based, meaning that software is becoming important than ever. Hyundai Mobis is trying to combine the mechanical strength it has with software to provide a better service,” said Cheon Jae-seung, head of the Fundamental and Advanced Lab of Hyundai Mobis, speaking to reporters at the Consumer Electro

LAS VEGAS -- Seeking control of its own destiny, Hyundai Motor is making efforts to be self-reliant in automotive chips, its US chief told reporters at CES 2022 on Thursday. “Definitely, as one of the big OEMs, we cannot be dependent on external factors to try to have control of your own destiny, right? So all OEM groups are making efforts to be self-dependent. And this is not an exception for us,” said Jose Munoz, Hyundai Motor’s global chief operating officer and president

LAS VEGAS -- Hyundai Motor has partnered up with Unity, the world’s leading platform for real-time 3D content, to connect an actual factory with its digital twin operating on metaverse space, the companies said Thursday. The Meta-Factory project will enhance plant management and innovate manufacturing, Hyundai Motor said, adding that it plans to first apply the concept to the Hyundai Motor Global Innovation Center in Singapore. The facility is due to be completed this year. ”Hyunda

LAS VEGAS -- After unveiling its new vision of expanding a human reach to robotics and metaverse, Hyundai Motor opened its CES booth filled with robots, not cars, to present the future of mobility. The exhibition taking place at the tech show featured three Spots, a quadruped robot, dancing in sync to a BTS song titled “Ioniq: I’m on it.” L7, a micro-mobility concept based on a platform that combines 4 large PnD modules, followed Spot’s lead by demonstrating how it can

LAS VEGAS -- Laying out the groundwork for its future with robotics technology and the metaverse, the chairman of South Korean carmaker Hyundai Motor Group unveiled a new concept that materializes future mobility even in virtual spaces. Speaking at the Consumer Electronics Show taking place in Las Vegas, Hyundai Motor Chairman Chung Euisun introduced “metamobility” -- referring to an integration of robotics and the metaverse -- as the automaker's new growth engine. The concept is a

A man standing beside a robot, gazing into what seems to be an otherworldly dimension, or perhaps the metaverse, is how Hyundai Motor Group visually teased their stage at the upcoming Consumer Electronics Show to take place in Las Vegas on Jan. 5-8. The Korean auto giant said it will be presenting the group’s blueprint for future mobility where robotics and metaverse technologies are expected to take center stage. Chairman Chung Euisun is expected to lay out the blueprint at Hyundai Motor

Imported commercial car sales in South Korea surpassed 200,000 units again this year despite an automotive semiconductor shortage, an industry association said Thursday. According to the Korea Automobile Importers & Distributors Association, imported commercial car sales for the January to November period this year increased 3.6 percent from the same period last year, selling a total of 252,242 units. The top selling brands were Mercedes-Benz, BMW, and Audi being responsible for more than

The Fair Trade Commission Chairperson Joh Sung-wook discussed how to regulate online platform monopolies with Cedric O, French secretary of state for the digital transition and electronic communications, officials said Thursday. The two representatives found the need to revise the law and regulations to establish order in the digital market in response to tech giants abusing their market power and not allowing new players to enter the market. The FTC Chairperson Joh said the FTC is working on

South Korean companies acknowledge the importance of environmental, social and corporate governance (ESG) but not many are integrating ESG into their businesses. According to the Korea Chamber of Commerce and Industry in Seoul on Wednesday, 70 percent of 300 domestic companies that participated in their survey on ESG integration responded that ESG is important. The main reason to why they consider ESG important was because it has a positive effect on business management performance with 42.9

Registrations for electric vehicles jumped to 91,575 units, up 202.8 percent from the same period a year prior by November this year, data showed Monday, suggesting the quick expansion of their presence in the market. Riding on the sustainability bandwagon, more than 100,000 electric vehicles were sold in South Korea and more than 150,000 domestic electric vehicles were exported as of this month, according to Carisyou Data Lab. The Trade Ministry expects registrations to surpass 100,000 when D

Container volume at Incheon Port, the nation’s gateway for seaborne trade, has tumbled to a six-month low due to severe bottlenecks at major ports around the world and more lucrative offers by Chinese cargo owners. According to Incheon Port Authority on Sunday, the goods volume transported through the port was 1.64 million 20-foot-long containers in the June to November period this year, down 5.5 percent from a year ago. The port said cargo owners around the world, especially those fro

Edison Motors, South Korea’s leading EV bus maker, and the bankrupt SsangYong Motor are likely to seal their merger and acquisition deal this week. Legal circles and automobile industry insiders expect the M&A to take place by this week or by January 7 the latest. “We need to adjust the contents of the contract, but if the discussion goes well, it can be done within this month. If the adjustment is prolonged, it could be early January,” said an official from Edison Motors

For Kim Yo-sup, a 23-year-old student in Seoul, Christmas last year was a nightmare. Being forced to stay at home, a Zoom Christmas party was his only practical option to celebrate the holidays. Come this holiday season, he is determined to avoid a repeat of last year. “Before COVID-19, I used to party outside on Christmas Eve until Christmas with my friends. Last year, I was living with my parents. So I was extra careful and met my friends through Zoom on Christmas. This year, I will be

South Korea’s antitrust watchdog announced Wednesday that it would fine SK Inc. and SK Group Chairman Chey Tae-won 1.6 billion won ($1.3 million) over allegations that his personal purchase in LG Siltron shares back in 2017 had violated the law. The decision was made a week after Chey had attended the Fair Trade Commission’s full-member session in person. Chey’s attendance was rare as the watchdog does not require the person involved to be present. Chey, in the session, claime