POHANG, North Gyeongsang Province -- It was as silent as a graveyard inside the dark, dusty No. 2 rolled steel manufacturing plant at Posco’s steel mill in the southeastern city of Pohang on Wednesday, unlike three months ago when it was churning out steel products like those for EV motors. The plant is responsible for more than one-third of Posco’s some 13.5 million metric tons of steel products produced annually. Several workers wearing bright orange safety vests, helmets and goggl

GM Korea, the Korean unit of the US auto giant General Motors, said Tuesday it is shutting down its No. 2 Bupyeong plant in Incheon on Saturday as part of its strategic shift toward more popular models, putting an end to the decades-old history of the nation’s first modern automotive factory. The plant used to produce the carmaker’s Trax SUV and Malibu sedan. But with sales of the models being discontinued this month, the carmaker has decided to stop the operation of the outdated pla

Doosan Fuel Cell, the hydrogen business unit of South Korean conglomerate Doosan Group, signed a contract worth 346.8 billion won ($255 million) to supply hydrogen fuel cell to China’s combined heat and power business operator, the Korean firm said Monday. Doosan Fuel Cell said it will provide a total of 105MW in hydrogen fuel cells to China’s ZKRG Smart Energy Technology (Foshan) Co. Of them, 50MW will be manufactured and assembled in Korea by 2024 while the remaining 55MW will be d

South Korea’s automotive production is expected to suffer a modest decline next year despite growing global car sales, an industry report said Monday. Some 85.3 million cars are projected to be sold globally next year, a 4.7 percent increase compared to this year’s estimated 81.5 million units, according to the report by the Korea Automotive Technology Institute. The report said the stable supply of automotive semiconductors is driving up car sales overall, despite lingering fears ov

Hyundai Motor Group said Friday its flagship electric vehicle brand Ioniq’s latest model Ioniq 6 was unveiled in the United States at the 2022 Los Angeles Auto Show, and it is targeting a North American launch in the first half of next year. The Ioniq 6 was launched in July in South Korea, recording the automaker’s highest first-day preorder sales figure in its history with 37,446. Hyundai Motor said with the Ioniq 6 it would promote the company’s electrification push in the No

Saudi Arabia's Crown Prince and Prime Minister Mohammed bin Salman arrived in Seoul on Thursday to hold talks with President Yoon Suk-yeol and top business leaders, initiating a slew of agreements worth an estimated $30 billion between the two countries. The crown prince’s trip to Seoul is his first in three years. In a closed meeting held earlier in the day, Yoon and the crown prince agreed to develop bilateral relations into a “future-oriented strategic partnership” and

Hyundai Glovis, a logistics arm of Hyundai Motor Group, said Wednesday that it is entering the Malaysian logistics market in a strategic partnership with local logistic giant Lion Group, as part of efforts to expand its presence in Southeast Asia. The two sides signed a memorandum of understanding, under which the Korean firm will apply its smart logistic solutions to enhance efficiency of Lion's logistics operations overall. Established in 1930, Lion Group is one of the largest conglom

Yido, a South Korean firm that specializes in integrated management for infrastructure and golf courses, said Wednesday that it has signed a strategic partnership with US sports virtualization hardware and software company Full Swing to expand their presence in the Asian market. Established in 1986, Full Swing is the industry's top golf simulator maker and the official licensed simulator of the PGA Tour. The company’s launch monitor was co-developed with Tiger Woods to enhance accur

Corporate Korea is betting big on Indonesia’s $34 billion capital relocation plan as they are expected to play a leading role in building futuristic infrastructure for smart city and flying cars. During this week’s Group of 20 summit held on the resort island of Bali, South Korea and Indonesia on Monday signed a total of 10 memoranda of understanding to boost economic partnership between the two countries, whose official ties will reach the 50th anniversary next year. The 10 agreem

Hyundai Motor Group on Monday unveiled a new ambitious plan to build an ecosystem for advanced air mobility (AAM), including flying cars and related infrastructure, in Indonesia’s new capital city of Nusantara that is currently under construction. The Korean auto giant signed a memorandum of understanding with the Nusantara National Capital Authority for the new project on the sidelines of the B-20 Summit Indonesia 2022, which is taking place in Bali this week. Earlier this year, the Ind

Hyundai Motor on Monday launched the all-new Grandeur, the seventh-generation fully changed model of its top-selling midsize sedan, a comeback after six years with global sales set to begin in the second quarter next year. Since its debut in 1986, the Grandeur has been considered a luxury sedan here, widely chosen as the executive ride for local chaebol companies. The car's former cachet may have been overshadowed by its younger sibling Genesis' bigger presence in recent years. But the

FRANCIACORTA, Italy -- When Porsche unveiled its first-ever all-electric model Taycan in 2019, not many expected it to become one of the brand’s bestselling models, behind only the Macan and Cayenne SUVs. Now, as the first premium automotive manufacturer in the world to produce various plug-in hybrid models, the German sports car maker is betting big on producing powerful fully electric vehicles to offer driving dynamics and a sports car performance -- while sustainable at the same time --

Hyundai Motor Group Executive Chair Chung Euisun on Sunday urged global action to tackle climate change and energy poverty at the 2022 Business 20 summit of business groups and entrepreneurs that precedes the Group of 20 summit held on the Indonesia island of Bali from Tuesday. The B-20 is an official G-20 dialogue forum formed to facilitate a delivery of policy recommendations to the leaders to G20. This year’ s G-20 will be held under the theme of “Advancing Innovative, Inclusive

Hyundai Motor is once again betting big on the Chinese market, this time on commercial vehicles through a deal with a state-run international investment bank on Tuesday. The deal is part of a new strategy for the Korean carmaker, which is targeting the world’s largest market where foreign carmakers are struggling to expand the pie. According to Hyundai Motor, Hyundai Motor Group China signed a memorandum of understanding with the capital management department of state-owned China Internati

Hyundai Glovis is entering the fast-growing recycling market for used electric vehicle batteries by developing a renewable energy complex and power grid models in Shinan-gun, South Jeolla Province, the company said Monday. Joining hands with Korea Hydro & Nuclear Power, Sinan County Office and LS Electric, the company will set up energy storage systems using used batteries next year to help the eco-friendly transition of the county’s fuel-based power plant. Glovis said its ESS technolo

South Korea's defense-to-energy conglomerate Hanwha Group is expected to complete on-site inspection on Daewoo Shipbuilding & Marine Engineering this month, with plans to finish the acquisition process within the first half of next year, industry sources said Monday. Hanwha began inspection on DSME last month, but had extended the original four-week long period to six weeks, citing its need to thoroughly analyze DSME’s status and competitiveness in the market. The shipbuilder has

The first iPhone, introduced in 2007, wowed markets around the world because it had everything that people wanted. The very first smartphone combined everyday features in one single palm-sized device, opening a new era for humanity to pursue technology-driven lives. The next revolutionary technology will be led by robots, according to the Korea Institute for Robot Industry Advancement (KIRIA) President Shon Woong-hee, if they provide breakthrough services that cater to "human desires"

Posco International said Tuesday that it clinched a partnership with Dutch hyperloop technology provider Hardt, with an aim to seek business opportunities in the global market for ultra high-speed, eco-friendly transportation system. Under the agreement, Posco International will work on securing a smooth supply of Posco-manufactured steel materials for hyperloop facilities in Europe, and work further with Hardt on marketing the transportation. It is also considering a minor stake investment in

Naver said Monday it will inject 5.2 billion won ($3.6 million) over the next five years, along with Canadian social storytelling platform Wattpad which has become part of the company last year, to conduct joint research on AI-based content service platforms with the University of Toronto. South Korean internet giant said this study would allow application of advanced, exclusive technologies to Wattpad’s content platform leading to more innovative user experience. Naver bought Wattpad at

South Korea’s major business groups on Sunday offered condolences to victims and their families following an overnight crowd surge that killed more than 150 people celebrating Halloween in the bustling district of Itaewon in Seoul on Saturday, also calling for the reestablishment of the public safety system. The Korea Chamber of Commerce and Industry, the largest business lobby here, representing some 180,000 large and small companies, released a statement saying it shares the same view