After a months-long supply disruption due to the war in Ukraine, Posco International said Thursday that it has partially resumed operation of its grain export terminal located in the country’s eastern border area. According to the company, its operation resumption follows its clients’ request for supply. Some 2,000 tons of wheat have been exported its terminal in Mykolaiv this week, where some 115,000 tons of grains including wheats and corns are stored. Transportation of grains wa

SK Telecom CEO Ryu Young-sang on Thursday showed confidence in debuting the telecom giant’s own urban air mobility (UAM) service by 2025, touting UAM or flying vehicles as a “game changer” that will offer solutions to resolving social costs of traffic-related issues.  “Today’s business environment is being reshaped at an unprecedented speed since COVID-19,” Ryu said in a column released via the company’s website.  “UAM used to be consi

Accelerated by soaring labor costs, the reduced number of workers willing to take labor-intensive jobs and pandemic-triggered noncontact services, South Korea has seen a growing number of businesses deploying front-line service robots that have begun replacing humans in performing mundane and routine tasks.  Korea’s service robot market will grow to an accumulative 230,000 robots by 2025, worth 2.8 trillion won ($2.25 billion) in value, according to market data compiled by the Inter

The race for leadership of South Korea’s flying car market intensified Tuesday, with SK Telecom, Hyundai Motor Group and Kakao Mobility announcing their bid by forging consortiums with local companies.  SKT, Hyundai Motor Group and Kakao Mobility submitted their business proposals to join the K-UAM Grand Challenge, a government-led program to select an urban air mobility business operator. They are vying for the lucrative sector that is expected to surpass 1,800 trillion w

Carmakers’ efforts to turn vehicles into moveable spaces for media platforms will lead to more collaborations between carmakers, content providers and IT companies, as well as the growth of related markets, according to the industry on Monday.  Carmakers have been seeking ways to upgrade the in-car entertainment experience, by developing software for playing games and watching videos. Carmakers are also introducing wide multi-screens that can also satisfy passengers in the back seat

Hyundai Motor Group’s luxury Genesis G90, which is set to hit the market in the fourth quarter this year, will feature level 3 autonomous driving with a maximum speed limit of 60 kilometers per hour.  According to industry sources Sunday, the Korean auto giant has recently decided to lower the speed limit of the new system in line with international standards set by the UN Economic Commission for Europe, even though there is no such regulation here.  In South Korea, level 3 se

South Korea’s manufacturing and retail conglomerates released a combined 115 trillion won ($90 billion) investment plan on Thursday to achieve low-carbon digital transformation and create new jobs, joining a relay of announcements heralding a business-friendly new administration. Steelmaking giant Posco Group said it would invest 53 trillion won to pursue eco-friendly steelmaking by deploying electric furnaces. It said it would secure new technologies and raw materials that are crucial f

Hyundai Motor Group on Thursday unveiled its vision for a human-focused future mobility ecosystem and related platforms at the World Economic Forum in Davos, Switzerland. The Korean carmaker said its president and Chief Innovation Officer Chi Young-cho presented the necessity of global collaboration for the future of the automotive industry as well as the need to establish a human-focused mobility ecosystem.  According to Chi, companies in the vehicle manufacturing, auto parts making and

Hyundai Steel said Thursday that it has set up its new and unique steel production system using an electric furnace called Hy-Cube, with a goal to produce low-carbon, high-quality steel products toward 2030.  Hy-Cube refers to Hy3 or Hyundai Hydrogen Hybrid, a process of melting raw iron material to remove impurities when adding new components by using a new electric furnace concept called Hy-Arc.  With this new electric furnace, Hyundai Steel plans to minimize carbon emissions by u

South Korean steelmaking giant Posco said Wednesday that its high manganese steel which withstands extremely low temperatures has received technical approval from global energy firm ExxonMobil for usage in LNG storage tanks. The two firms joined in a technical partnership in 2020 to expand the use of high manganese steel which Posco succeeded in mass-producing for the first time in the world. High manganese steel is a new type of material that Posco has developed in 2013, by adding 10 to 30 p

Hyundai Motor Group unveiled Tuesday another set of mega investment plans, this time focusing on the local market. Introducing a 63 trillion won ($52.6 billion) plan, the automaker said it would work with its subsidiaries Kia and Hyundai Mobis to turn Korea into a hub of its future mobility business. The investment will be implemented over the next three years.  According to the automaker, which controls the country’s top two automotive brands -- Hyundai Motor and Kia -- as well as

Energy-to-defense giant Hanwha Group unveiled Tuesday an investment plan of 37.6 trillion won ($29.7 billion) into the energy, carbon neutrality, defense and aerospace sectors over the next five years.  Under such investment plan, the group expects to create some 20,000 new jobs.  The group said some 20 trillion won will be injected into its business operations in Korea. This is equivalent to the group’s combined 22.6 trillion-won investment made over the past five years local

Hyundai Motor Group and Microsoft Korea have collaborated to make a “digital twin” of the Ioniq 5 to accurately analyze performance of the battery that is critical for electric vehicles. According to the automaker, the digital twin works by making an identical product of a device on a virtual platform so it can experiment with artificial intelligence, machine learning and data analysis models by applying different settings such as climate, driving patterns and road conditions to co

South Korean robotics maker Rainbow Robotics said Monday that it recorded 3.6 billion won ($2.8 million) in sales in the first quarter this year, up 182 percent on-year.  The Korean robot maker said the local market’s demand for collaborative robots that work with humans has pulled up its sales, as well as increased exports of its device that tracks certain targets with accuracy to the global market. Its operating profit came to 600 million won.  Collaborative robots assist hu

South Korean carmaker Hyundai Motor Group announced the second round of its investment plan Sunday, adding another $5 billion to collaborate with US firms, only a day after the company unveiled a $5.54 billion plan to build an electric vehicle-only factory in Georgia. “Hyundai Motor Group plans to invest an additional $5 billion through 2025 which will strengthen our collaboration with American enterprises in diverse technologies such as robotics, urban air mobility, autonomous driving a

An explosion at an S-Oil refinery in Ulsan, some 400 kilometers southeast of Seoul, left one person dead and nine others injured, firefighters said Friday.  Firefighters were notified of an explosion at the S-Oil refinery at 8:52 p.m. on Thursday. The injured workers were transported to a hospital nearby. While the exact cause has yet to be determined, fire authorities said the accident occurred inside S-Oil’s refinery at Onsan industrial park while crude oil was being processe

Hyundai Glovis, a supply chain management arm under Hyundai Motor Group, said Thursday that it has launched an overseas corporation in Bangkok, as part of its business expansion strategy in the Southeast Asian market. Hyundai Glovis Logistics Thailand, a joint venture that has been formed with local auto parts manufacturers and logistics firms, will be responsible for creating synergy with its existing logistics points in Vietnam and Indonesia, the company said in a statement.  According

To honor the United Nation’s World Bee Day, Hanwha Group said Thursday that it has created the country’s first solar beehive which has been designed with a photovoltaic low-carbon structure that uses electricity generated through solar panel. Hanwha Group said it has installed the solar beehive at the Korea National University of Agriculture and Fisheries (KNUAF) as a part of its pilot program. At this beehive, about 40,000 bees will help pollinate the fruit trees on campus and vege

Amid looming reports that Hyundai Motor is set to announce a $7 billion investment in US, the South Korean carmaker unveiled a whopping 21 trillion-won ($16 billion) plan on Wednesday to quadruple its domestic electric vehicle production capacity by 2030.  The plan is aimed at digesting about half of its target goal of producing 3.23 million units of EVs globally, the company said. It came two days prior to US President Joe Biden’s official visit to Korea of which the company report

Consumer criticisms are mounting as the country’s finished carmakers are unable to meet the delivery deadline due to ongoing supply shortages globally, as well as obligating customers to pay more to get the latest edition models.  As carmakers like Hyundai Motor stops manufacturing the older version of vehicle when they release the new edition in the new year, customers having to wait more than a year for delivery of their cars are being pushed to buy more expensive, newer edition v