Hyundai Motor continues to implement a premium pricing strategy emphasizing brand power and quality in global markets, as the automaker unveiled the pricing for the all-new 2024 Santa Fe sport utility vehicle which is substantially more costly than both its predecessors and South Korean counterparts. The US market will see an increase in the sticker price of all 2024 Santa Fe trims, ranging from an additional $2,250 to as much as $5,200, in comparison to the 2023 model, according to Hyundai Moto

Daewoo Engineering & Construction CEO Baek Jung-wan and Nigerian National Petroleum Corporation’s Group General Manager Mele Kolo Kyari reaffirmed their commitment to their ongoing joint oil and gas projects in Nigeria, a sector vital to the African country's economy, during a meeting at Daewoo's Seoul headquarters on Monday. Daewoo E&C Chairman Jung Won-joo and Nigdel Oil Chairman Joseph T. Penawou were also present at the meeting. Daewoo E&C, with a history in Niger

Doosan Bobcat, a South Korean compact equipment manufacturer, has commercialized the country's first hydrogen-powered forklift. The development was marked by a first shipment ceremony on Tuesday at the company's Incheon forklift plant. Korea Zinc, which operates the world's largest zinc smelter, is set to be the first customer for the forklift, in alignment with their 2050 decarbonization goals under the RE100 initiative. The 3-ton model hydrogen forklift, equipped with a 20-kW fu

A recent survey released Tuesday by Encar, the largest used car platform in Korea, has revealed a shift in consumer preferences toward gasoline vehicles for new car purchases in 2024, with them regaining prominence over hybrids and electric vehicles, which were the top choices in 2022. The survey, titled "What's Your Next Car in 2024?" and conducted over a week in mid-January, involved 2,090 participants. 65.3 percent of these car owners plan to sell their current vehicles, primar

UK luxury car manufacturer Bentley Motors said Monday it achieved an all-time high sales record in the South Korean market last year, making it the leading market in the Asia-Pacific region and the fifth largest globally for the second year running. Bentley Motors Korea accelerated its sales trajectory in the domestic market for the third year in a row, with 810 units sold in 2023, surpassing the sales milestones of 506 units in 2021 and 775 in 2022, according to data from the Korea Automobile I

Hyundai Motor Group has retained its position as the world's third-largest automaker for a second year, trailing only Toyota Motor and Volkswagen Group, based on its 2023 fourth-quarter and yearly financial results disclosed Thursday. The Korean automotive giant, comprising the Hyundai, Kia and Genesis brands, sold approximately 7.32 million vehicles last year, marking a 6.7 percent on-year increase from 2022. Kia, in particular, hit a record operating margin of 11.6 percent, surpassing tra

South Korean oil refinery and petrochemical firm HD Hyundai Oilbank said Wednesday it is making significant inroads into the North American lubricants market by supplying its XTeer products for HD Hyundai XiteSolution's industrial vehicles. The strategic push by the two subsidiaries of HD Hyundai aims to secure a foothold in the lubricants market traditionally dominated by major industry players, where Korean manufacturers currently hold less than a 0.1 percent share. The refinery company&#

"Breaking bread for some good talks has been super important in building solid relationships with Korean businesses, creating a trust that keeps them coming back to invest more," said Jillian Turner, the senior vice president of global partnerships and investments at the Indiana Economic Development Corp. Turner emphasized the importance of interpersonal dynamics in understanding the nuanced needs of Korean companies during a recent phone interview with the Korea Herald. Her primary re

Hanlim Architectural Group, an end-to-end real estate service company from South Korea, has partnered with American architectural firm NBBJ to foster international growth and support Seoul's urban innovation initiatives. The partnership was formalized at NBBJ's Los Angeles office on Jan. 15, amid the presence of Hanlim Architectural Group Chairman Park Jin-sun, NBBJ CEO Robert Mankin, Design Leader Pascal Suh and Real Estate Strategist Rick Pauios. Representing the global design initia

Nearly 1 in 3 import cars sold last year was priced at 100 million won ($75,000) or over, with their sales hitting a record high despite a slight downturn in the import car market overall. According to the Korea Automobile Importers & Distributors Association on Friday, 78,208 vehicles priced at over 100 million won were sold here last year, an 8.8 percent jump from a year prior. During the same period, the overall import car market suffered a 4.4 percent drop, selling 271,344 vehicles all t

South Korea saw its first-ever decline in the overall number of registered fuel-powered vehicles last year, as reported by the Ministry of Land, Infrastructure and Transport on Friday. The total number of registered vehicles powered by gasoline, diesel and liquefied petroleum gas fell by 85,000 to 23.647 million last year. This 0.4 percent decrease, the first since record-keeping began in the 1960s, was mainly driven by a downturn in diesel and liquefied petroleum gas vehicles, despite the regis

The global automotive market is projected to grow modestly this year, with a 1.6 percent increase to 84.12 million units signaling a tempered post-pandemic recovery, as global carmakers are looking to adopt strategies from Chinese carmakers to spur mass adoption of electric vehicles, according to Hyundai Motor Group's Business Research Center. Yang Jin-soo, head of the center’s auto industry unit, shared his insights at a seminar hosted by the Korea Automobile Journalists Association

Chung Ki-sun, vice chairman and CEO of the Korean shipbuilding and energy conglomerate HD Hyundai, attended the 2024 World Economic Forum in Davos, Switzerland, on Monday, where he discussed global collaborations in decarbonizing the transportation and logistics industries, according to the company on Wednesday. This engagement follows Chung’s address at the CES 2024 in Las Vegas last week, where he highlighted HD Hyundai's commitment to establishing a hydrogen energy ecosystem and de

Hyundai Motor Group said Wednesday it has sold its Chongqing plant in China to the region’s industrial park developer Yufu Industrial Complex Construction Co. for approximately 1.62 billion yuan ($290 million), as part of a global operational restructuring aimed at shifting focus from volatile markets to expanding in growing Asian countries like India and Indonesia. The sale comes in the wake of the company's dwindling market share in China, which fell to 1.4 percent in 2023. This dec

Samsung SDI, a leading South Korean lithium-ion battery manufacturer, has acquired a stake in Toronto-based Canada Nickel in a $18.5 million deal to ensure a stable supply of critical battery materials for its expanding North American operations. Announced on the Toronto Stock Exchange on Monday, Samsung SDI will acquire an 8.7 percent stake in the major Canadian nickel mining company. This stake translates into 15.6 million shares. Under the agreement, Samsung SDI not only secures an initial pu

South Korea's tire industry is booming, with leaders Hankook, Kumho, and Nexen posting impressive financials, thanks largely to the surging demand for electric vehicle tires. However, they face a sustainability dilemma, as the environmental impact of these tires clashes with the green ethos of EVs. Regulatory shifts could also affect future profits. The recent spotlight on Hankook & Company, which owns Hanbook Tire, following a failed takeover bid by MBK Partners, highlighted the sector

CALIFORNIA CITY, California -- If you want to know how Kia's Telluride SUV managed to rank among the top midsize sporty utility vehicles in the US market last year, or how Hyundai and Kia clinched second place in the US EV market behind Tesla following a record sales year, it’s worth taking a closer look at their California Proving Ground, the Korean carmakers’ extensive vehicle testing facility in the Mojave Desert. “Our focus has evolved from primarily testing internal c

Hyundai Motor Group, following a record-breaking year with US sales surpassing 1.6 million Hyundai and Kia vehicles, is setting their sights high in the US this year to reach a cumulative sale of 1 million eco-friendly vehicles since 2011 and 300,000 luxury Genesis cars, leveraging their strong sales momentum and expanding their eco-friendly and high-end vehicle lineups. Last year, Hyundai and Kia sold a combined 1.6 million vehicles in the US, an increase of 12 percent from 2021 and the highest

LAS VEGAS -- HD Hyundai's Vice Chairman and CEO Chung Ki-sun declared on Wednesday the company's transition to a technology-driven construction solutions provider, revamping its traditional heavy industry roots, in a keynote speech at CES 2024. It was the first time that the head of a South Korean company that does not make electronics has delivered a keynote speech at the world's largest tech show. "Construction has always played a pivotal role in building the bedrock of the

LAS VEGAS -- Supernal, Hyundai Motor Group’s air taxi subsidiary, unveiled the next generation of its aircraft, the S-A2, at CES 2024 in Las Vegas on Tuesday, marking a substantial step in its drive to introduce flying taxis. "We have pushed the technical boundaries toward a future where cities are free from congestion and limited mobility. Our goal is to bring air taxi service to both the US and Korean markets by 2028," said Shin Jai-won, executive vice president and head of Sup