Ministry to probe Eastar Jet for false data allegation

The government will investigate Eastar Jet Co. for false accounting data which the local budget carrier submitted to obtain approval to be an international air operator on Dec. 15, said the Ministry of Land, Infrastructure and Transport on Tuesday. Data previously submitted by Eastar Jet showed the company had 236.1 billion won ($181.6 million) in total capital, not reflecting its state of capital erosion. The company was in a state of complete capital erosion in 2021, according to financial s

July 5, 2022

Labor strike imminent at Hyundai Motor Group

A union labor’s first walkout in four years is imminent at Hyundai Motor Group, as unionized workers are setting the stage for a strike, while the Korean carmaker came under greenwashing accusations in Germany for manipulating exhaust emissions, escalating the strain on the beleaguered carmaker amid dwindling sales. According to the industry, a 40,958-member labor union at the Hyundai Motor branch of the Korean Metal Workers’ Union under the Korean Confederation of Trade Union held

July 5, 2022

In fresh restart, SsangYong Motor launches new SUV Torres

South Korean sports utility vehicle maker SsangYong Motor officially unveiled its new Torres mid-size SUV at a media showcase on Tuesday, declaring a fresh start for the debt-ridden carmarker supported by a record-high number of preorders. Kwak Jea-sun, who heads KG Group, which is set to take a majority stake in the carmaker, attended the launch event and said he wouldn‘t go through with a restructuring of the SUV maker. “I haven’t thought about restructuring the company (af

July 5, 2022

Oriental Brewery launches campaign against drunk driving

Oriental Brewery, South Korea’s largest beer maker, said Tuesday that it has launched a campaign to stop drunk driving. As part of the campaign, the brewery said it has equipped 20 of its distribution trucks with sensor maker Sentech Korea’s ignition interlock devices. The ignition interlock device uses a breathalyzer to measure the driver’s blood alcohol levels. The device inhibits cars from starting if alcohol levels are above threshold, preventing drunk driving. Current

July 5, 2022

Hyundai’s hydrogen drive faces dilemma

Despite Hyundai Motor Group’s aggressive push for green cars, there has been no clear sign of a breakthrough in its hydrogen drive in the past four years, with seemingly indefinite delays in new model launches.  According to industry sources, the carmaker has suspended plans to produce the next-generation Nexo, a hydrogen fuel cell SUV, which had been planned to be launched in the second quarter next year.  Nexo, succeeding the world’s first hydrogen fuel cell model Hyun

July 4, 2022

No. overseas travelers surpasses 1 million mark in June

The number of international travelers spiked to 1.28 million last month, surging 420 percent on-year, despite surging airfares and insufficient flight schedules, the Transport Ministry said Sunday. This was the first time that the number of monthly international travelers surpassed 1 million since the outbreak of COVID-19. The increase in international travel demand is likely to help the Transport Ministry achieve its goal of restoring the number of inbound and outbound flights to 50 percent o

July 3, 2022

Wagon, hatchback make a comeback as more drivers seek practicality

The long, swoopy, not-so-pretty design of wagon and hatchback has definitely not been popular in South Korea, a country where SUVs and luxury sedans make up most of the market share. But targeting drivers who seek compact car with sedan-like driving comfort and spacious cargo space like SUVs, automakers are launching wagons and hatchbacks to lure consumers amid shifting trends. According to the country’s largest automaker Hyundai Motor Group, its luxury brand Genesis will start selling a

July 3, 2022

[Herald Interview] Chilean dealers say SsangYong's new SUV Torres could be 'winner'

Chile has been not only an important export destination for South Korean carmaker SsangYong Motor, but also a country that inspired the branding of its new sports utility vehicle, the Torres, on which the company has pinned its hopes for a restart. The mid-sized SUV, named after the Torres del Paine National Park in the Latin American country, could be a winner in the Chilean market, dealers said on Thursday. They offered a sales target of 3,000 units a year. “We are planning to sell betw

June 30, 2022

Korean Air, Asiana resume Gimpo-Haneda route after 2-year suspension

Korean Air Lines Co. and Asiana Airlines Inc., South Korea's two biggest carriers, on Wednesday resumed the Gimpo-Haneda route after a two-year suspension due to the COVID-19 pandemic. South Korea and Japan agreed to reopen the route last week. Korean Air and Asiana will operate two flights per week on the Haneda route, respectively, while All Nippon Airways Co. and Japan Airlines Co. will provide a total of four flights a week as well, according to the Land, Infrastructure and Transport Mi

June 29, 2022

Court greenlights KG Group’s acquisition of SsangYong Motor at W900b

A Seoul bankruptcy court on Tuesday approved a local consortium led by chemical-to-steel firm KG Group to acquire a 58.85 percent stake in SsangYong Motor at a reported 900 billion won ($700 million), ending a two-way race to acquire the debt-ridden South Korean SUV maker. SsangYong has been under court receivership for 14 months after its Indian parent Mahindra & Mahindra failed to attract fresh funding amid worsening financial health during the pandemic.  Following the court&rs

June 28, 2022

Korean Air to bring back flights to half of pre-pandemic level by Sept.

The country’s largest air carrier, Korean Air, is gearing up to restore international flights that had plunged during the last three years due to the outbreak of the COVID-19 pandemic. “We plan to restore international flights to 50 percent of pre-pandemic levels by September,” the company said Tuesday. Currently, Korean Air’s international flights are only one-third of the pre-pandemic level, but it plans to gradually increase flights starting in July, when the summer

June 28, 2022

KAI to build test version of UAM aircraft in 2 years

Korea Aerospace Industries is venturing into the air taxi business with an aim to develop a small-sized Urban Air Mobility aircraft by 2024 so it can be used as a test model. KAI said it will later develop a full-scale UAM aircraft that can be used as a standardized model for the air taxi business in Korea amid the government’s push to commercialize air taxis by 2025.  According to industry sources, KAI is building a small-sized UAM aircraft that will be 25 percent to 40 percent sma

June 28, 2022

[Best Brand] Samsung C&T enters SMR, eco-friendly energy biz

The engineering and construction division of Samsung C&T Corporation is aggressively entering the eco-friendly energy businesses such as small modular reactors, or SMRs, green hydrogen and ammonia. The Engineering & Construction Division of Samsung C&T recently invested $70 million in NuScale Power, an American SMR company, laying a stepping stone for its SMR business overseas. SMRs are safer compared to conventional nuclear reactors, emits nearly zero carbon, and guarantees a stab

June 27, 2022

How feeding seagulls became a boat trip selling point

As a cruise ferry on Han River was about to leave the dock on a Tuesday afternoon in June, dozens of seagulls began to gather around. Some sat on the top rails of the ship while others began to fly around as passengers started to come out to the deck. Once the engine starts, you get the sense what they are here for. People were holding snacks with their fingers or throwing them for the birds to eat. Laughter and joyful scream filled the ship as people of all age groups -- from elderly peopl

June 27, 2022

Bumpy road ahead for wage talks at Hyundai Motor Group

A labor dispute is brewing at Hyundai Motor Group, as its unionized workers warned of a possible strike after they failed to narrow differences with management over wage hikes and working conditions amid the automaker’s shifting focus toward electric vehicles, a threat to its manufacturing-focused workforce. According to the industry on Sunday, the labor union with some 47,000 members at the Hyundai Motor Co. branch of the Korean Metal Workers’ Union under the Korean Confederation

June 26, 2022

Porsche Korea CEO elected new KGCCI head

Porsche Korea CEO Holger Gerrmann was elected as the ninth German chairperson at the 41st Korean-German Chamber of Commerce and Industry Annual General Meeting on Thursday. Run by a co-chairing system, KGCCI will now be led by Gerrmann and Korean Chairperson Park Hyun-nam, who is also the Deutsche Bank CEO. “We will continue to create the foundation for Korean and German companies to grow together, honoring the long-standing successful business relationships of our two countries and emp

June 24, 2022

[Test Drive] Lexus’ first plug-in hybrid offers smooth, economical yet luxury driving

JEJU CITY -- The new and partially electrified SUV lineup Lexus NX could be an alternative for big car-loving Korean customers looking for a fuel-efficient vehicle that does not compromise on luxury. NX 450h+, the first plug-in hybrid vehicle from the luxury auto brand, can drive up to an average of 23.8 kilometers on a liter of gas. Its fuel efficiency is close to that of the all-new Kia Niro, also a hybrid sport utility vehicle that can drive up to an average of 23.7 kilometers on a liter of

June 23, 2022

GM Korea adds pickup truck brand, vows to break even this year

GM Korea launched its premium SUV and pickup truck brand GMC in South Korea on Wednesday, renewing its marketing strategy to target diversified customer demands. Calling it a multi-brand strategy, the new plan is about having many of its global brands, including Chevrolet, Cadillac, and GMC, provide a wide range of choices for domestic customers who enjoy diverse lifestyles. The company, which has undergone a massive restructuring process since 2018, also hopes to reach a break-even point this

June 22, 2022

[Photo News] IONIQ 6 SNEAK PEEK

A sketch released on Tuesday shows the design concept of Hyundai Motor’s new electric vehicle Ioniq 6.  Hyundai Motor said Ioniq 6 will have streamliner design typology called Electrified Streamliner, with simple lines and aerodynamic form, reflecting its commitment to fulfill both aesthetic and functional aspects of an EV. Built on the carmaker’s Electric Global Modular Platform which is developed to provide an optimized wheelbase and interior design, Ioniq 6’s full de

June 21, 2022

S. Korea to extend fuel tax cuts amid inflation woes

The South Korean government on Sunday decided to further extend tax cuts on fuel consumption as part of efforts to ease inflationary pressure from surging energy costs. Starting next month, the legal cap of fuel tax cuts will be increased to 37 percent from the current 30 percent. The tentative measure will be effective until the end of this year. "The government will immediately implement measures to ease the burden from high oil prices,” Finance Minister Choo Kyung-ho told repor

June 19, 2022