Hyundai Oilbank, one of South Korea’s leading refiners, said Monday that it handed out 1,000 percent of base salaries as bonuses to its staffers. The company declined to disclose the specific amount of the salaries given. In 2021, its employees received an average of 121 million won ($94,800) per person including bonuses at a 600 percent rate. The refiner’s lump-sum bonuses came in line with the refining industry’ stellar performance last year. In the third quarter alone, Hyu

Industry Jan. 2, 2023

South Korean battery makers are luring tech talent in the US with big welfare benefits and other hefty incentives to fuel their growth momentum in the burgeoning electric vehicle market, industry sources said Monday. Starting from Jan. 1, LG Energy Solution, the largest battery maker here, will extend its medical welfare policy by offering free health insurance to some 2,000 employees working at its Michigan plant along with their family members. Currently, the company covers insurance for denta

Mobility Dec. 26, 2022

South Korean battery giants -- LG Energy Solutions, Samsung SDI and SK On -- are expected to see a combined sales of some 50 trillion won ($39 billion), marking a record-breaking year amid burgeoning demand for electric vehicles overseas. LG Energy Solutions’ revenue this year is estimated to surge on-year by 41.4 percent to 25.2 trillion won, according to data from market tracker FnGuide. Net profit would skyrocket 95.3 percent to 1.5 trillion won, surpassing the 1 trillion won mark for

Mobility Dec. 23, 2022

Cold wave alerts prompt drivers to take greater caution to stay safe on snowy and icy roads. However, some 370,000 electric vehicle owners face an extra challenge with less driving range. Combustion engine and hybrid cars see their fuel economy fall by 10 to 20 percent in freezing weather. But the impact is much more severe for EVs, experts say. “At minus 10 degrees Celsius, EVs that have heater pumps show 20-25 percent drop in driving range, while those with no heater pumps can decrease i

Mobility Dec. 21, 2022

Chief executives of Samsung Electronics and BMW Group, two leading business moguls in tech and automotive industries, met on Saturday to strengthen their electric vehicle battery alliance. Samsung Electronics Chairman Lee Jae-yong met with BMW Group Chairman Oliver Zipse at BMW’s driving center in Incheon to discuss further measures to facilitate collaboration, according to the Korean tech giant. It is the second time the two have met since Lee's business trip to Europe in July. &ld

Mobility Dec. 18, 2022

Piggybacking on the global popularity of Korean culture led by K-pop and K-dramas, Korea Airports Corporation said Thursday it is going all out to attract more international travelers next year. “Welcoming 2023 and 2024 as the Visit Korea Year, we plan to bring in as much as 8.5 million inbound travelers, 40 percent of the pre-pandemic level, by combining K-culture and tourism,” Korea Airports Corporation CEO Yoon Hyeong-jung said during a press conference at the company headquarte

Mobility Dec. 15, 2022

Hanoi, VIETNAM -- In the heart of Vietnam’s capital Hanoi, some 5 kilometers northwest of Hanoi City Hall, lies Daewoo Engineering and Construction’s Starlake City complex of luxury residential, commercial and administrative centers around the West Lake, a spiritual place in the city. Within an area of almost 2 square kilometers, one of the largest urban projects in the city, the South Korean builder aims to feed the dreams of Vietnamese locals who yearn to live a lavish lifestyle. T

Industry Dec. 14, 2022

After some high-profile success stories like Coupang and Toss, going global is an ultimate goal for South Korean startups -- but many of them are still struggling to tackle decades-old regulatory hurdles and hostile financial investors, even at home. SMEs and Startups Minister Lee Young, who took office in May upon the inauguration of the Yoon Suk-yeol administration, vows to create a more investment-friendly startup ecosystem, saying getting funding should be the starting point of their overs

Industry Dec. 13, 2022

Although the endemic phase is nearing, Incheon International Airport said Tuesday it will take another three years for South Korea's largest airport to recover the number of international passengers to pre-pandemic levels. “Due to the prolonged COVID-19 shutdowns from China and other countries, we expect the travel demand should rebound by 2025,” said Kim Kyung-wook, CEO of Incheon International Airport. “For next year, we predict international travelers will surge by 59

Mobility Dec. 13, 2022

Hyundai Motor Group said Monday it will supply a total of 1,100 hydrogen fuel-cell systems to Enginius, an eco-friendly car brand under the Germany-based Faun Group, in a three-year deal. It is the first time the South Korean carmaker has agreed to provide a massive amount of electric power systems. Under the deal, Hyundai’s 90-kilowatt hydrogen fuel-cell systems will power Enginius’ two brands -- Bluepower for garbage trucks and Citypower for cargo trucks whose market debuts are set

Mobility Dec. 12, 2022

Hyundai Motor Group is a small step from seeing double-digit market share in Brazil, 10 years after it first entered the automobile market there. According to data from the Brazil Automobile Dealers Association, Hyundai sold 171,312 vehicles in Brazil in the January-November period, recording a 9.8 percent market share. It marks its second-highest number, following 9.9 percent in 2016. The top-selling car model was the HB20, a subcompact car model exclusively produced for Brazil, selling 89,

Mobility Dec. 12, 2022

Hyundai Motor Group Vice President Lim Tae-won (left) shakes hands with Patrick Hermanspann, CEO at FAUN Group, at the German carmaker's headquarters in Osterholz Scharmbeck, on Thursday, after celebrating a new partnership, under which Hyundai supplies 1,100 hydrogen fuel-cell systems for FAUN's eco-friendly garbage cars and cargo trucks.

Mobility Dec. 12, 2022

HANOI, Vietnam – Gone are the days when Vietnam served as a cheap manufacturing base for global companies. Samsung Electronics, among others, have more recently been investing heavily to nurture a new research hub there. Ahead of the opening of its new research and development center later this month, the South Korean tech giant held its recruitment test, called Global Samsung Aptitude Test, three times this year alone -- a massive hiring drive that is rare both at home and abroad. “

Technology Dec. 11, 2022

Hyundai Motor Group's Ioniq 5 electric vehicle has won the title of the best import car of the year in Japan, the automaker said Friday. It is the first time the South Korean automaker has made it onto the award-winning list of the Japan Car of the Year Award. Hyundai’s Ioniq 5 outranked BMW’s iX, Land Rover’s Range Rover, Renault’s Arkana and other distinguished car models. The award’s executive committee said Ioniq 5 was well-received for its innovative des

Mobility Dec. 9, 2022

German luxury carmaker BMW is highly likely to top import car sales in South Korea this year, seven years after it lost the No.1 title to its archrival Mercedes-Benz. According to recent data from the Korea Automobile Importers and Distributors Association, BMW sold 71,713 units in the January-November period, outpacing 71,525 unit sales of Mercedes-Benz. With a month left in 2022, industry watchers say BMW is highly likely to take back the No. 1 post this year. The two German brands are the m

Mobility Dec. 8, 2022