South Korea’s auto industry, a key driver of the nation’s economic growth, is likely to go through throes of change as carmakers’ restructuring plans are gaining market support.An advisory group consisting of five independent industrial experts said Sunday in a report presented to the management and the labor union of Hyundai Motor that it would be inevitable for the largest carmaker here to reduce its manufacturing workforce by 20-40 percent by 2025. Stressing several changes

Mobility Oct. 7, 2019

President Moon Jae-in said Friday that he would seek to turn the Kaesong industrial complex into a factory zone for foreign corporations, if the manufacturing village in North Korea’s border city resumes operation.Moon was speaking at a luncheon with business representatives in South Korea. The remarks came a week after he, in an address delivered at the United Nations, urged support from the international community for designating areas linking the truce village of Panmunjeom and Kaesong

Industry Oct. 4, 2019

Corporate social responsibility programs have now become an important barometer of a firm’s sustainability, beyond simply making profits. For Han Sung Motor, the largest official dealer of Mercedes-Benz in South Korea, CSR projects have been a crucial part of its business strategy nearly for a decade. And what keeps the company going in its commitment toward the society is the changes it has brought so far, such as watching teenagers from underprivileged families grow their confidence and

Mobility Oct. 2, 2019

CODE42, a local startup that is developing an autonomous transportation-as-a-service platform, said Tuesday it has raised 30 billion won ($25 million) in pre-Series A funding from major firms including Kia Motors and conglomerates SK, LG and CJ.This follows the 2 billion won in seed funding it received from Hyundai Motor in March.In one of the most successful pre-Series A funding round here, Kia invested the largest portion of 15 billion won, the company added. The 30 billion won will be used to

Mobility Oct. 1, 2019

Audi Volkswagen Korea said Thursday it has opened a media art exhibition in Seoul to present the future of green mobility.Titled “The Next Chapter,” the exhibition displays joint projects by artists at home and abroad visualize safe and sustainable mobility and its role of changing the life of future generation. The two-week event is taking place at JCC Art Center in Jongro, central Seoul. It is a cultural platform for the company’s Tomoroad initiative, a joint project with Kor

Mobility Sept. 26, 2019

LS Group Chairman Christopher Koo has called for strengthening the group’s competitiveness in technological innovation, stressing that it is key to overcoming trade disputes between South Korea and Japan.  Speaking at T-Fair, an in-house event held to encourage innovative engineers, Koo said the group needs to develop high value-added products and services to widen the gap with followers. He added that research and development projects should support such a move and generate growth en

Mobility Sept. 24, 2019

South Korean carmaker Hyundai Motor Group will start mass production of self-driving cars within the next five years, said Chung Euisun, the heir to the auto giant, as he made a hefty investment in a joint venture the company established with Aptiv on Monday (local time).At a luncheon session held in New York with Korean correspondents on the same day he signed the $4 billion deal with the US software developer, Chung said the company would apply the autonomous driving technology to be developed

Mobility Sept. 24, 2019

South Korean auto giant Hyundai Motor Group has teamed up with Aptiv, formerly known as Delphi, for a $4 billion joint venture to develop autonomous technology, the companies said Monday. The joint venture between the world’s fifth-largest carmaker and the world’s leading software developer of autonomous vehicles is a “rare case,” Hyundai said, adding that the two will have 50 percent of shares each. Under the deal, the Seoul-based carmaker expects to make a bold move in

Mobility Sept. 23, 2019

Hanwha Group replaced the heads of its seven subsidiaries on Monday with younger chiefs, signaling a generational shift in the energy-to-chemical empire with 65 trillion won ($54.4 billion) in assets.Introducing the seven new CEOs as leaders for the group’s future growth -- whose expertise and performance are proven -- the nation’s eighth-largest conglomerate said the decision was made to better deal with growing external uncertainties.Kim Youn-chul, who simultaneously led Hanwha&rsq

Industry Sept. 23, 2019

The Korea Herald is publishing a series of articles on South Korea’s latest measures to support the hydrogen economy, a market drive for hydrogen-powered vehicles and the hurdles that stand in the way. This is the eighth installment. -- Ed.YONGIN, Gyeonggi Province -- At first sight, the DS30, a hydrogen-powered drone developed by Doosan Mobility Innovation, a subsidiary of South Korean conglomerate Doosan Group, resembles a giant spider with eight long legs. The 2.6-meter-long and 80-cent

Mobility Sept. 23, 2019

Hyundai Motor America said Friday that it would donate $16 million this year to fund 76 research projects on children’s cancers.Of that amount, $13.2 million will be donated this month to support a pediatric cancer awareness campaign in the US, said Jose Munoz, CEO of Hyundai Motor’s North America regional office.  As part of its community outreach efforts, Hyundai and its dealerships have participated in the Hyundai Hope on Wheels fundraising project since 1998 to fight pediatr

Mobility Sept. 20, 2019

Introducing SK Group as a committed business in US, the group’s chief Chairman Chey Tae-won said the South Korean conglomerate would invest $10 billion in next three years in new growth engines.Chey accompanied by CEOs of SK’s subsidiaries, hosted an evening event in Washington on Thursday to present the future vision of the group and its investment plan in US, officials said.  Held in its office there, SK Night attendees included Karen Kelly, deputy secretary of Department of C

Mobility Sept. 20, 2019

The head of South Korea’s largest organization representing small and large businesses alike on Wednesday expressed concern that a nationwide drive to overcome economic risk by nurturing new industries and promoting deregulation has been losing its steam despite growing negative signs pointing to a possible economic recession.“Even though we are standing at a time when we have to do our best to overcome downside risks, it is regrettable to say that discussion on economic issues itsel

Industry Sept. 18, 2019

Hyundai Motor Group said Wednesday that it plans to install newly developed center-side air bags in its vehicles, without specifying the time frame or any model names.The group has two auto subsidiaries -- Hyundai Motor and Kia Motors.The center-side air bags, developed by in-house engineers, are intended to reduce injuries to drivers and front-seat passengers. This air bag prevents drivers and passengers from colliding during a crash and also protects a lone driver from the impact of glass frag

Mobility Sept. 18, 2019

South Korea’s Mirae Asset Daewoo appeared on the Dow Jones Sustainability World Index last week for the eighth consecutive year in recognition of its sustainable management efforts, the company said Tuesday.  “We feel honored for obtaining recognition from a globally reputable institution over Mirae Asset’s sustainable management related activities such as social contribution, (improvement) in corporate governance, human rights, the environment and responsible investment,&

Market Sept. 18, 2019