Hyundai Motor has invested in CODE42.ai, a local startup founded by a former chief technology officer for Naver, to strengthen their partnership by developing an open platform for the new mobility-as-a-service market.The carmaker’s de facto chief, Executive Vice Chairman Chung Eui-sun, recently met Song Chang-hyun, CEO and founder of CODE42, to strengthen their partnership on a smart mobility solution called the Urban Mobility Operating System, the company said in a statement.  Hyundai Motor Exe

Mobility April 15, 2019

The South Korean government on Friday welcomed a ruling by the World Trade Organization that upheld the government’s import ban on Japanese seafood in the wake of the 2011 Fukushima disaster.“The government has been making all-out efforts to follow the principle of making the health and safety of the people a priority, and the government highly appraises the WTO’s decision,” the Ministry of Trade, Investment and Energy said in a statement, adding that it would continue the import ban on Japanese

Industry April 12, 2019

Hyundai Motor and local partner Thanh Cong Group in Vietnam have presented a Santa Fe to Park Hang-seo, the South Korean coach currently leading the Southeast Asian nation’s national football team. The SUV given to Park was assembled at a complete knock-down plant the two companies completed in a joint venture early this year. “We offer Santa Fe to Park Hang-seo who has given pride to Vietnamese people, so that he could do better,” a Hyundai official said. 

Mobility April 12, 2019

Hyundai Motor said Thursday it has signed a memorandum of understanding with Korea East-West Power Co. and Deokyang, a local hydrogen producer, to test run a 1-megawatt fuel cell generator in the nation’s southeastern city Ulsan.Under their partnership, Hyundai will set up fuel cell power generation system, while EWP, an affiliate of state-run Korea Electric Power Corp., will maintain the hydrogen-powered system and sell electricity generated from the plant. The hydrogen gas will be supplied by

Industry April 11, 2019

(Yonhap)As of April 8, the Cho family held a combined 28.95 percent stake in Hanjin KAL, the holding company of Hanjin Group, including stocks held by family-friendly shareholders.In theory, unless the family comes up with a different way to pay it off, its controlling stake will shrink to 20.03 percent after the 50 percent inheritance tax is paid on his shares in the company, according to a report by eBest Investment and Securities.

Industry April 9, 2019

The possibility of Hanjin Group conducting wide-ranging governance reform during the course of passing down shares held by the late Chairman Cho Yang-ho is low, and family control over the conglomerate is likely to continue, a report said Tuesday.Yang Ji-hwan, an analyst at Daishin Investment and Securities, said in his report that the heir to the transport empire, Korean Air President Cho Won-tae, and his family can maintain their control over Hanjin Group by selling shares of other affiliates

Industry April 9, 2019

Cho Yang-ho, the second-generation chaebol scion who led the rise of the nation’s largest air carrier Korean Air, only to struggle late in life to contain damage from a series of power abuse scandals involving his wife and children, died Monday in Los Angeles. He was 70.He had been receiving treatment for pulmonary fibrosis, a chronic disease, since late last year that was not disclosed to the public. He died at a hospital in LA early Monday morning Korean time, in the presence of his family mem

Industry April 8, 2019

Hyundai Motor on Thursday denied that it was building a new manufacturing plant in Saudi Arabia, after a Cabinet member of the Middle Eastern country said in an interview there had been “advanced” talks on the matter. “We have always taken various plans for review to expand global sales,” said a company official. “There is no plan with regard to (making) investment in Saudi Arabia or any other advanced talks (about that) and we don’t have a plan to build a manufacturing plant there.” (Yonhap)The

Mobility April 4, 2019

Despite a strong state drive, South Korea does not have any hydrogen technology standardized for global use so far, the government said Wednesday, vowing to make 15 locally developed technologies globally standardized by 2030.According to the Korean Agency for Technology and Standards under the Ministry of Trade, Industry and Energy, the government plans to file for global standardization of next-generation fuel cells for drones, ships and heavy machinery. The plan also includes proposing four s

Industry April 3, 2019

TaiMed, a Taiwan-based biotechnology company, has picked Samsung BioLogics as its new contract manufacturing organization for the production of its novel biologic Trogarzo, used to treat patients with multidrug resistant HIV. The multiyear capacity contract, worth 150 billion won ($132 million), was concluded in August last year.The deal was made after TaiMed suffered from the lower conversion rate at its Chinese partner Wuxi Biologics in the second half last year, wrote Jerry Su, an analyst at

Industry April 3, 2019

With their fathers stepping down from the top management seats, heirs to the nation’s two major air carriers appear to be readying to fill the vacuum amid market concerns over their lack of experience and untested leadership.Unlike other conglomerates that have spent years preparing their heirs to take the top spot, the third-generation chaebol scions at Korean Air and Kumho Asiana Group, the parent company of Asiana Airlines, both seemingly unprepared, are being pushed to take the baton from th

Industry April 2, 2019

ILSAN, Gyeonggi Province -- Envisioning the future of connected and sustainable mobility, an auto extravaganza kicks off Friday with carmakers around the world showcasing a variety of vehicles under development, concept cars and their vision for the world’s 10th largest car market. Taking place at Kintex in Ilsan, Gyeonggi Province, 21 car manufacturers and 206 electric vehicle-only makers, parts makers and information technology companies will join the biannual Seoul Motor Show, with seven worl

Mobility March 28, 2019

Hyundai Motor has named its first sport utility vehicle entry model, codenamed “QX,” as Venue, breaking its tradition of naming SUVs after resort cities and luxury residential areas in US.Targeting consumers born after 1980, the carmaker said, “Venue will be marketed as a car that could bring them anywhere they wish to go, a special place where they can have hopes and dreams.”Hyundai’s existing SUVs have been named after US cities Kona, Tucson, Santa Fe and Palisade.Venue will be unveiled at New

Mobility March 27, 2019

Despite a slowing economy and growing uncertainties for market growth, South Korean SUV maker SsangYong has put its business back on track in the last four years, the company said Tuesday, crediting its CEO’s leadership for its revival.SsangYong Motor CEO and President Choi Johng-sik joined the carmaker in 2010 as domestic sales head and was appointed to the top post in 2015. The CEO with 43 years of experience in the local auto market has realigned SsangYong’s SUV lineup entirely, set a sales r

Mobility March 26, 2019

Chairman Koo Kwang-mo of LG Corp., the holding company of LG Group, on Tuesday vowed to pursue sustainable and transparent management to increase public trust in the nation’s fourth-largest conglomerate, while taking pre-emptive measures to take the lead in the fast-changing market.In a statement read by Vice Chairman Kwon Young-soo during the annual shareholders meeting, the chairman said the conglomerate was facing pressure from the changing times, with technological convergence fast reshaping

Mobility March 26, 2019