A regional program of the Boao Forum, referred to as Asia’s Davos conference, kicked off Monday in Seoul, bringing more than 800 political and business leaders from China and South Korea together to discuss the future of Asia. The first event held in Asia outside of China was jointly organized by the Federation of Korean Industries, once an influential business lobby group here. Eyes are on not only the significance of the event, but also on whether it could be a chance for the FKI to rebuild it

Industry Nov. 19, 2018

Hyundai Motor will invest in a US drone maker to conduct a joint study on future mobility in the use of high-functioning drones, the company said, without disclosing the size of the investment. The South Korean giant has agreed to partner with Top Flight Technologies, a startup that specializes in developing unmanned aerial vehicles. The US company established in 2014 is a leading manufacturer of hybrid propulsion engines that secure long flight time and a leader in autonomous flying technology.

Mobility Nov. 15, 2018

Hyundai Motor Group headquarter in Seoul (Yonhap)The latest letter sent to Hyundai Motor by US hedge fund Elliott on Tuesday evening drew mixed views in the market Wednesday. Some are calling its requests reasonable, while others say it is intended to boost share prices for affiliates of the carmaker in which the hedge fund holds stock.Elliott, the world’s largest activist hedge fund, ramped up its pressure on South Korean auto giant Hyundai Motor, demanding it return 12 trillion won ($10.6 bill

Mobility Nov. 14, 2018

Nissan’s best-selling electric vehicle, the Leaf, has made a comeback in South Korea this month, with improved battery capacity and a sleeker look. The All-New Leaf, unveiled at the Daegu International Future Car Expo, is the second-generation model of the pure electric vehicle that debuted in December 2010.  All-New Leaf (Nissan Korea)As the best-selling EV brand in the world, this car has played a crucial role in dispelling concerns over electric vehicles and a lack of energy-supply infrastruc

Mobility Nov. 13, 2018

The government and lawmakers on Tuesday ramped up pressure on workers of Hyundai Motor to join a plan to build the automaker’s new plant in Gwangju as part of efforts to create new jobs and breathe new life into the local economy.Prime Minister Lee Nak-yeon urged the automaker and its unionized workers to join the Gwangju city government’s drive to build a manufacturing plant and create 12,000 new jobs, calling it an innovative project for the labor market. The plan mainly involves hiring more w

Mobility Nov. 13, 2018

South Korean business leaders urged the government to implement drastic deregulation measures to revive the nation’s struggling manufacturing sector, at a meeting with the trade minister on Monday.“We are (hoping to see) new policy initiatives designed to drive (the nation’s) qualitative growth on the basis of innovation,” said Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry. He said the Moon administration “has been making more efforts than previous governments,” but adde

Industry Nov. 12, 2018

German luxury carmaker Mercedes-Benz will take on more Korean suppliers in its mission of navigating future mobility, particularly those in the fields of telematics, battery cells and automation of smart factories, said a Daimler executive in Seoul last week. Calling the carmaker’s R&D unit in Seoul an Asian hub for the German carmaker’s search of future mobility, Markus Schafer, Mercedes-Benz’s top manufacturing executive, told Korean reporters that the company is open to Korean talent and will

Technology Nov. 11, 2018

While seeking stability in management, Posco’s new chairman said Monday that the company will expand its sales volume of auto steel up to 120 million tons a year by the 2025 to ultimately reach revenue of over 100 trillion won ($89 billion) and operating profit of 13 trillion won by 2030.The nation’s largest steelmaker sold around 91 million tons of steel used for vehicles last year, placing itself as one of the top five suppliers of automotive steel in the world. The company’s aim of expanding

Mobility Nov. 5, 2018

DAEGU -- Software technologies applied to vehicles by tech companies have been unnerving traditional carmakers in recent years, stoking fears that they might lose their exclusivity in the auto industry. But such a scenario is not likely to happen, according to a British expert on connected and autonomous driving.“I think there’s a lot of uncertainties at the moment. We are not sure whether these tech companies are going to be competitors or possible collaborators,” said professor Paul Jennings,

Industry Nov. 4, 2018

 With the shares he inherited from his father, LG Group Chairman Koo Kwang-mo has become the largest shareholder in LG Corp., a holding company that controls the nation’s fourth-largest conglomerate, the company said Friday.Koo inherited an 8.8 percent stake in the holding company from the late Chairman Koo Mon-moo, who had held an 11.3 percent stake. The new chairman now holds a 15 percent stake in LG Corp., according to the statement. Previously, he held 6.2 percent.    LG Chairman Koo Kwang-m

Industry Nov. 2, 2018

HWASEONG, Gyeonggi Province -- Amid fears that the nation’s largest carmaker might be losing momentum, engineers at Hyundai Motor’s research and development center flaunted their creative and innovative ideas for cars of the future in front of executives seeking breakthroughs.Pitching products that ranged from stair-climbing personal mobility devices to air pumps to clear water away from side mirrors, 12 teams of young engineers competed in the annual R&D idea festival, suggesting new possibilit

Mobility Oct. 31, 2018

Apparently seeking a change after the earnings shock last week, Hyundai Motor carried out a major reshuffle of its executives on Monday.The South Korean carmaker promoted Thomas Schemera, executive vice president of its high-performance vehicle division, to head its product planning and strategy division. The former BMW M executive is now in charge of setting the direction for technology development and product planning in light of the fast-changing market and innovations in technology, the comp

Mobility Oct. 29, 2018

Upon stepping into American classic sports utility vehicle brand Jeep, one cannot help but feel the urge to become a little bit more adventurous. The brand that symbolizes such boldness, however, gets a softer tone with the Jeep Compass, a midsized model in its SUV lineup, especially in its latest version. The All New Jeep Compass that reached the local market in July has gotten an urban touch with modern, young design elements. But it has kept its daredevil spirit inside. The Tighershark MultiA

Mobility Oct. 29, 2018

Hyundai Motor is joining forces with a Chinese engineering institute to raise around $100 million for an investment fund for startups with innovative ideas on hydrogen technology and infrastructure building, the company said Monday.The South Korean carmaker and the Beijing-Tsinghua Industrial R&D Institute signed a memorandum of understanding Friday, agreeing to establish a “Hydrogen Energy Fund.” The fund will be managed by Hyundai Motor and Yield Capital, an investment unit under the Chinese e

Mobility Oct. 29, 2018

Hyundai Mobis, a parts maker within Hyundai Motor Group, posted 1.44 trillion won in operating profit, a 15.1 percent decrease from a year ago, the company said in a statement Friday.Between July and September, the parts maker saw 8.42 trillion won in revenue, a 3.9 percent drop on-year, with a net profit of 449.4 billion won, which also declined 6.8 percent over the same period.Sales dropped due to the lower production volume of vehicles in the last three months and the temporary suspension of

Mobility Oct. 26, 2018