Hyundai Motor will unveil a concept vehicle of an electrified Genesis at the New York International Auto Show that kicks off next week, the company said Sunday. The concept car will be a gran turismo designed to show off Genesis’ long-distance driving range on electric power.  Special edition of Genesis G90 unveiled in Los Angeles earlier this month (Hyundai Motor)Genesis, a luxury brand by the South Korean auto giant, plans to begin production of an electric sports coupe that can travel 500 kil

Mobility March 25, 2018

 LG Chem, the nation’s largest chemical company, will invest 3.8 trillion won this year, a 52 percent increase on-year, to accelerate its goal of reaching the world’s top five by 2025, the company said Sunday.The investment is being made to prepare each business for the “fourth industrial revolution,” increase competitiveness and explore new businesses, it said.LG Chem’s carbon nanotube plant in Yeosu, South Jeolla Province (LG Chem)The company plans to speed up its development of more high valu

Mobility March 25, 2018

South Korean cosmetic giant Amorepacific hosted a marathon in the southern port city of Busan to raise public awareness about breast cancer, with about 5,000 participating, the company Sunday. Participants of Pink Run, a marathon event held by Amorepacific, pass the starting line in Busan on Sunday. (Amorepacific)Titled “Pink Run,” Amorepacific has been holding marathons in five cities in South Korea. Funds raised during the events, by selling tickets, have been donated to the Korea Breast Cance

Mobility March 25, 2018

As with many other enthusiastic motorists around the world, a Porsche was a dream car for Michael Kirsch, managing director of the German luxury car’s subsidiary in South Korea.Recalling Porsche posters hanging on the wall of his room in the pre-internet era, the head of Porsche Korea said the passion he has for this brand has been with him since, calling the brand an irreplaceable symbol of “a true racing car.” The super luxury cars usually come with jaw-dropping prices, with entry models price

Mobility March 23, 2018

Four industrial companies -- Hyundai Engineering and Construction, Hyundai Steel, Daelim Industrial and Hyosung -- will be removed from a list of the top 150 businesses that enhance corporate transparency by the Korea Exchange, according to the nation’s sole securities exchange operator on Thursday.Based on the latest evaluation of listed companies on their efforts in enhancing corporate transparency in environmental, social and corporate governance, the four firms will be excluded as of March 2

Industry March 22, 2018

The incumbent chairman of the Korean Chamber of Commerce and Industry was unanimously re-elected as the head of the organization representing the interests of businesses here on Thursday.Accepting the chairman post, Park Yong-maan said he would turn the KCCI into a private think tank to better provide policy suggestions on industries, economy and labor. Korean Chamber of Commerce and Industry Chairman Park Yong-maan (KCCI)“The KCCI will make full-pledged efforts to provide ideas on policy altern

Industry March 22, 2018

Hyundai Motor received a total of 733 preorders on the first day of opening for its Nexo, the automaker’s latest sport utility vehicle powered by fuel cells, the company said Tuesday.The number of preorders is three times more the number of vehicles subject to the government’s subsidy, reflecting its popularity, officials said.  Hyundai Vice Chairman Chung Eui-sun (right) poses with Chris Urmson, CEO of Aurora, at a press conference held to unveil Nexo on sidelines of Consumer Electronics Show i

Mobility March 20, 2018

Kia Motors, sister company to South Korean auto giant Hyundai Motor, has started preorders of all new K9, the largest model of its signature K-series here, with an aim to sell 20,000 units a year, the company said Tuesday.At a media session held to unveil the all new K9, the carmaker’s vice president Kwon Hyuk-soo said it also plans to sell the luxury sedan overseas in the second half, setting the sales target at 6,000 a year.A K9 sedan displayed at Salon de K9 in Seoul (Kia Motors)Calling it th

Mobility March 20, 2018

Korea Midland Power, an electricity provider based in Boryeong, South Chungcheong Province, is seeking to enter markets abroad, following a series of successful projects in Southeast Asia, the company announced Monday.An affiliate of state-run power provider Korea Electric Power Corp., Komipo finished construction of a coal power plant on the island of Java, Indonesia, last year as part of a trilateral venture. The Korean company holds a 27.5 percent stake, with Japan’s largest trading company M

Industry March 19, 2018

The accumulated sales of Sportage, a 25-year-old sport utility vehicle from Kia Motors, has surpassed 5 million units, the company said Monday. The sister company to South Korean auto giant Hyundai Motor has sold a total of 5,003,537 of the midsized SUV around the world since its market debut in 1993. Of the total, more than 13 percent, or 684,186, units were sold on the domestic market, while the rest were either manufactured at the company’s overseas plant or shipped to foreign markets. Sporta

Industry March 19, 2018

South Korean telecom and energy giant SK Group has rolled out a plan to invest 80 trillion won over the next three years in semiconductor and renewable energy, as well as mobility and bio industries, offering a glimpse into its long-term growth strategy.SK Group Chairman Chey Tae-won outlined his plans in a meeting between Finance Minister Kim Dong-yeon Wednesday, vowing to hire 28,000 more workers during the course of the investment. Finance Minister Kim Dong-yeon (left)and SK Group Chairman Ch

Industry March 15, 2018

LS Group, a South Korean conglomerate, has broken ground on a new plant in Serbia to produce magnet wire targeting the European market, the company said Thursday. LS Group Chairman Christopher Koo speaks at a groundbreaking ceremony of a magnet wire plant held in Serbia on Wednesday. Essex is LS` US subsidiary. (LS Group)The project is being carried out by its US subsidiary Superior Essex. The group has invested 18.5 billion euros ($23 million) to build the plant, which will be capable of produc

Industry March 15, 2018

A week after General Motors announced that it would be shutting down one of its plants in South Korea, an executive in charge of the US carmaker’s overseas operations made yet another rare move. On Feb. 20, Barry Engle, the president of GM International, visited the parliament to meet lawmakers apparently uneasy over the carmaker’s restructuring plan. While shaking hands with lawmakers suspicious of the fate of GM’s remaining operations here, he said that the carmaker wants to stay and continue

Mobility March 13, 2018

The state-run Korea Development Bank will review injecting fresh investment into ailing GM Korea after examining the viability of its profit structure, its chief said Thursday.Chairman Lee Dong-gull of the KDB told reporters that he had made a “verbal commitment” to the President of GM International Barry Engle that he would consider making fresh investment into the US carmaker’s local unit on the condition of the company presenting a self-rescue plan. But regarding the carmaker’s request to han

Mobility March 8, 2018

For Scott Park, a 42-year-old businessman in Seoul, seeing Samsung’s de facto chief paraded in handcuffs at the height of the presidential bribery scandal last year was not something that he thought he could expect just a few months earlier. To him, Samsung has always been a prime representation of the South Korean economy, more so in recent decades, as the conglomerate has pulled far ahead of its rivals, led by Lee Jae-yong with a global reputation to claim for.“It was because of how we grew up

Industry March 7, 2018