LAS VEGAS -- Hyundai Motor Group Vice Chairman Chung Eui-sun said Sunday that the carmaker is working both with Nvidia, and also with its rival Intel, for the carmaker’s autonomous driving technology.Chung, the only son to Hyundai Motor Chairman Chung Mong-koo, was attending Nvidia’s press conference held in Las Vegas on the sidelines of the Consumer Electronics Show, where the US company announced its partnership with Volkswagen and Uber for self-driving vehicles. Hyundai Vice Chairman Chung Eu

Mobility Jan. 8, 2018

ORANGE COUNTY, California -- From Silicon Valley to Tel Aviv and Seoul, South Korean auto giant Hyundai Motor Group plans to establish five innovation hubs in cities spanning the globe and link them as one sharing platform to drive dynamic growth. The carmaker opened Hyundai Cradle in Silicon Valley in November to support startups and discover future mobility technology. And it plans to open four more such centers, in Seoul, Tel Aviv, Berlin and Beijing within this year. “Cradle” stands for Cent

Mobility Jan. 8, 2018

Hyundai Motor Group promoted Albert Biermann, vice president of the carmaker’s performance development division, to a president-level post, recognizing his role in enhancing the driving dynamics of its luxury brand Genesis on par with other premium carmakers, the company said Friday.  Albert Biermann (Hyundai Motor)Biermann is the second foreign expert to be named as a president, after the South Korean carmaker appointed Peter Schreyer, former Audi designer, as the president of Hyundai-Kia desig

Mobility Jan. 5, 2018

It might look like any other Formula 1 racing car. But Mahindra’s Formula E vehicle, an electric racing car, is not just made for sports. It’s a moving lab for the Indian automaker that is betting big on green cars for the future.Mahindra Racing, a racing car team under the Indian conglomerate, is one of the 10 founding teams of Formula E, a class of auto racing that uses cars powered only by electricity.Touted as being green and entertaining, the Indian company has joined the Formula E series w

Mobility Jan. 5, 2018

Hyundai Motor has partnered with the US startup Aurora, which develops sensors and software for autonomous vehicles, with a plan to commercialize a level-four self-driving system by 2021, the South Korean carmaker said Thursday.Hyundai MotorThis is the first partnership that Hyundai has formed for the development of a self-driving system, marking a shift in the company’s previous strategy of developing the system on its own, officials said.The project between the two will be announced at the Con

Mobility Jan. 4, 2018

Innocean Worldwide, an advertising arm of Hyundai Motor Group, will unveil a set of smart sunglasses programmed to prevent drowsy driving and help drivers with hearing problems at the Consumer Electronics Show, the company said Wednesday. The product named “Glatus” has sensors built into the sides of the sunglasses to detect the wearer’s biorhythm. If signs of sleepiness are detected, the sunglasses vibrate to warn the wearer of the dangers of driving while drowsy, the company said. Glatus by In

Industry Jan. 3, 2018

Samsung Electronics Vice Chairman Lee Jae-yong is likely to leave the board of the Boao Forum, known as Asia’s Davos Forum, as he is unable to carry out his role.His term as a board member ends in April. The heir apparent of the nation’s largest conglomerate is not likely to seek another five-year term, industry observers said.Lee took the board member position from SK Group Chairman Chey Tae-won in 2013. The board includes Singapore’s former Prime Minister Goh Chok Tong and former US Secretary

Industry Jan. 3, 2018

Amid fierce competition as markets move toward the “fourth industrial revolution,” leaders of major Korean companies on Tuesday urged their businesses to seek innovative ideas and responsible management as well as to secure key technologies for the future while embracing challenges in the new year.Emerging protectionism, geopolitical uncertainties as well as fast-changing market environments will be hurdles for Korean businesses this year, they said in their New Year’s messages, adding that chan

Industry Jan. 2, 2018

President Moon Jae-in’s state visit to China last month has provided a reconciliatory mood to resume bilateral business ties between the two countries after a monthslong diplomatic row that hindered Korean companies’ operations there. But what worries the chairman of Korean Chamber of Commerce and Industry Park Yong-maan, is rather China taking a step ahead of South Korea, an IT giant, toward technologies of the “fourth industrial revolution.“ The former Doosan Group chairman who led the busines

Industry Jan. 1, 2018

The family members in control of the Samsung empire have earned nearly 6 trillion won ($5.6 million) in stock value increases this year, despite a series of unfortunate events that suspended the planned generational transfer of power.Samsung Chairman Lee Kun-hee saw his stock value rise by nearly 4 trillion won this year, due to a stock rally the tech giant continued throughout the year, CEOScore, a local corporate tracker, said in its report released Wednesday.Though Lee has been hospitalized s

Industry Dec. 27, 2017

The sharing economy can simply refer to well-known platforms like Uber and Airbnb, or in the broader sense of all democratized marketplaces. Unlike its vibrant use in North America, though, the term remains relatively unfamiliar to the public here. Now a Korean chaebol is seeking to bring this economic concept to life in the South Korean market.Chey Tae-won, the chairman of telecom and energy giant SK Group and the nation‘s fifth-richest man, according to The Investor, has been pursuing ways to

Industry Dec. 26, 2017

Korea’s antitrust watchdog said Thursday it would correct what it called an error in its guideline on conglomerates’ cross-shareholding structure, a decision that would force a Samsung affiliate to sell more of its stake in Samsung C&T Corp., the de facto holding company of the tech giant. In December 2015, the Fair Trade Commission had set the guideline with regard to a merger between Samsung C&T and Cheil Industries, prohibiting the conglomerate from strengthening its shareholding chains by th

Industry Dec. 21, 2017

Hyundai Motor has completed the development of a voice-recognition personal assistant jointly developed with a US tech company, and will adopt the service in cars to be released in 2019, the company said Thursday.The voice-recognition platform called Intelligent Personal Agent controls in-car systems and features, and provides information for drivers on a real-time basis, the company said in a statement.The South Korean carmaker will unveil the connected car service at the Consumer Electronics S

Mobility Dec. 21, 2017

Premium steel products and an engineering solution by Posco were used for the construction of major facilities for the PyeongChang Winter Olympics, the company said Wednesday.Posco, the nation’s largest steelmaker, supplied steel products for the construction of major buildings at sites for the sporting event including the International Broadcasting Center, media residence and Gwandong Hockey Center. The company said it had tailored steel structures for the construction of the broadcast center t

Industry Dec. 20, 2017

A combined heat and power plant in northwestern China invested by LG International Corp., the trading arm of South Korea’s LG Group, has recently started operation, the company in Seoul said Wednesday. Combined heat and power plant in Wuwei, Gansu Province, China (LG International Corp.)In 2015, the company formed a joint venture with Gansu Province Electric Investment Group Corp. to build a power plant capable of generating 700 megawatts of electricity. Built on 410,000 square meters of land, t

Industry Dec. 20, 2017