National flag carrier Korean Air announced Monday that it is taking part in a government-led research and development project of an urban air mobility surveillance information acquisition system. Under the Ministry of Land, Infrastructure and Transport’s project, Korean Air will be developing the operating control system and operation simulating system needed for UAM operators, the airline said. The operating control system allows operators to plan, monitor, and schedule flights as well

Mobility April 11, 2022

Inflation concerns are growing in the automotive market, raising prices of both new and used cars here. According to a report by the Korea Automotive Technology Institute released Monday, Russia’s invasion of Ukraine is adding to ongoing chip supply shortages and resulting in a continuous price surge in cars worldwide. The report predicted that the current inflation in the car industry could be prolonged, as carmakers are likely to face difficulty in securing semiconductors -- among ot

Mobility April 11, 2022

Won Hee-ryong, the former governor of Jeju Special Self-Governing Province who coordinated President-elect Yoon Suk-yeol’s campaign, was named as the nominee for minister of land, infrastructure and transport Sunday. “The nominee has a high understanding of land policies which is one of the key sectors the new administration would have to work on to stabilize the real estate market, promote balanced regional growth, and come up with a systematic public transportation in metropolitan

Industry April 10, 2022

Eating-out costs in South Korea saw the sharpest on-year surge in 23 years in March with a 6.6 percent on-year increase, according to the Korean Statistical Information Service on Sunday. Of the 39 types of foods that people normally eat while dining out, including hamburgers, jajangmyeon (noodle with black soybean sauce), and gimbap, all saw a price increase. Galbitang (beef soup) showed the highest spike in price last month compared to the same month last year with an 11.7 percent increase,

Industry April 10, 2022

The Korea-US Free Trade Agreement (KORUS FTA) will play a crucial role in taking bilateral trade ties to a new level through a new trade platform designed to tackle challenges stemming from a rapidly changing market environment, a senior US envoy in Seoul said. The KORUS FTA, which marked its 10th year this month, has been the most comprehensive and high-standard trade agreement in the region. “The KORUS represents a turning point in the US-Korea relationship building from our initial sec

Industry March 30, 2022

Han Sung Motor, the official Mercedes-Benz dealer, announced Tuesday the launch of its 11th Dream Gream scholarship program for artistically gifted students through the metaverse platform Zepeto. The Dream Gream scholarship program supports both financially and academically middle and high school students that want to pursue a career in arts, according to Han Sung Motor. The launching ceremony was held on a virtual space in Zepeto named “Dream Gream Meta-planet” that portrayed the

Mobility March 29, 2022

For those that have a lot to carry in their cars but do not want to give up on the sporty features, Volkswagen’s new Arteon could be your next pick. The fastback sedan’s exterior sports both sharp and wavy lines, giving an edge to the otherwise classic-style car. Adding to the stylish design are Volkswagen’s LED headlights that project the carmaker’s logo onto the ground when the driver starts the car engine at night. The interior of the new Arteon shows a mix of moder

Mobility March 28, 2022

A takeover deal of debt-laden SsangYong Motor appears to have fallen into a quagmire again as its buyer, local electric bus manufacturer Edison Motors, failed to pay the bill. The consortium led by Edison Motors failed to pay the remaining payment of 274.3 billion won ($224.1 million) by Friday, local media reported Sunday, quoting industry sources. Without complete payment, the Edison Motors-led rehabilitation plan for the financially troubled SUV maker is rendered meaningless, industry watch

Mobility March 27, 2022

Chung Ki-sun, the grandson of Hyundai Group founder Chung Ju-young, on Tuesday was named CEO of Hyundai Heavy Industries Group and its subholding company Korea Shipbuilding & Offshore Engineering, opening a new chapter for the world’s largest shipbuilder. Shareholders of the two companies approved the appointment on the eve of the group’s 50th anniversary, when it aims to reestablish its brand identity as a technology-centered group, departing from its decades-old image as a tr

Industry March 22, 2022

Kia’s first all-electric vehicle EV6 won the Best of the Best award in the prestigious 2022 Red Dot Design Awards, according to Kia on Tuesday. The Red Dot Design Award is among the world’s most prestigious design awards that reward the most innovative design concepts besides the iF Design Award and International Design Excellence Awards. EV6 also claimed the Red Dot Innovative Products awards. “Kia implemented its new design philosophy ‘Opposites United’ on EV6,

Mobility March 22, 2022

Overseas travel demands in South Korea are expected to increase starting Monday as the government has exempted those vaccinated from the seven-day long self-quarantine when back in the country. The Central Disaster and Safety Countermeasures Headquarters announced that those that have gotten their first dose of the Janssen COVID-19 vaccine within 14 days before arrival to South Korea and those that have completed their second or third dose of other vaccines are to be exempt from self-quarantin

Industry March 21, 2022

Genesis, Hyundai Motor’s standalone luxury brand, proved that it not only makes great combustion engine cars but also premium electric cars by introducing the Genesis Electrified GV70. The luxury electric SUV has inherited much of the exterior and interior design of the original GV70 which had been praised by many car lovers for its sophisticated design. But some changes here and there helped the electrified model look much more dynamic and athletic than its previous model. For instance

Mobility March 18, 2022

South Korea’s Finance Ministry will no longer limit duty-free item purchases to $5,000 for outbound Korean nationals starting Friday, it said Thursday. But a government cap on how much is exempt from tax remains unchanged. Duties are exempt for purchases up to $600 of goods, one bottle of liquor worth up to $400, 200 cigarettes, and up to 60 milliliters of perfume. The Finance Ministry explained that the tax exemption limit in other countries are also around $500 and $600 and there was n

Industry March 17, 2022

Renault’s Korean unit announced Wednesday that it has started the process of removing Samsung from its name and rebranding itself as Renault Korea Motors. The carmaker explained that it hopes to enhance its brand image as a domestic carmaker with its new name by replacing Samsung with Korea despite being part of Renault Group and the Renault-Nissan-Mitsubishi Alliance. “Under the new name Renault Korea Motors, we will revise product and service competitiveness to meet the high sta

Mobility March 16, 2022

South Korea‘s trade minister and businesses on Tuesday voiced their support for the new US economic framework for the Indo-Pacific, saying that the 10-year-old bilateral trade agreement between the two countries should be the foundation for the new economic order. At an occasion held to celebrate the 10th anniversary of the Korea-US FTA on Tuesday in Washington, D.C., Woo Tae-hee, executive vice chairman of the Korea Chamber of Commerce and Industry said the free trade agreement should co

Industry March 16, 2022