SK Energy and Korea Electric Power Corp. agreed to jointly develop automotive services to promote the use of electric vehicles in the country, SK said Friday. SK Energy, South Korea’s leading oil refinery and gas station operator, said it is partnering with the state-run electricity provider Kepco, which operates the country’s largest EV charging infrastructure business, to expand its EV service business. SK Energy P&M CIC Chief Executive Officer Oh Jong-hoon and Kepco Vice

Industry July 2, 2021

Hyundai Motor and Kia witnessed all-time high sales in the United States in the first half of this year, the companies said Friday. The two automotive brands of the largest Korean automobile group sold a combined 804,944 vehicles in the US in the first half of this year, a 48.1 percent increase from a year earlier, according to Hyundai and Kia’s US branches. Hyundai Motor America said its sales grew 49.4 percent on-year, selling 407,135 units, while Kia America sold 378,511 units, up 4

Mobility July 2, 2021

Shin Dong-won, the eldest son of the late founder and chairman of Nongshim Group Shin Choon-ho, has been inaugurated as the new chairman of Nongshim Group, the South Korean food company said Thursday. The promotion of Shin, who was formerly Nongshim’s vice chairman, was decided at a temporary board of directors meeting, the company said, to allow him to succeed to the post of his late father who died of chronic illness in March at the age of 92. Under the second-generation leader, Non

Consumer July 1, 2021

The new GS Retail is kicking off in July as GS Group’s retail business unit, the company said Wednesday. The new entity was created by the marriage of two GS retail arms -- the old GS Retail and GS Home Shopping. The purpose of the merger, decided at the end of 2020, is to integrate the group’s presence in online and offline commerce platforms and boost its competitiveness in the overall retail sector. The new GS Retail, which officially launches Thursday, will be in charge of op

Consumer June 30, 2021

South Korean manufacturers’ business sentiment reached a seven-year high for the third quarter this year, as the global economy shows signs of recovery amid vaccine rollouts against the coronavirus pandemic, a poll revealed Wednesday. According to the Korea Chamber of Commerce and Industry, the Business Sentiment Index, which it compiles quarterly, stood at 103 for the July-September period, up four points from the previous quarter. It was the first time in seven years that it surpassed

Industry June 30, 2021

Posco Engineering & Construction will start pre-sales of its premium The Sharp brand apartments in Gwangyang, South Jeolla Province, in July, the company said Monday. The construction firm said it will begin receiving orders for 727 units of The Sharp Gwangyang Bay Cent, an apartment complex comprising of five apartment buildings in Hwanggeum-dong in Gwangyang. The buildings are as high as 33 stories, according to the company. The available apartments range in size from 84 square meters

Industry June 28, 2021

A controlling stake in SsangYong Motor has officially been put up for auction as the financially ailing company undergoes court receivership, the sale’s lead manager said Monday. EY Hanyoung, the accounting firm in charge of the sale, released a notice of sale announcing that it was receiving letters of intent from potential buyers until July 30. Under the sales plan, it will then run preliminary reviews of the bids from Aug. 2-27. A preferred bidder is expected to be chosen in Septem

Mobility June 28, 2021

South Korean steelmaker Posco is working with Chinese steel producer HBIS Group Co. to produce and sell automotive galvanized steel sheets, the company said Friday. Through an online signing ceremony, the two companies inked an agreement to establish an equally invested joint company, Posco said. Posco Chief Executive Officer Choi Jeong-woo and Kim Hag-dong, the head of steel business unit, attended the event. “From our collaboration with HBIS Group we plan to reinforce our position a

Industry June 25, 2021

Shinsegae Department Store will build a new department store in the envisioned Suseo Station Transit Center Complex, the company said Friday. According to the retail giant, a consortium led by Hanwha Engineering and Construction and participated in by Shinsegae has been chosen as the preferred candidate for the Suseo Station Transit Center Complex Development Project, which is worth about 1.2 trillion won. The Suseo Station Transit Center Complex Development Project aims to develop a 115,927

Consumer June 25, 2021

An amendment to a law that effectively suspended the operations of Tada, a homegrown ride-hailing service, was ruled constitutional by the Constitutional Court on Thursday, putting an end to a yearlong dispute in the transportation industry. In its judgment, the court said Tada’s service based on rented vans had “greatly increased social conflicts because it practically offered a taxi service without being subject to regulations affecting the taxi industry.” The law was ame

Mobility June 24, 2021

Mercedes-Benz Korea has brought its most luxurious sedan, the Mercedes-Maybach S-Class, to the Korean market, as the automaker marks the 100-year anniversary of the launch of its first Maybach vehicle, the company said Wednesday. The newly-launched Mercedes-Maybach S 580 4Matic has undergone a complete makeover from the model that was first launched in 2015, and will strengthen its leadership in the luxury flagship sedan segment, the automaker said. Since its introduction, more than 60,000

Mobility June 24, 2021

Coway, a South Korean home appliance rental firm, will gradually reduce its greenhouse gas emissions and go net-zero by 2050, the company said Monday. Reiterating its commitment to its environmental, social and corporate governance initiative, the firm said it aimed to cut its emissions in half by 2030. By 2050, the company plans to operate entirely on renewable energy sources. To that end, Coway is using solar power at its three factories and one distribution center, with plans to invest f

Consumer June 21, 2021

Hyundai Motor is expanding its mobility subscription service Hyundai Selection to Busan, the second largest city here after Seoul, the company said Monday. Similar to a lease contract, Hyundai Selection allows subscribers to choose a car to use from its portfolio of vehicles at their preferred time and pick-up location through an app. The Busan extension will offer two service packages -- regular and special -- for 14 Hyundai Motor vehicles, the firm said. For the regular package, a month

Mobility June 21, 2021

The once-futuristic idea of a car running purely on electricity is no longer a dream. More and more battery-powered electric vehicles are being spotted on the road, as EVs or hybrid cars together form a chunk of new product launches from major automakers these days. . Though their market share is still tiny, battery electric vehicles are widely expected to overtake conventional gas-fueled cars in the foreseeable future as governments and industries seek a transition to cleaner energy to cut ca

Mobility June 21, 2021

From free air tickets and special discounts on burgers to vaccinated-only seats at concerts, local industries are revving up their marketing efforts to target the rapidly growing number of Koreans getting their COVID-19 vaccine shots. As of Sunday, over 15 million people, or some 29.2 percent of the total population, have received at least one shot of a COVID-19 vaccine, surpassing the government’s initial goal of inoculating 13 million in the first half of this year, according to the Ko

Industry June 20, 2021