State-run utility Korea Electric Power Corp. said Monday that it would raise the electricity rate by 5 won (0.4 cent) per kWh, the maximum level it can raise, starting July in response to rising fuel costs and record losses.  Following the rate hike, both electricity and gas rates will be increased from next month, imposing heavier burdens on businesses and households already being concerned of steep inflation. Under the new pricing system, a household with four members will see an increa

Industry June 27, 2022

A labor dispute is brewing at Hyundai Motor Group, as its unionized workers warned of a possible strike after they failed to narrow differences with management over wage hikes and working conditions amid the automaker’s shifting focus toward electric vehicles, a threat to its manufacturing-focused workforce. According to the industry on Sunday, the labor union with some 47,000 members at the Hyundai Motor Co. branch of the Korean Metal Workers’ Union under the Korean Confederation

Mobility June 26, 2022

Hyundai Mobis said Thursday that it has developed the world’s first biotech mobility system that analyzes the driver’s health status by checking multiple vital signs. The firm plans to further develop this tech into a mobility system that can monitor for drunk driving. The latest tech, called Smart Cabin Controller, consists of four sensors, including a 3D camera and electrocardiogram (ECG) sensor, according to Hyundai Mobis. By capturing vital signs such as heart rate, brainwaves

Industry June 23, 2022

Posco said Wednesday that it has teamed up with Brazil’s largest raw material supplier, Vale, to donate $100,000 to Korea Food for the Hungry International, an international relief program, as part of their humanitarian efforts jointly pledged last year.  The two firms have maintained close ties for more than 40 years, with Vale supplying key materials like iron ore to Posco, the steel giant, for decades.  In May last year, they signed a memorandum to create a new matching fun

Industry June 22, 2022

South Korea’s energy-to-retail conglomerate GS Group said Wednesday that it has published its first environmental, social and governance report which contains three key execution plans under a slogan of “Grow Sustainably, GS.” The company said the slogan illustrates the firm’s willingness to make long-term growth which is flexible to social changes in terms of its sustainability execution plans. The plan seeks to reduce, improve and innovate rather than chasing after ef

Industry June 22, 2022

The successful launch of South Korea’s homegrown space rocket Nuri, officially the Korea Space Launch Vehicle-II, on Tuesday added the country as the seventh nation in the world to have developed a space launch vehicle that can carry a satellite of more than 1 ton. The list begins with Russia, the US and France. China, Japan and India later joined the exclusive club of spacefaring nations. Since initiating its first space rocket development mission in the early 1990s, it took nearly 30 y

Industry June 21, 2022

LS Cable & System Asia, LS Group’s cable manufacturing unit, said Tuesday that it has delivered fiber optic cables manufactured in Vietnam to the country’s largest telecommunications operator Viettel.  The latest deal with state-run Viettel comes amid soaring demand. LSCV had set up infrastructure and facilities for producing optical cables in Vietnam in 2015. Fiber optic cables, network cables which contain strands of glass fibers inside insulated casing, are designed for

Industry June 21, 2022

A sketch released on Tuesday shows the design concept of Hyundai Motor’s new electric vehicle Ioniq 6.  Hyundai Motor said Ioniq 6 will have streamliner design typology called Electrified Streamliner, with simple lines and aerodynamic form, reflecting its commitment to fulfill both aesthetic and functional aspects of an EV. Built on the carmaker’s Electric Global Modular Platform which is developed to provide an optimized wheelbase and interior design, Ioniq 6’s full de

Mobility June 21, 2022

South Koreans experienced the greatest economic pain in May largely due to soaring consumer prices and higher unemployment rates, according to data on Monday.  The nation’s “misery perceptions” index, calculated by adding the seasonally adjusted jobless rate to the annual inflation rate, stood at 8.4 in May, said Rep. Kim Hoi-jae of the main opposition Democratic Party of Korea, quoting data compiled by Statistics Korea. It was the highest figure in 21 years since it ma

Industry June 20, 2022

Driving a small electric vehicle in the pouring rain isn’t always pleasant. But the second generation Kia Niro EV has proven that even a small EV can be stable and smooth under slippery conditions. Running on front-wheel drive, the battery-powered compact vehicle seemed to have an edge for driving in extreme weather conditions over rear-wheel drive vehicles. It comes with a 150-kilowatt or 204 horsepower single electric motor, enough for an average electric battery SUV. During a 92-kilom

Mobility June 19, 2022

Posco International, the trading arm of Posco Group, is seeking to triple sales at two of its gas fields in Australia by 2025 by leveraging its recently acquired Australian energy company Senex Energy, the Korean firm said Thursday. Posco International CEO Joo Si-bo visited the Senex Energy headquarters on Tuesday and Wednesday to look around the natural gas plants and meet with employees there, the company said. Joo also met with Posco International’s partner firm, Hancock Energy, to di

Industry June 16, 2022

The country’s unionized cargo truckers ended a weeklong strike and returned to work Wednesday after reaching a tentative late-night agreement with the government on the extension of a minimum wage system based on a freight rate. The sit-in protest, which caused a major supply disruption across the country, has left industrial businesses with a damage bill worth some 2.5 trillion won ($1.93 billion), companies said. Of them, steelmakers saw the most damage at 1.15 trillion won, followed b

Industry June 15, 2022

The unionized cargo truckers’ continued strike is putting South Korea’s trade competitiveness at risk, business representatives said Tuesday, stressing that not only big companies, but also small firms, would face a bigger burden.　 “Followed by auto chip shortages and global shipping issues over the Russia-Ukraine war, the price of raw materials has already soared to the top level,” said Yoon Kyung-sun from the Korea Automobile Manufacturers Association at a press confer

Industry June 14, 2022

The ongoing strike by unionized cargo truckers which began last week appears to have caused at least 1.6 trillion won ($1.2 billion) in losses, the Industry Ministry said on Monday. Carmakers may have seen some 257 billion won in losses as the sit-in protest paralyzed supply deliveries, preventing 5,400 vehicles from being produced. The estimated losses were calculated by setting the price of a sedan at 47 million won. The steel industry has estimated its losses at 697 billion won for the las

Industry June 13, 2022

A promotional image unveils the entire exterior of SsangYong Motor's new mid-sized SUV Torres. Under the brand slogan, “Adventurous,” the SUV maker mixed retro and future-oriented design elements while securing a large cargo space of up to 703 liters, capable of storing four caddie bags and more.  Other technological features like Lane Keeping Assist and Forward Collision Warning have been added as standard options. The price ranges between 26.9 million won and 30.4 million wo

Mobility June 13, 2022