Hyundai Motor Group will construct a liquefied natural gas (LNG) cogeneration facility inside its automotive manufacturing plant in Ulsan to secure a stable power supply while reducing energy consumption and greenhouse gas emissions. According to the carmaker on Monday, it plans to digest over 70 percent of annual electricity used at the country’s largest automotive plant through the new LNG power facility. The new facility, comprising two gas turbines and one steam turbine, will have th

Mobility May 9, 2022

Hyundai Motor Group said Friday its future mobility unit, called Hyundai New Horizons Studio, has opened a new research center in Bozeman, Montana.  With about 25 billion won ($20 million) being invested, the center will serve as the unit’s headquarters and oversee the development of “Ultimate Mobility Vehicles” or UMV for the South Korean auto giant’s futuristic push.  Hyundai New Horizons Studio, established in September 2020, aims to redefine transportatio

Industry May 6, 2022

SK Group’s telecom carrier SK Telecom and investment unit SK Square are investing 50 billion won ($39 million) in game maker Haegin to strengthen its competitiveness in the AI and metaverse service, companies said Friday.  With each contributing 25 billion won, the two ICT subsidiaries of SK Group will step up as the third largest shareholder of Haegin.  Haegin, a games company established in 2017 by Lee Young-il, has launched four games globally such as Play Together, a Korea

Industry May 6, 2022

James Kim, chairman and CEO of the American Chamber of Commerce in Korea, shared his insight into doing business in the US at the Global Business Forum, highlighting the need to understand the two countries’ different dynamics. The forum was hosted by The Korea Herald on Wednesday in Seoul. In his special lecture, titled “Act to Win: How to Connect Korea and the US,” he said Korean companies should understand their selling points to expand business opportunities in the US, es

Industry May 5, 2022

Flying is a common mode of transport when it comes to domestic travel. Whether it’s for business or pleasure, people need to travel to the nearest provincial airport to visit other cities. That’s an extra one or two hours of traveling, in addition to the flight time. But according to Plana, a South Korean startup dedicated to building vertical takeoff and landing aircraft powered by hybrid e-powertrains, UAM can dramatically reduce travel time, as they can easily take off inside t

Mobility May 5, 2022

HDC Group Chairman Chung Mong-gyu said Wednesday that HDC Hyundai Development Co. would demolish and rebuild an apartment complex in Gwangju that claimed nine lives in January from a fatal collapse caused by loose safety.  “Following the request of residents who were expected to move in to the apartment complex in Gwangju, HDC Hyundai Development Co. decided to entirely demolish all of eight buildings of the complex and rebuild I-Park from scratch,” said Chung during a press c

Industry May 4, 2022

The president of South Korean flag carrier Korean Air on Tuesday called for lifting rules that obligate passengers to submit PCR test results before departure and on arrival here. Referring to other countries that have entirely scrapped COVID testing for travelers from April, Woo Ki-hong, the president of Korea Air, said the South Korean government has hampered local air carriers’ efforts in resuming their international operations. “Other airlines have expanded up to the 90 percent

Industry May 3, 2022

South Korea’s used car market, which has long been dominated by brick-and-mortar dealers, is bracing for a major change after large companies, especially carmakers with extensive sales networks and quality control systems, have gotten the green light to enter the market starting next year.  Industry watchers are pinning high hopes on the fresh entry of large companies -- the outcome of a 10-year tug of war -- to drastically improve transparency in the whole transaction process to be

Industry May 1, 2022

Hyundai Glovis, a logistics unit of Hyundai Motor Group, said Sunday it is launching a new smart logistics business supplying cutting-edge solutions for clients to better respond to the latest tech trends and improve operational efficiency overall.  The market for smart logistics solutions, based on diverse technologies such as artificial intelligence, big data and robotics, is fast growing on the robust demand for larger and more sophisticated warehouses, especially for the burgeoning e-

Industry May 1, 2022

Posco’s cultural complex space Park1538 located in Pohang, North Gyeongsang Province, has won International Forum Design Awards, the steel giant said Sunday. In the category of urban, landscape design and wayfinding system, Posco’s Park1538 has been recognized by the Germany-based forum for integrating its headquarters, company memorial, visitor center and parks, converting the whole site into open and public space under concept of sustainable connection and autogenous vitalization

Industry May 1, 2022

Hanwha Group Chairman Kim Seung-youn on Wednesday met with Edwin Feulner, the founder of the Heritage Foundation, a Washington-based policy think tank, in Seoul and exchanged views on ongoing geopolitical issues affecting the global economy. 　 The latest meeting between Kim and Feulner took place as the American scholar visited Seoul for a conference. The two have maintained their friendship for over 40 years, according to officials. The two discussed a wide range of issues from price hikes o

Industry April 28, 2022

Hyundai Mobis, the auto parts making unit of Hyundai Motor Group, said Wednesday it had tapped Yukihiro Hattori and Ryoichi Adachi as president and vice president of Hyundai Mobis Japan to strengthen sales and the intake of orders there. Hattori, who most recently served as director of purchases at Mitsubishi Motors, and Adachi, who had supervised purchases at Mazda Motor, will respectively oversee sales and orders, the Korean firm said.  “They have over 40 years of experience at J

Mobility April 27, 2022

Kia unveiled the design and the functions of its first purpose built vehicle Niro Plus, which has been developed based on its flagship electric vehicle Niro EV. The carmaker said Niro Plus, the spinoff version of Niro EV which has been launched in 2018 also as hybrid and plug-in hybrid models, has been invented to satisfy customers’ various needs. The vehicle comes in two variations: A model dedicated for taxi drivers and another one designed for individual purposes or corporate use. I

Mobility April 27, 2022

GS Engineering & Construction’s UK-based modular building pod manufacturing affiliate Elements Europe has clinched a deal to construct a 23-story hotel in London, the Korean builder said Tuesday. As the main contractor and pods and modules supplier, Elements Europe said it will start the construction within this year, targeting for the completion by second half of 2024. The building comprises of two basement floors, five floors for an office area and seven floors for a hotel. 

Industry April 26, 2022

The market for in-car subscription services such as high-end functions like autonomous driving and entertainment systems could be more profitable than selling new cars for carmakers, market data showed Monday, illustrating reason why major carmakers are moving to develop their own software and in-car programs. According to the Korea Automotive Technology Institute (KATECH) report, the world’s top 11 finished carmakers and EV maker Tesla have garnered an average of $109 billion of their a

Mobility April 25, 2022