(Hyundai Motor)Hyundai Motor held its third urban racing event, the Brilliant Motor Festival, on a city circuit in Songdo International Business District, Incheon, over the weekend as part of its ongoing push for performance carsAccording to the carmaker, the annual event, the nation’s only in-city racing competition, attracted around 150,000 visitors this year, up from last year’s some 100,000 visitors.“We will continue to ramp up our efforts to create the nation’s motorsports culture that is s

Mobility May 22, 2016

Architectural design experts will gather in Naju, South Jeolla Province, to attend the eco-friendly design symposium, which kicks off on Friday under the theme “Healthy, Smart, Zero Energy Housing.”The conference is co-organized by the Korea Green Building Council and the Gwangju regional arm of the Architectural Institute of Korea. “The symposium will be a venue where experts talk about the direction of future eco-friendly architecture and smart cities,” said a KGBC spokesperson Around 500 spec

Industry May 19, 2016

State-run Korea Electric Power Corp. will set aside 2 trillion won ($1.6 billion) to create a fund for backing new energy businesses, the government announced Thursday. “Korea needs to make bold investments and purse technology development in new energy businesses in a bid to create the nation’s new growth engine and respond to climate change,” said Kim Sung-yeol, chief of electricity promotion division at the Ministry of Trade, Industry and Energy. (Yonhap)The active role of KEPCO -- which is r

Industry May 19, 2016

Lim Young-deuk, executive vice president of Hyundai Motor’s international plant support division, has been appointed new chief executive of Hyundai Mobis, an auto parts affiliate of Hyundai Motor Group, the company announced on Wednesday. Lim, 60, will take office on Thursday, replacing the incumbent CEO Chung Myung-chul, who has been transferred as an adviser of the auto parts maker.  Hyundai Mobis’ new CEO Lim Young-deuk (Hyundai Mobis)The new head formerly served as chief of Hyundai Powertech

Mobility May 18, 2016

Although diesel cars have retained the sales crown in Korean auto market over the past few years, signs of a slowdown are starting to show with consumers looking at wider options following a series of emissions scandals and the government’s push to regulate toxic nitrogen oxide emitted by diesel engines. Until last year, diesel-powered cars accounted for more than 50 percent of the local auto market after growing fast from 30 percent in 2010 thanks to its high fuel-efficiency and government back

Mobility May 18, 2016

The South Korean government Monday denied it has finalized plans for shutting down the state-run Korea Coal Corp. due to declining profitability. “The government is currently mapping out a restructuring blueprint for state-run energy organizations, but nothing has been confirmed now,” said the Ministry of Commerce Industry and Energy in a statement. “Closing down coal mines is not possible without a mutual agreement between the workers and management.” The ministry released an official statement

Industry May 16, 2016

Alarm bells are ringing in the imported foreign car market that has enjoyed double-digit on-year growth over the past six years, as sales have declined by 4 percent in January-April from the same period last year.Industry watchers said the downward trend has resulted from weaker sales of the three German car brands which dominate the market, growing distrust of inconsistent vehicle pricing and a stricter law on taxation of company vehicles. Among them, the slowdown of diesel-powered German car s

Business May 15, 2016

The Seoul prosecutors’ office said on Friday it searched Audi Volkswagen Korea’s headquarters office and two of its PR agencies this week on allegations that the automaker cheated on its fuel-efficiency test results. “We have grounds to believe the test results submitted to the Korean government were rigged,” said the Seoul Central District Prosecutors’ Office, referring to documents sent to the related ministries in 2013 and 2014.  (Yonhap)The prosecution said it recently discovered a discrepan

Mobility May 13, 2016

The nation’s largest automotive company Hyundai Motor Group offered a peep into its wearable robot technologies. Photos, posted on the group‘s blog Friday, show wearable suits like those seen from “Iron Man” movies, although Hyundai’s don‘t cover the whole body. The wearer’s physical strength increases by simply donning them, according to the company. “The wearable robots, being developed with the aim of mass production, can be used for various purposes,” Hyundai Motor Group’s spokesperson told

Business May 13, 2016

KT, the nation’s second-largest mobile carrier, is likely to be chosen as electric vehicle maker Tesla’s partner for telematics technology solutions, according to industry sources familiar with the matter.“KT is highly likely to partner with Tesla to work in this field,” a source told The Korea Herald on Wednesday.Tesla reportedly plans to roll out its flagship models Model X and Model S in Korea early next year ahead of its release of less expensive Model 3 probably in 2018. Telematics technolo

Mobility May 12, 2016

Eight Korean duty-free operators have colluded to fix foreign exchange rates for the past five years, the nation‘s antitrust watchdog said Wednesday. The Fair Trade Commission said that it issued correction orders to the eight major duty-free shops run by Lotte, Shilla, SK Networks’ Walkerhill, Dongwha and the Korea Tourism Organization. According to the commission, the duty-free shop operators jointly decided the won-dollar exchange rate through phone calls from 2007 to 2012. The price-fixing e

Industry May 12, 2016

More than half the employees working in the nation’s automotive industry said they would consider a Tesla car for their future purchase of an electric vehicle, a survey found Wednesday. Blind, a social app provider that operates anonymous bulletin boards for employees of a specific company or an industry overall, conducted the survey on 164 members of its auto section. According to the survey, 53.7 percent of respondents said fully-electric vehicles would not become a general trend in the nation

Mobility May 11, 2016

SK Group chairman Chey Tae-won met with the visiting prime minister of Kuwait in Seoul on Tuesday to discuss partnerships, with the aim of speeding up its business in the Middle East. Chey and Prime Minister Jaber Mubarak Al-Hamad Al-Sabah agreed on cooperating in diverse sectors including energy, chemistry, new energy and infrastructure, a company official said.  SK Group chairman Chey Tae-won (left) talks with Prime Minister of Kuwait Jaber Mubarak Al-Hamad Al-Sabah on Tuesday (SK Group)“SK Gr

Industry May 10, 2016

The labor union members of Hyundai Heavy Industries have demanded that the world’s top shipbuilder allow them to participate in management amid a looming labor strife over restructuring.Union leader Baek Hyung-rok met the company’s chief executive Kwon Oh-gap on Tuesday to reportedly call for the right to choose an outside director, alongside negotiations over wage rise and job security that kicked off in the day.“We don’t expect such a right will significantly change the management system. It i

Industry May 10, 2016

Audi Korea unveiled the all-new luxury sedan Audi A4 in Seoul on Tuesday. The new sedan has 252 horsepower, a maximum torque of 38.0 kg.m. and a combined fuel efficiency of 12.5 kilometers per liter. The starting price of all-new Audi A4 is 49.5 million won ($42,185). (Audi Korea)

Mobility May 10, 2016