BYD's K9JEJUDO ISLAND -- Chinese electric vehicle maker BYD is set to make a foray into the market, armed with its electric bus K9, a company executive said.“We are set to enter the fast-growing electric auto market in Korea with our battery-powered bus K9 after forming a partnership with local tech company Suncore,” Liu Xueliang, BYD’s Asia-Pacific general manager, said in an interview with The Korea Herald during the 3rd IEVE. BYD, which started its battery-making business in 1995, has grown i

Mobility March 20, 2016

JEJUDO ISLAND -- Hyundai Motor, the nation’s largest automaker, unveiled its pure electric vehicle version of Ioniq, the company’s first dedicated eco-car platform, at the 3rd International Electric Vehicle Expo in Jejudo Island on Friday. “Ioniq Electric boasts of the longest range among electric cars on the road and advanced driving performance,” the Korean automaker said in a press release.Hyundai Motor's Ioniq Electric (Hyundai Motor)Hyundai’s first pure electric car is able to travel up to

Mobility March 20, 2016

JEJUDO ISLAND -- Samsung SDI, the nation’s leading electric vehicle battery cell maker, showcased its high-efficiency and high-density EV battery cell-making technologies at the international expo that kicked off on Jejudo Island on Friday. Samsung SDI, which joined the event for the first time this year, set up a booth to display its latest EV battery technology and electric vehicle business ecosystem including cells, modules, packs and battery-powered cars.“We expect visitors at the booth to g

Mobility March 20, 2016

JEJUDO ISLAND -- Renault Samsung Motors, which topped in sales of EVs in Korea last year, seeks to double the sales this year, the newly appointed chief executive said during a press day for the 3rd IEVE in Jejudo. “We plan to sell 2,000 units of SM3 Z.E. in the domestic market this year and half of them will be supplied to Jejudo Island, an ideal test bed for EVs,” said Park Dong-hoon, CEO of French carmaker Renault’s Korean unit. Renault Samsung’s marquee EV SM3 Z.E., which ranked No. 1 with s

Mobility March 20, 2016

President Park Geun-hye and Hyundai Motor vice chairman Chung Eui-sun (second from left) visit the carmaker’s Ioniq Electric production line Friday in Asan, South Chungcheong Province. (Yonhap)JEJUDO ISLAND -- South Korea’s top automaker Hyundai Motor unveiled its electric vehicle in the lineup of its green car brand Ioniq during the 3rd International Electric Vehicle Expo that opened in Korea’s southern resort island on Friday. “Eco-friendly and highly fuel-efficient models are becoming key fac

Mobility March 18, 2016

(Yonhap)JEJUDO ISLAND -- More than 140 electric car and parts makers gathered on Jejudo Island to showcase their latest green auto technologies. Global carmakers including Hyundai Motor, Renault Samsung Motors, BMW and Nissan are set to join the 3rd International Electric Vehicle Expo, which began on Friday for a seven-day run.The nation’s largest automaker Hyundai Motor unveiled its new electric vehicle Ioniq Electric. It is the latest model of Hyundai‘s Ioniq, which was first revealed at the G

Mobility March 18, 2016

Korean media and lifestyle company Herald Corp. signed an agreement with the Korean arm of World Green Building Council on Tuesday to jointly promote eco-friendly buildings. Herald Corp. CEO Lee Young-man (fourth from right) and KGBC chairman Kim Hway-suh (fourth from left) pose after signing a partnership agreement at the Herald Corp. headquarters on Tuesday. (Lee Sang-sup/The Korea Herald)“Together, we hope to introduce more Koreans to the concept of green buildings,” Kim Hway-suh, chairman of

Industry March 16, 2016

Pyeongtaek Port aims to lead Korea‘s ports and logistics industry by strengthening a partnership with Chinese companies and focusing on the port’s hinterland complex. “We have a goal of handling a total volume of 600,000 20-foot (6.1 meters) equivalent units this year,” Choi Gwang-il, CEO of Gyeonggi Pyeongtaek Port Corp. said in an interview with The Korea Herald this week.  Choi Gwang-il, CEO of Gyeonggi Pyeongtaek Port Corp.“In order to achieve the goal, we will continue to strengthen the par

Industry March 16, 2016

Korea ranked fifth in the world in terms of superrich business tycoons who inherited their wealth instead of making their own fortune, a think tank report showed. According to the Peterson Institute for International Economics, 74.1 percent of the 30 Korean billionaires inherited their fortune -- more than double the global average of 30.4 percent.The report said the proportion of Korean billionaires who amassed their fortune through inheritance stayed unchanged over the past two decades. Meanwh

Industry March 15, 2016

As China’s merger and acquisition deals in South Korea are hitting a record high, concerns are growing over possible technology leaks and China’s increasing M&A debt, which may hurt local industries. According to a report released Monday by the Korea International Trade Association, the number of Korean firms purchased by Chinese companies stood at 33 in 2015, a threefold increase from the previous year. The volume rose 128 percent to $1.9 billion during the same period, the report said.Over the

Industry March 14, 2016

TIRE SERVICE CENTER GOES HIGH-END -- Hankook Tire has opened its second luxury service studio named “Luxtudio” in Busan. “Luxtudio” -- a combination of the words “luxury” and “studio” -- is designed to provide specialized premium services for clients with luxury imported cars. The space is fitted with equipment for ultra-high performance tire and wheel alignment apparatus. (Hankook Tire) (Hankook Tire)

Mobility March 13, 2016

The recent controversies involving Mercedes-Benz Korea have not come in the way of its aggressive growth plans, with the luxury carmaker all set to entice local customers with its tempting new models.Despite the recent fuss about tax returns on vehicle sales and transmission changes for its best-selling S350 model, the German company is confident of dethroning its competitor BMW -- after a decade -- as the largest imported car brand this year. It has already bagged the top spot in the first two

Mobility March 13, 2016

GM Korea and its labor union have launched a joint task force that aims to support the company in achieving its goal of double-digit market share in 2016, the automaker said on Sunday. It is rare for the Korean unit of GM to gain cooperation from the labor union to achieve sales increase. (Yonhap)According to GM Korea, the task force will also include representatives from other areas, including domestic sales and government relations. It will have the authority to implement ideas approved at reg

Mobility March 13, 2016

The French carmaker Renault named Park Dong-hoon, the vice president of its Korean unit Renault Samsung Motors, as its new CEO, on Friday. It is the first time in Renault Samsung’s 16-year-history -- since its inception in 2000 – that it will be led by a Korean CEO. The current CEO Francois Provost has been promoted to Renault’s senior vice president of China operations. In addition, he will lead the Dongfeng Renault Automotive. Provost is also waiting for an approval of his seat in the board of

Mobility March 13, 2016

The recent rebound in international oil prices is brightening the business outlook for South Korea’s shipbuilding industry, which posted its worst performance last year. Crude prices, which have plummeted 70 percent since June 2014, rose to around $38 per barrel on Friday, the highest in three months, as optimism returned. (Yonhap)The Paris-based International Energy Agency said Friday that oil prices “may have bottomed out,” citing that Iran’s return to oil production has had a less dramatic im

Industry March 13, 2016