Hyundai Motor Group Executive Vice Chairman Chung Euisun is set to take the helm of the nation’s largest automaker through the group’s emergency board meeting on Wednesday morning, according to industry sources on Tuesday. This promotion is interpreted as reflecting growing concerns that a chairman should lead the group and has responsible management as the automobile industry has been suffering...

Hyundai Motor Group said Tuesday it had begun the construction of its open mobility innovation center in Singapore. The automaker held an online groundbreaking ceremony for its new global lab called Hyundai Motor Group Innovation Center in Singapore, or HMGICS, at Hyundai-Kia Motors Namyang R&D Center and Jurong Town Hall in Jurong, in western Singapore. The ceremony was held online by connecti...

Posco International said Tuesday that it has won an order for electric vehicle parts from Vietnam’s automotive manufacturer VinFast in partnership with Korean parts firm Erae AMS. It is the first time for the trading company to supply auto parts to VinFast. Vinfast is Vietnam’s first automaker, with investment from Vietnamese conglomerate Vingroup. The halfshaft supplied to VinFast is a componen...

The Federation of Korean Industries said Monday it submitted to the government its opposition to the introduction of punitive damages compensation and class action lawsuit systems. The opposition came as the government had announced an amendment to the Commercial Law last month to more precisely monitor conglomerates in the form of allowing class action suits, something that had not been legally...

On recent orders from Greek shipping companies, South Korea’s shipbuilding industry regained the No. 1 spot from China in the third quarter of this year, data showed Sunday. According to UK-based market research firm Clarksons Research, Greece placed orders for 18 ships worth 589,421 compensated gross tonnage from Korean shipbuilders this year, accounting for 20.7 percent of Korea’s total orders...

Another new feature about the S90 is its eco-friendly powertrain. The new S90 is the first vehicle after Volvo declared in July that it would switch to hybrid instead of selling pure diesel and gasoline cars in all models. With a 48-volt mild-hybrid system, the engine started with very little vibration and little noise. Even when driving at 100 kilometers, the noise from the car body was not lou...

At nighttime, Euljiro 4-ga in Seoul, long a home to craftsmen and hardware shops, takes on a wholly different look from the day. Walking the streets in the area during the day, you can see a variety of small shops selling ironware, wood, tool supplies and household goods such as lighting and tiles, as well as craftsmen with decades of experience. The streets ring with the roar of machines, and v...

Hyundai Mobis said Wednesday it invested $25 million in Envisics, a UK-based augmented reality head-up display provider. The auto parts company has been making investments in autonomous driving and electrification over the last three years in response to the growing need for self-driving cars. The augmented reality head-up display, or AR HUD, is a next generation safety convenience feature that ...

Posco International said Wednesday it has supported local parts manufacturers struggling from the pandemic. The nation’s largest trading company said it recently provided 1 billion won ($861,000) in export growth funds to Hanmea Adm, a steel parts manufacturer that produces aluminum products to reduce car weight, in cooperation with the Export-Import Bank of Korea. The funding is the result of ...

Hyundai Glovis said Tuesday it set up a new branch in Kazakhstan and signed a seven-year transportation business deal with local beverage firm RG Brands, its first move to target the logistics market in Central Asia. RG Brands, established in 1994, ranks second in the local beverage market. Under the partnership, Hyundai Glovis is set to carry out transportation business in Nur-Sultan, capital ...

LS Cable & System said Tuesday it completed construction of its second telecommunications plant in India and has doubled production capacity of communications parts. LS Cable plans to foster LS Cable & System India, or LSCI, as a specialized production base for communications harness to respond to India’s rapidly growing domestic market and target overseas markets such as Europe and North Ameri...

SK Group Chairman Chey Tae-won will hold his first face-to-face meeting with group management since the pandemic this month. According to industry sources, Chey and CEOs of SK Group’s major affiliates will gather on Jeju Island to hold its annual meeting CEO seminar and to discuss next year’s management strategies. SK Group said it has not yet finalized a schedule for the annual event. Every ye...

However, the two automakers are betting big on EVs next year. Hyundai plans to release medium-sized crossover utility vehicles Ioniq 5 and Genesis JW, which are made with electric vehicle production platforms called E-GMP next year. It will also release an electric vehicle version of Genesis G80. Kia Motors is also planning to release a new EV tentatively called CV. It is set to release seven el...

As Shinsegae Group heirs Chung Yong-jin and Chung Yoo-kyung became the largest shareholders of the group’s retail and department store units, respectively, upon receiving shares as gifts from their mother, they are expected to pay a combined 300 billion won ($256 million) in gift taxes, according to the industry. According to a regulatory filing on Monday afternoon, Shinsegae Group Chairwoman Le...

NEW GENESIS IN CAMOUFLAGE -- Genesis unveiled its first GV70 teaser image wrapped in camouflage Tuesday. Genesis emphasized the brand’s identity by attaching the G-Matrix pattern camouflage film to the GV70. The GV70 is the fifth vehicle in the Genesis lineup, and is a rear-wheel-drive-based luxury midsize sport utility vehicle. (Hyundai Motor)