Chung Euisun became the official chairman of Hyundai Motor Group on Wednesday, seizing full control at a critical juncture when the manufacturing mammoth is positioning itself as a mobility solutions leader. The group said Hyundai Motor, Kia Motors and Hyundai Mobis had held an extraordinary board meeting in the morning and unanimously approved Chung’s appointment as chairman. His father -- outgoing Chairman Chung Mong-koo, under whose leadership Hyundai Motor Group has grown into the w

Mobility Oct. 14, 2020

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 from the recent coronavirus. His father Chung Mong-koo, 82, who was hospitalized in J

Mobility Oct. 13, 2020

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 connecting the venues in the two countries by video link in consideration of the COVID-19 situation. Th

Mobility Oct. 13, 2020

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 component that acts as a drive shaft in an electric vehicle. The product is to be supplied from

Industry Oct. 13, 2020

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 allowed in the country before. The FKI estimated that if the government’s legislative notice

Industry Oct. 12, 2020

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 this year and making Greece the No. 1 source of its orders. During the same period,

Mobility Oct. 11, 2020

With the launch of the facelifted luxury sedan S90 in Korea, Swedish automaker Volvo has thrown down the gauntlet to the German automotive brands that dominate the nation’s executive car market. In the executive car market, or E-segment, Koreans are avid buyers of German brands, such as the Mercedes-Benz E-Class, BMW 5-Series and Audi A6. The three models have a combined 77 percent share in the nation’s luxury E-segment market. Volvo, which boasts strong sales in sport utility

Mobility Oct. 11, 2020

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 various tools and tiles wait for customers. When night falls and the metal and acrylic shops pull

Culture Oct. 10, 2020

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 matches driving information with the road ahead in real-time and projects it onto the windshield. &

Mobility Oct. 7, 2020

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 the firm’s business partnership with Eximbank and Seoul Guarantee Insurance in May to bu

Industry Oct. 7, 2020

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 of Kazakhstan, and major cities such as Almaty and Shymkent. Its main task is to deliver produc

Mobility Oct. 6, 2020

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 America. A communications harness is a cable component that connects mobile communications

Industry Oct. 6, 2020

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 year, the meeting has been attended by Chey and his family members, including Senior Vice

Industry Oct. 5, 2020

The electric vehicle competition in South Korea is becoming fiercer with more local and foreign automotive brands launching their new electric cars in line with government support and the global environmental trends. In the first half of this year, 22,267 electric vehicles were sold here, up 23 percent from the same period last year, according to the Korea Automobile Manufacturers Association, although sales of EV passenger cars among them slightly declined 2.7 percent. The surge was mainly

Mobility Oct. 3, 2020

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 Lee Myung-Hee donated an 8.22 percent stake in E-mart to her son, Yong-jin, and an 8.22 percent

Industry Sept. 29, 2020