Sports utility vehicles (SUVs) accounted for more than 70 percent of Hyundai Motor Group’s cars sold in the United States. They have higher margins per unit than sedans, so Hyundai Motor Group’s profitability is also expected to grow significantly.Hyundai Motor Company (including the Genesis brand)
Yoshida Kenichiro, chairman of Sony, recently visited Samsung Electronics in strict secrecy in return for a visit to Japan by Samsung Electronics President Kyung Kye-hyun (head of the DS Division) last year. Samsung Electronics, which has expressed its will to actively target the automotive memory s
FILA Holdings has been selected as a “2023 ESG Top-Rated Company” by global environmental, social, and governance (ESG) evaluation agency Sustainalytics, a subsidiary of American financial service provider Morningstar.Sustainalytics annually evaluates and publishes ESG Risk Ratings for more than 15,
Hankook & Company, the holding company of Hankook & Company Group (formerly Hankook Tire Group), is strengthening its digital innovation capabilities through the acquisition of autonomous driving technology from driving data startup, 3Secondz.Founded in 2016 by CEO Kim Jae-woo from KAIST, startup 3S
The KF-21 Boramae, a Korean fighter jet, overcame the U.S. government’s refusal to transfer technology and started flying with an active electronically scanned array (AESA) radar of Korea’s own development. AESA radar is like the eye of fighter jets.According to Hanwha Systems on March 6, the KF-21
HMM announced on March 6 that it will provide free shipping services for Korean relief goods and residential container boxes to Türkiye, which has suffered from recent massive earthquakes.HMM, the only Korean shipping company providing regular European services, started transporting relief supplies
With bilateral relations between South Korea and Japan expected to improve, the number of South Koreans visiting Japan is increasing along with Japanese automakers’ sales volumes in South Korea.In January this year, the number of such people was 683,038, the largest since the outbreak of COVID-19. T
The central banks of South Korea and Indonesia extended their 10.7 trillion won (US$8.24 billion) currency swap agreement on March 6. The new contract period is until March 6, 2026.The two countries signed their first currency swap agreement in 2014 and extended it in 2017 and 2020.At present, South
The Bank of Korea announced on March 6 that South Korea’s foreign exchange reserves totaled US$425.29 billion at the end of February.The reserves increased for three months in a row until January to reach US$429.97 billion at the end of that month. According to the central bank, last month’s decreas
The Ministry of Employment and Labor repealed the 52-hour workweek so that work hours can be managed on a monthly, quarterly, half-yearly or yearly basis. According to new rules, 69 hours is now the maximum per week. Employer organizations welcomed the announcement.“52-hour workweek has hindered fle
Approximately 25,000 airplanes are in operation in the private sector around the world and the Boeing 737 makes up about 45 percent of them. In most cases, the rear fuselage of the Boeing 737 is made in South Korea, by ASTK in Sacheon to be specific.At present, more than half of Korean Air’s planes
The New York Times reported that South Korea’s defense industry is benefiting greatly from the war in Ukraine.According to the report, arms exports from South Korea hit an all-time high of US$17.3 billion last year, up 140 percent from a year ago, and those include US$12.4 billion of contracts concl
Trade, Industry and Energy Minister Lee Chang-yang expressed concerns over the U.S. CHIPS Act and remarked that the South Korean government would keep talking with the United States to reduce disadvantages and uncertainties.“According to the act, qualifications for subsidies and incentives are too w
The Incheon Free Economic Zone (IFEZ) Authority announced on March 6 that IFEZ Brochure, a comprehensive promotional booklet for the IFEZ, recently won the Bronze Prize at the Mercury Excellence Awards evaluated as one of the world’s top three promotional material contests.Celebrating its 36th anniv
SPC Samlip announced on March 6 that it has signed a partnership agreement with Siam Makro, a distribution affiliate of Thailand’s CP Group, to advance into the Thai bakery market.SPC Samlip held a signing ceremony in honor of signing the partnership agreement on a joint bakery business with Siam Ma
Korean battery makers which have been struggling in a battery price war with their Chinese competitors have begun to strike back. SK On succeeded in producing a prototype of lithium ferrophosphate (LFP) batteries in which China had previously taken the lead. The Korean battery maker even addressed t
Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry and SK Group, met with the prime ministers of Spain, Denmark, and Portugal in his role as a presidential envoy to ask for the three nations’ support for Busan’s bid to host the 2030 World Expo.The Korea Chamber of Commerce and Indu
Daewoo E&C announced on March 3 that it has submitted the Provisional Acceptance Certificate (PAC) for the Ras Djinet Combined Cycle Power Plant (RDPP PJ) ordered by the Algerian Society of Electricity Production.Ground was broken for the construction of the power plant at the end of 2012, but the c
U.S. Secretary of Transportation Pete Buttigieg toured the construction site of BlueOval SK’s Kentucky plant in Glendale, Kentucky of the United States on March 3 (local time) and had a meeting with employees at the site.The ceremony was attended by SK On and Ford officials including Lee Jong-han, C
Australian analysts have said that Hanwha Aerospace’s Redback is a strong candidate to win an Australian armored vehicle project that costs about 23 trillion won (US$17.73 billion).Australian military authorities evaluated that the Australian-type armored vehicle Redback of Hanwha Aerospace was ahea