Hyundai Motor Company is recalling about 90,000 Genesis vehicles in the United States due to the risk of engine fire.Hyundai Motor America is recalling a total of 90,907 vehicles, including the 2015-2016 Genesis, the 2017-2019 Genesis G80-G90, and some 2019 Genesis G70 cars, according to the Nationa
This year it is projected that the annual overseas construction contract orders for South Korean companies will reach US$40 billion. It is expected that the contract amount will expand compared to previous years through projects such as nuclear power plants, renewable energy, and investment developm
The Financial Supervisory Service (FSS) is planning to broaden the range of corporate disclosures accessible to foreign investors in real-time and to introduce a new service exclusively in English called “English Open DART” by the end of the year.On Feb. 18, the FSS announced the road map for improv
The presidential office stated regarding Cuba, with which diplomatic relations have recently been established, that “as a major reserve of nickel and cobalt, which are essential for secondary battery production, Cuba holds significant potential for cooperation in mineral supply chain sectors.”Accord
K-pop powerhouse ENHYPEN has just dropped their Spotify K-Pop ON! (온) Single featuring their soul-stirring rendition of “I NEED U” by BTS. Produced and released as part of Spotify’s K-Pop ON! (온) First Crush campaign, the track is the first of three Spotify-exclusive covers by a stellar line-up of K
As the global political environment is expected to change due to elections in major countries, Korean industries discussed trade issues such as global policy responses with the Korean government. Companies submitted recommendations to the Korean government on trade issues, including difficulties in
Global sales of hydrogen vehicles fell more than 30 percent in 2023 from the previous year. The decline was largely due to a slump in sales of Hyundai Motor which ranked first in the global hydrogen vehicle sales standings and held the majority of the global hydrogen vehicle market share.The total n
HMM has said that the shipping company will respond to a slump in the shipping industry by using super-large ships and boosting sales efficiency, but external variables are expected to impede the sale of the company.According to a 2024 maritime and fisheries outlook report released on Feb. 15, the K
Korea Western Power (KWP) has secured a landmark solar power project in the United Arab Emirates (UAE), marking the first time a South Korean company has won such a large-scale solar power project in the country. This project represents the largest single solar power project ever won by a Korean com
Korean forklifts set a new export record last year, benefiting from the increased demand for factory expansions in North America due to supply chain restructuring.According to the Customs Service’s export and import trade statistics on Feb. 14, Korea exported forklifts (forklift trucks and industria
Executives and experts from domestic e-commerce companies such as Coupang are collaborating to develop strategies in response to the aggressive expansion efforts of Chinese e-commerce platforms including AliExpress and Temu.According to industry sources on Feb. 14, the Ministry of Trade, Industry an
On Feb. 14, President Yoon Suk-yeol stated, “We will strive to position South Korea as the most favorable destination for businesses worldwide.”President Yoon hosted a luncheon meeting with foreign investment company representatives at the Korea Chamber of Commerce and Industry building in the Jung
News about BYD’s entry into South Korea has drawn attention to changes in the share of the South Korean electric vehicle market dominated by Hyundai Motor. BYD is a Chinese electric vehicle maker. Experts predict that BYD’s price competitiveness will play a big role in determining its success in the
Korean shipbuilders lagged behind Chinese shipbuilders to take second place in global ship orders in January.Global ship orders totaled 2.57 million CGT (96 ships) in January, down 26 percent year on year, according to Clarkson Research, a U.K.-based shipbuilding and shipping market research firm. O
The number of employment insurance holders rebounded for the first time in seven months in January. However, one third or more of the increase was among foreign workers.The figure also shrank in the manufacturing industry with the exclusion of foreigners. It had been on the wane for four months sinc
The global electric vehicle battery market, excluding China, has continued its strong growth trend, reaching close to 40 percent growth last year. While the battery usage by the three major K-battery companies increased significantly, their market share saw a slight decline.According to SNE Research
Hyundai Motor and Kia Corp. are looking to ramp up their market shares by introducing more than five new electric vehicle models this year. The electric vehicle market, which grew rapidly, has slowed down somewhat, but the two automakers are expediting their electrification transition with the new m
The European Union (EU)’s decision to approve a Korean Airlines-Asiana Airlines merger is fast approaching, drawing more attention from the airline industry. While many experts believe that approval will be given with some conditions, a formal outcome has not come out, keeping both airlines on edge.
China is dominating the global battery market backed by overwhelming growth in its home market. Stopping China’s rise in the global battery industry has become a big challenge for Korea, which ranks second in the market behind Chinese companies as well as the United States and Europe.Six of the worl
Korea’s four major oil refiners are posting a gradual drop in their exports to China. They are diversifying their export destinations to Australia, Japan, and other countries to fill the void. China used to be Korea’s top petroleum product export market.According to the Korea National Petroleum Asso