Jungheung Group Chairman Jung Chang-sun vowed Wednesday he would nurture Daewoo Engineering & Construction to become a top builder, as the acquisition process has recently been successfully completed. “We finalized the M&A process on Feb. 28 and this day will become a historic day for Daewoo E&C to start anew,” Jung said in his message to employees. “Now, as a family of Jungheung Group, we will take another big leap forward together.” In December last year,

Industry March 2, 2022

Hyundai Motor has shut down its manufacturing plant in St. Petersburg, Russia, on Tuesday for five days, citing a semiconductor shortage, the company's headquarters in Seoul confirmed. “The plant will be shut down temporarily due to supply disruption caused by a semiconductor shortage,“ an industry official said. "The decision has nothing to do with Russia and Ukraine.” According to local reports, the carmaker has also stopped its car deliveries to dealers. Hyundai sold

Industry March 1, 2022

Posco Group will invest 5 trillion won ($4.1 billion) in Gwangyang, South Jeolla Province, one of the steel giant’s two production bases, for the next three years, according to industry sources Tuesday. This year alone, an estimated 1.7 trillion won will be invested to beef up production of eco-friendly high-strength steels like electrical steels for cars, as well as to expand overall production capacity at the steelmaking complex in the region. Sources say the new investment plan come

Industry March 1, 2022

Kia announced Tuesday that its first dedicated electric vehicle EV6 has become the first South Korean car to be named the Car of the Year in the European Car of the Year awards. EV6 took the throne, beating out over 60 models launched in 2021 listed as candidates for the 2022 Car of the Year. Among the top seven finalists were Hyundai Ioniq 5, Ford Mustang Mach-E, Skoda Enyaq iV, Cupra Born, Renault Megane E-Tech and Peugeot 308. The Car of the Year was chosen by 61 auto journalists from 23

Mobility March 1, 2022

South Korea was the fifth-largest country in the world in terms of auto production last year, keeping its rank for the second consecutive year despite the chip shortage-triggered decrease in car manufacturing, data showed Monday. According to the Korea Automobile Manufacturers Association, the country produced some 3.46 million cars, a 1.3 percent decrease from the year before. KAMA explained that despite a global shortage of semiconductors, South Korea was able to minimize the decrease in out

Industry Feb. 28, 2022

Hyundai Motor said Friday that it has signed a memorandum of understanding with US energy giant Shell to speed up the popularization of electric vehicles and achieve carbon neutrality. Through this MOU, the South Korean auto giant hopes to actively promote its carbon-neutral goals and Shell hopes this serves as momentum for it to expand its green energy business. The two companies agreed to cooperate in establishing infrastructures for EV charging, coming up with low carbon-emitting solutions,

Industry Feb. 25, 2022

Hyundai Motor’s standalone luxury brand Genesis said Thursday it has started getting preorders for the Electrified GV70, a full-electric version of its mid-sized SUV GV70. The new car is priced at 73.32 million won ($61,232). With the government’s EV subsidies, local drivers can purchase the car for under 66 million won. Equipped with a 77.4 killowatt hour battery pack, the Electrified GV70 offers a range of up to 400 kilometers on a single charge. It can be charged up to 80 per

Mobility Feb. 24, 2022

Most companies with foreign investors in South Korea have not yet been able to make investment plans for this year, due to the prolonged COVID-19 pandemic, according to a survey from the Federation of Korean Industries released Wednesday. Of the foreign-invested companies with more than 100 employees surveyed, 91.1 percent said they are yet to come up with an investment plan (64.4 percent) or do not plan to make an investment this year (26.7 percent). Only the remaining 8.9 percent of them hav

Industry Feb. 23, 2022

The South Korean antitrust regulator granted a conditional approval on Tuesday for a merger between South Korea’s two biggest air carriers to prevent monopoly in the country’s aviation industry. The Fair Trade Commission’s decision was made after concluding that Korean Air’s acquisition of Asiana Airlines might limit competition. After the merger, the two air carriers would operate around 48.9 percent of international flights from South Korea and 62 percent of domestic

Industry Feb. 22, 2022

The nation’s low-cost carriers facing financial difficulties caused by the prolonged COVID-19 pandemic are bringing in cargo planes and planes for long-haul flights to diversify their source of revenue. T’way Air, for instance, will introduce on Thursday Airbus A330-300 planes that can cover long-haul distances for more than 300 passengers. The plane will begin to operate within the country in March and then be used for longer routes to Singapore, Australia, Croatia, and Kyrgyzstan

Mobility Feb. 21, 2022

Business leaders here called on the next government to raise tax revenue by boosting the economy rather than seeking tax hikes on businesses, according to a survey by the Korea Chamber of Commerce and Industry released Sunday. Of the 252 CEOs surveyed, 70 percent said economic growth should be prioritized for the next government to revamp the nation’s taxation policy, calling for more tax incentives for businesses. The CEOs urged to reduce corporate taxes overall, expand support for st

Industry Feb. 20, 2022

Korean journalists covering the auto industry on Tuesday chose Genesis G90 as the car of the year, saying the vehicle pioneers a new direction for luxury sedans. The fully revamped G90 launched in January scored 84.07 out of 100 for its sophisticated designs as well as its advanced driver-assistance technologies that add value to the driving experience, according to the Korea Automobile Journalists Association. The G90 was among 21 vehicles competing for the annual event that assessed 10 feat

Mobility Feb. 16, 2022

South Korea’s antitrust watchdog has sent a review report to US electric vehicle maker Tesla to notify its conclusion of an investigation showing that Tesla allegedly fiddled with battery performance in low temperatures. The report notified Tesla of violating advertisement laws by exaggerating the performance of its Model 3 vehicles. Tesla advertised that its Model 3 vehicles can drive up to 446 kilometers once fully charged, without informing customers that its driving range can decreas

Industry Feb. 15, 2022

Korean Air said Monday that it will start operating its first Boeing 737 Max aircraft from March following the plane’s arrival in Seoul Sunday. The upcoming launch comes as airlines around the world are bringing the Boeing jet back into service almost two years after a system failure led to two fatal crashes. Boeing has said it has drastically improved the plane’s flight stabilizing program while enhancing pilot training. With its enhanced safety features, airlines resumed flying

Mobility Feb. 14, 2022

South Korean car exports to Australia are booming with the Australian economy, thanks to Australia’s recovery course from COVID-19, and companies’ local marketing strategies. According to the Korea Automobile Manufacturers Association on Sunday, a total of 137,547 domestic cars were exported to Australia last year, showing a 19.3 percent increase from 2020. By brand, Hyundai Motor’s exports increased by 11.1 percent on-year to 66,846 units in 2021, and Kia’s increased b

Mobility Feb. 13, 2022