Articles by Cho Chung-un
Cho Chung-un
christory@heraldcorp.com-
Hyundai union under pressure to join Gwangju plant plan
The government and lawmakers on Tuesday ramped up pressure on workers of Hyundai Motor to join a plan to build the automaker’s new plant in Gwangju as part of efforts to create new jobs and breathe new life into the local economy.Prime Minister Lee Nak-yeon urged the automaker and its unionized workers to join the Gwangju city government’s drive to build a manufacturing plant and create 12,000 new jobs, calling it an innovative project for the labor market. The plan mainly involves hiring more w
Mobility Nov. 13, 2018
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Businesses call for drastic deregulation
South Korean business leaders urged the government to implement drastic deregulation measures to revive the nation’s struggling manufacturing sector, at a meeting with the trade minister on Monday.“We are (hoping to see) new policy initiatives designed to drive (the nation’s) qualitative growth on the basis of innovation,” said Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry. He said the Moon administration “has been making more efforts than previous governments,” but adde
Industry Nov. 12, 2018
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Mercedes-Benz to have more Korean suppliers for future mobility R&D
German luxury carmaker Mercedes-Benz will take on more Korean suppliers in its mission of navigating future mobility, particularly those in the fields of telematics, battery cells and automation of smart factories, said a Daimler executive in Seoul last week. Calling the carmaker’s R&D unit in Seoul an Asian hub for the German carmaker’s search of future mobility, Markus Schafer, Mercedes-Benz’s top manufacturing executive, told Korean reporters that the company is open to Korean talent and will
Technology Nov. 11, 2018
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Posco chairman sets eyes on autos, battery component
While seeking stability in management, Posco’s new chairman said Monday that the company will expand its sales volume of auto steel up to 120 million tons a year by the 2025 to ultimately reach revenue of over 100 trillion won ($89 billion) and operating profit of 13 trillion won by 2030.The nation’s largest steelmaker sold around 91 million tons of steel used for vehicles last year, placing itself as one of the top five suppliers of automotive steel in the world. The company’s aim of expanding
Mobility Nov. 5, 2018
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[Herald Interview] Future of mobility is on auto companies
DAEGU -- Software technologies applied to vehicles by tech companies have been unnerving traditional carmakers in recent years, stoking fears that they might lose their exclusivity in the auto industry. But such a scenario is not likely to happen, according to a British expert on connected and autonomous driving.“I think there’s a lot of uncertainties at the moment. We are not sure whether these tech companies are going to be competitors or possible collaborators,” said professor Paul Jennings,
Industry Nov. 4, 2018
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LG Group’s new chairman becomes LG Corp.’s largest shareholder
With the shares he inherited from his father, LG Group Chairman Koo Kwang-mo has become the largest shareholder in LG Corp., a holding company that controls the nation’s fourth-largest conglomerate, the company said Friday.Koo inherited an 8.8 percent stake in the holding company from the late Chairman Koo Mon-moo, who had held an 11.3 percent stake. The new chairman now holds a 15 percent stake in LG Corp., according to the statement. Previously, he held 6.2 percent. LG Chairman Koo Kwang-m
Industry Nov. 2, 2018
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[From the Scene] Aiming for a rebound, Hyundai focuses on creativity, innovation
HWASEONG, Gyeonggi Province -- Amid fears that the nation’s largest carmaker might be losing momentum, engineers at Hyundai Motor’s research and development center flaunted their creative and innovative ideas for cars of the future in front of executives seeking breakthroughs.Pitching products that ranged from stair-climbing personal mobility devices to air pumps to clear water away from side mirrors, 12 teams of young engineers competed in the annual R&D idea festival, suggesting new possibilit
Mobility Oct. 31, 2018
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Hyundai conducts executive reshuffle after earnings shock
Apparently seeking a change after the earnings shock last week, Hyundai Motor carried out a major reshuffle of its executives on Monday.The South Korean carmaker promoted Thomas Schemera, executive vice president of its high-performance vehicle division, to head its product planning and strategy division. The former BMW M executive is now in charge of setting the direction for technology development and product planning in light of the fast-changing market and innovations in technology, the comp
Mobility Oct. 29, 2018
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[Behind the Wheel] All New Jeep Compass gets urban touch
Upon stepping into American classic sports utility vehicle brand Jeep, one cannot help but feel the urge to become a little bit more adventurous. The brand that symbolizes such boldness, however, gets a softer tone with the Jeep Compass, a midsized model in its SUV lineup, especially in its latest version. The All New Jeep Compass that reached the local market in July has gotten an urban touch with modern, young design elements. But it has kept its daredevil spirit inside. The Tighershark MultiA
Mobility Oct. 29, 2018
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Hyundai Motor to raise $100m for hydrogen startups
Hyundai Motor is joining forces with a Chinese engineering institute to raise around $100 million for an investment fund for startups with innovative ideas on hydrogen technology and infrastructure building, the company said Monday.The South Korean carmaker and the Beijing-Tsinghua Industrial R&D Institute signed a memorandum of understanding Friday, agreeing to establish a “Hydrogen Energy Fund.” The fund will be managed by Hyundai Motor and Yield Capital, an investment unit under the Chinese e
Mobility Oct. 29, 2018
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Hyundai Mobis’ Q3 operating profit drops 15 percent
Hyundai Mobis, a parts maker within Hyundai Motor Group, posted 1.44 trillion won in operating profit, a 15.1 percent decrease from a year ago, the company said in a statement Friday.Between July and September, the parts maker saw 8.42 trillion won in revenue, a 3.9 percent drop on-year, with a net profit of 449.4 billion won, which also declined 6.8 percent over the same period.Sales dropped due to the lower production volume of vehicles in the last three months and the temporary suspension of
Mobility Oct. 26, 2018
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NPS holds 10 percent of shares in LG Innotek, Hanmi Pharma
The National Pension Service, operator of the state-run pension fund, holds stakes of 10.03 percent in LG Innotek and 10 percent in Hanmi Pharmaceutical, it said in a statement Friday.The pension operator’s stake in CJ CGV, the movie theater arm under food and retail giant CJ Group, has reduced to 9.9 percent from 10.72 percent, it added.(khnews@heraldcorp.com)
Mobility Oct. 26, 2018
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Kia posts Q3 operating profit of 117 billion won
Kia Motors, sister company of Hyundai Motor, posted an operating profit of 117.3 billion won for the third quarter, lower than market projections, the company said Friday. Kia generated 14.74 trillion won in revenue, and its operating profit has turned around from the 427 billion won deficit posted a year earlier.The market projection for the carmaker’s third-quarter operating profit was 300 billion won. (Herald DB)A day earlier, Hyundai Motor said it had brought in 288.9 billion won in operatin
Mobility Oct. 26, 2018
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[Video] Rise of startups in world’s most reclusive regime
The idea of nurturing budding enterprises in North Korea at first glance draws skepticism.People from free market economies may question how it will be even possible in a country that prohibits the ownership of personal assets, not to mention incentives for ventures.It might sound paradoxical. However, the more North Korea has faced tougher economic sanctions from the international community in the last 10 years, the more passion for business success among people there has built up, said Geoffre
Economy Oct. 25, 2018
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Hyundai Motor suffers biggest-ever drop in quarterly profit
Hyundai Motor, Korea’s largest carmaker, has suffered the biggest-ever drop in quarterly earnings since adopting its current standards in 2010, with operating profit diving 76 percent on-year, the company said Thursday.The carmaker sold a total of 1.12 million vehicles around the world between July and September, posting 24.4 trillion won ($21.4 billion) of revenue and 288.9 billion won in operating profits, according to the statement.The company faced a significant drop in profit due to slowing
Mobility Oct. 25, 2018
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