South Korea’s shipbuilding industry is bracing for the conclusion of a high-profile police investigation into alleged corruption surrounding the Korea Destroyer Next Generation (KDDX) project, with results expected as early as mid-September. The outcome could determine whether the delayed selection process for the multi-billion-dollar naval project finally moves forward. The National Office of Investigation, part of the National Police Agency, is set to finalize its probe into allegations

Industry Sept. 9, 2024

Hyundai Motor plans to bring its Casper Electric mini SUV to Europe later this year and Japan in early 2025, following robust domestic sales. The company reported Sunday that it sold 28,784 units of the Casper -- both gasoline and electric versions -- in the Korean market from January to August this year, marking a 1.4 percent increase from the same period last year. Total Casper sales surged in August, with 5,031 units sold -- making it the first month in 2024 to break the 5,000 mark. The boost

Mobility Sept. 8, 2024

Samsung SDI will present its latest energy storage systems at RE+ 2024, the largest clean energy expo in North America, held in Anaheim, California, for four days starting Monday. The company’s showcase will revolve around the theme "A Sustainable Future Driven by PRiMX." PRiMX is a branding term for Samsung SDI’s advanced battery technology portfolio. Leading the lineup is the Samsung Battery Box 1.5, the company's next-generation ESS battery system ready for US lau

Industry Sept. 8, 2024

Corporate Korea should engage in strategic lobbying at both federal and state levels to navigate the US’ regulatory landscape and protect its interests amid shifting political dynamics. This was the key takeaway from a special session at The Korea Herald HIT Forum, held at the Korea Chamber of Commerce and Industry in Seoul on Thursday, as seasoned US lobbyist Brian Ballard shared his insights on the art of business diplomacy in the run-up to the US presidential election this year. During

Industry Sept. 5, 2024

In the race toward electrification, the auto industry has seen a dizzying array of electric vehicle types, from battery electric vehicles to hybrids, plug-in hybrids, and fuel-cell electric vehicles. Now, Hyundai Motor is adding another contender to the crowded mix -- extended-range electric vehicles, or EREVs. Announced on Aug. 28 during the company's CEO Investor Day, Hyundai plans to introduce these new vehicles to the North American and Chinese markets by 2027. What exactly are EREVs?

Mobility Sept. 5, 2024

BMW Group emphasized Tuesday it has been actively involved in South Korea for the past three decades, focusing on sourcing parts from local companies, investing in infrastructure and contributing to corporate social responsibility initiatives. The company’s activities in the region reflect its commitment to maintaining and expanding its presence in the Korean market, the group said. In 2023, BMW Group purchased parts worth 6.53 trillion won ($4.86 billion) from Korean companies. This fig

Mobility Sept. 3, 2024

Hansung Motors, one of the top official Mercedes-Benz dealers in South Korea, has appointed Marco Kim as its new CEO, the company announced Monday. Marco Kim brings extensive global expertise in the luxury automotive sector, having held key leadership and consulting roles with several prestigious car brands. Born in South Korea and raised in Australia, Kim holds a medical degree and an MBA from the University of Queensland. He later became a chartered accountant and joined Deloitte Motor Industr

Mobility Sept. 2, 2024

Hanwha Industrial Solutions officially launched Monday with a founding meeting at The Plaza Hotel in Seoul. The new company, established as a subsidiary of Hanwha Vision and Hanwha Precision Machinery, represents Hanwha Aerospace’s move to consolidate and lead Hanwha Group’s industrial solutions business. During the inaugural meeting, key agenda items included the formal establishment of the company, the appointment of leadership and the enactment of company bylaws. Ahn Soon-Hong,

Companies Sept. 2, 2024

Starfield Hanam, a shopping complex located in Gyeonggi Province just east of Seoul, is home to South Korea’s first Tesla showroom, which opened its doors in 2017. Here, the allure of Tesla vehicles has always drawn a crowd, but recently, a different kind of interest has been brewing among potential buyers -- an interest not just in the cars themselves, but in the batteries that power them. Recent high-profile EV fires in Korea have sparked public concern about the reliability of the batte

Mobility Sept. 1, 2024

“Tech otakus save the world” is a motto from Hoyoverse, the Chinese game giant behind the global subculture gaming phenomenon Genshin Impact. While it might seem exaggerated, the sentiment isn’t entirely off the mark. Subculture gaming, once considered niche, has exploded into a mainstream cultural force -- as is especially evident in South Korea. Subculture games -- games that originally targeted small, dedicated communities with specific cultural interests often rooted in ani

weekender Aug. 31, 2024

Mercedes-Benz Korea will loan new E-Class sedans free of charge to residents of the apartment complex in Cheongna, Incheon, who lost their vehicles in an electric vehicle fire on Aug. 1. The fire, which occurred in the underground parking lot of the complex, destroyed approximately 70 vehicles. Mercedes-Benz Korea communicated details of the support program through the management office of the Cheongna apartment complex on Thursday. The company will provide one vehicle per affected household, sp

Mobility Aug. 30, 2024

Renault Korea has been in a slump, with sales in Korea nosediving from nearly 100,000 units in 2020 to just 22,000 last year. Now, the company is pinning its hopes on the Grand Koleos, a new mid-size hybrid sport utility vehicle, to spark a comeback. With its debut marking Renault Korea’s most ambitious launch in four years, the big question is: Does the Grand Koleos have what it takes to turn things around? The Korea Herald reporter took it for a spin on a test drive in Busan last Tuesday

Mobility Aug. 30, 2024

Doosan Group has officially scrapped its merger plan between Doosan Robotics and Doosan Bobcat, following shareholder opposition and regulatory pressure. However, the group still intends to move forward with its broader strategy to integrate Bobcat under Robotics in a bid to achieve synergy across its business operations. On Thursday, the boards of Doosan Bobcat and Doosan Robotics each convened and decided to cancel the comprehensive share exchange agreement initially designed to streamline the

Companies Aug. 29, 2024

Hyundai Motor Company is making a bold move towards the future with an investment of 120.5 trillion won ($90.3 billion) over the next decade. This investment is designed to keep Hyundai agile as mass adoption of electric vehicles remains uncertain. Key initiatives include the introduction of advanced hybrid systems, an expanded range of hybrid vehicles, and a new category of vehicles -- extended range electric vehicles, or EREVs -- that combine the strengths of both internal combustion engines a

Mobility Aug. 28, 2024

Doosan Group is under intense scrutiny as it struggles to win investor confidence in its proposed governance overhaul. This comes amid growing speculation that the plan could collapse due to discrepancies between the proposed share purchase warrant prices and the company’s current stock prices. The situation has been worsened by regulatory pressures and increasing dissatisfaction among investors, leading to a dip in the stock prices of several Doosan subsidiaries. On Aug.19, shares of Doos

Companies Aug. 26, 2024