Pressed by the prolonged semiconductor shortage and the rapidly diminishing state subsidy balance, South Korea’s top automaker Hyundai Motor is pushing to expedite the release of its new all-electric vehicle Ioniq 5 at all costs. The automaker, which had earlier underlined passenger comfort and various safety functions of the new model, is now suggesting that purchasers compromise some of these options in order to speed up their order. “We are considering various scenarios for c

Industry May 19, 2021

While demand for eco-friendly electric vehicles prolonged rapid growth, anxiety has also escalated among plausible purchasers as the government’s subsidy balance is showing signs of swift exhaustion. Despite the government’s hurried move to allocate more budget and to alleviate the subsidy payment conditions, some customers are even considering turning to alternative choices currently available, instead of waiting for the new models amid a stalled manufacturing timeline. According

Industry May 18, 2021

While HMM Co., formerly known as Hyundai Merchant Marine, saw its stock value zoom upward amid soaring shipping demands, market responses remained divided on whether the nation’s top shipper can maintain its bullish run throughout the year. The company and its creditors remained hopeful, citing the successful synergy of business strategy and government policy actions, but some observers pointed out that the shipper should take more precautions in expanding ship orders. The company saw i

Industry May 13, 2021

South Korea’s antitrust watchdog will take steps to revise the current regulatory definition of “conglomerate owner,” seeking to expand the range of the term. The move came in the wake of public disputes regarding an earlier decision that e-commerce platform Coupang’s founder and chief Kim Bom-suk could not be seen as the controlling shareholder due to his US citizenship. “(The regulations regarding the definition of controlling shareholder) should be applied t

Industry May 12, 2021

Hyundai Mobis, the auto parts affiliate of Hyundai Motor Group, has vowed to raise its safety management capacities to the industry’s top level by 2025, as part of its mid- and long-term vision for sustainability. The company on Wednesday held a proclamation ceremony at its headquarters in Seoul’s Seocho-gu, laying out the road map for safety management system. This latest action reflected the safety-focused policies of Cho Sung-hwang, who was named as the company’s n

Industry May 12, 2021

The inheritance process for the wealth of the late Samsung Group tycoon rekindled a chronic legislation debate here – the country’s inheritance tax rate that is one of the world’s highest. While business circles took the occasion to call for a revision of the current taxation system, authorities continued to draw a line in the debate, refraining from what may seem to be a privilege for the Samsung empire. Some market observers, while consenting to the tax system itself, cla

Industry May 11, 2021

US carmaker General Motors and its domestic affiliate GM Korea on Monday blamed the South Korean government for handing down another exit ban on the GM Korea chief. Calling the ban an abuse of power and discrimination against foreign businesses here, the carmaker vowed to take legal countermeasures. “(The government’s exit ban order) is an arbitrary administrative measure which may lead to an abuse of legal procedures,” said GM Korea in a statement. “In order to respe

Industry May 10, 2021

The labor-management feud escalated Tuesday within Renault Samsung, the South Korean unit of the French carmaker, as the company temporarily shut down its plant amid continued union strikes for a wage hike, officials said Tuesday. As the heightened discord has come amid sluggish sales and a prolonged global semiconductor shortage, CEO Dominique Signora sent out a warning signal to union workers, assuming a hard-line stance on the situation. “We are in urgent need to cut down costs dur

Industry May 4, 2021

LX Holdings, which has spun off from LG Group, on Monday held an inaugural event and board meeting to officially mark its business kickoff and name Koo Bon-joon as its first CEO and chairman. The newly-launched business group is expected to exert all of its effort into phasing out of the LG brand in order to gain an independent position in the market. “Today, we sail off under the name LX, hopeful, yet also a little tense, over what may be awaiting us down the road,” Koo was quoted

Industry May 3, 2021

South Korea’s antitrust regulator on Thursday included Coupang on its list of “large business groups,” henceforth imposing heavier corporate disclosure and compliance obligations on the e-commerce operator that had previously remained in the startup arena. The platform’s founder and chief Kim Bom-suk, however, was not deemed the de facto controlling shareholder on the basis of his US citizenship, rekindling skepticism on the validity of the current regulatory framework.

Industry April 29, 2021

The United States, which under former President Donald Trump ditched talks toward a trans-Pacific trade order, may now be moving to rejoin the club, mostly due to the continuing conflict with China, market observers said Wednesday. Their remarks came during the second CPTPP Trade Forum, organized jointly by the Korea Chamber of Commerce and Industry and the nation’s largest law firm, Kim & Chang. CPTPP stands for the Comprehensive and Progressive Agreement for Trans-Pacific Partner

Industry April 28, 2021

Facing continuous rises in sea freight charges, South Korea’s industries have showed mixed reactions, with major shippers benefiting from surplus demand and small exporters reeling under the cost burden, industry data shows. While brokerages set to raising their target stock price for prosperous top-tier shippers, policymakers here are struggling to provide fiscal relief measures for exporters under pressure. The Shanghai Containerized Freight Index, showing the level of the current sea

Industry April 28, 2021

South Korea’s top automaker Hyundai Motor has fully unveiled the all-new Kona N, adding the first sport utility vehicle to its high-performance N Line. The launch of the new SUV and the emphasis placed on the N Line are the Korean car giant’s strategy to subdivide sport-inspired products from conventional trims, which are swiftly evolving into eco-friendly battery-operated frames. The company held an online world premier named “Hyundai N Day” on Tuesday to fully unve

Industry April 27, 2021

South Korea’s leading business conglomerates have submitted a petition to the presidential office, pleading for a pardon of Samsung Group’s de facto leader Lee Jae-yong, officials said Tuesday. Amid burgeoning concerns over a global semiconductor shortage, the industry’s move marked the first case in about 10 years that business circles have publicly called for the release of a jailed business figure. The nation’s top five business lobby groups submitted the joint st

Industry April 27, 2021

For Hyundai Motor, the Ioniq 5 is not only the first all-electric vehicle adopting its exclusive electric vehicle platform, but also a key indicator of the company’s business outlook in the fast-growing battery-operated vehicles space. Vying against global competitors such as Tesla, the automaker chose to optimize user experience through high-end interior materials, user-friendly interface and, most of all, an unrivaled, ultrafast charging system. The Korea Herald has recently take

Industry April 26, 2021