Cumulative sales of Hyundai Motor vehicles in the United States since the automaker began operations there 36 years ago reached 15 million on Wednesday, according to data presented by the automaker on Thursday. Hyundai Motor America, the automaker’s US subsidiary, delivered on Wednesday its 15 millionth vehicle to a customer at the West Herr Hyundai dealer in Williamsville, New York. Hyundai Motor kicked off its US operations in 1986 when it exported its Excel model. The Excel was Hyundai&

Mobility Dec. 22, 2022

Hyundai Motor Group said Wednesday it awarded cash prizes to six South Korean soccer players who play for Jeonbuk Hyundai Motor Football Club (JBFC) for their excellent performance at the FIFA World Cup Qatar 2022. The automaker cashed out a total of 240 million won ($186,000) for the players, awarding 40 million won each. The recipients of the award included defenders Kim Jin-su and Kim Moon-hwan, goalkeeper Song Bum-keun, forward Cho Gue-sung, midfielder Paik Seung-ho, and striker Song Min-kyu

Industry Dec. 21, 2022

South Korean auto parts maker Hyundai Mobis said Wednesday it has teamed up with Israeli teleoperations startup Ottopia to develop remote mobility assistance solutions for autonomous vehicles. The RMA solution is a technology that allows mobility companies to remotely control the movements and routes of uncrewed vehicles. The technology is especially effective in responding to emergency situations in real time both for industrial and commercial vehicles. The company said it is developing the tec

Technology Dec. 21, 2022

South Korean export-to-electronic parts company Paengiyeon said Tuesday it has secured a 1 trillion won ($767 billion) deal with the Thai government to supply 2,247 firetrucks to 76 states across the Southeast Asian country. The company said it signed a memorandum of understanding with a local agency representing the Thai government called Consult US on Dec. 19. The firetrucks, equipped with a 35-meter extendable ladder, will be manufactured in Korea, the company added. “Through the latest

Industry Dec. 20, 2022

The number of young adults under 30 working in South Korea’s lodging and restaurant businesses rose by a combined 134,000 people on-year in November, but about 70 percent of those new jobs were part-time or daywork, according to data from Statistics Korea. The data showed that out of the 3.91 million workers aged 15-29, 652,000, or 16.6 percent, worked in the lodging and restaurant industries in November. This was a 3.4 percentage-point increase from a year earlier. The lodging and restaur

Industry Dec. 19, 2022

Korean energy solution provider Fuel Cell Innova­tions gives a fresh momentum to the new Hydrogen Fuel Cell Industrial Park in the coastal city of Pohang with a fuel cell and electrolyzer GW scale manufacturing plant. The energy company plans to invest a total of 150 billion won ($115 million) by 2027 to produce key hydrogen fuel cell components in an automated plant at Pohang’s Blue Valley National Industrial Complex. The company renewed its commit­ment to cooperating with Pohang

Industry Dec. 19, 2022

With nearly 25 years of experi­ence in the energy-related tech­nology development field, Fuel Cell Innovations Chief Executive Officer Lee Tae-won is a veteran engineer. An expert in fuel cells, bat­teries, hydrogen, energy storage systems, and carbon capture, Lee has held the reins at FCI since the company was established in 2018, steering its key policies. After obtaining his doctoral de­gree in Chemical Engineering at Columbia University in 1996, Lee worked as a fuel cell and

Industry Dec. 19, 2022

South Korean cablemaker LS Cable & System seeks to expand its business horizon to the clean energy sector by acquiring 16 percent shares in underwater construction firm KT Submarine. LS Cable & System purchased the shares in the marine construction company for 25.2 billion won ($19.3 million) in Nov. 30, making itself the second largest shareholder after KT Group. With a call option that the firm already decided to exercise next year, LS Cable & System is expected to become the large

Industry Dec. 15, 2022

Shinsegae Group Chief Lee Myeong-hee’s Hannam-dong residence maintained its position as the most expensive house in Korea for eight consecutive years, government data showed Wednesday. The 2,862-square-meter mansion located in Yongsan, central Seoul, was valued at 28.03 billion won ($21.59 million) for 2023, as assessed by the Land Ministry, down 9.8 percent from this year. The 10 most expensive houses in Korea all saw a depreciation in value, but none moved in rank. The government reports

Market Dec. 14, 2022

GI Cell, the cell therapy affiliate of South Korean pharmaceutical company GI Innovation, said Tuesday it has signed a research agreement with Japanese bio company Optieum Biotechnologies to study hematological tumors. Hematological tumors refer to tumors that begin in the cells of the immune system or bone marrow. According to the agreement, the Japanese bio company will provide its South Korean counterpart with single-chain variable fragment (ScFv) antibodies that target hematological tumors.

Industry Dec. 13, 2022

South Korean food giant Pulmuone’s US affiliate Pulmuone Foods USA said Tuesday it has secured deals with 18 major US university campuses to supply plant-based foods. Pulmuone had forayed into the US market in 2014, working with one of the US’ largest college food service providers UMass Dining to supply plant-based food products such as vegan steaks to universities and restaurant chains. Under its partnership with UMass Dining, the food giant signed a contract to supply its plant-ba

Consumer Dec. 13, 2022

The Korea Institute of Design Promotion held a demo day event last week to allow social enterprises to share their success stories and have opportunities to get funding from investors. The KIDP, affiliated with the Ministry of Trade, Industry and Energy, has been carrying out a project, called "Social Enterprise Design Assistance Program," since 2019, with aims to nurture social enterprises in the design sector. The institution has been providing participating companies with consultati

Industry Dec. 12, 2022

More than half of European Union citizens hold a positive attitude toward South Korea, according to a study presented by Han Jeong-hun, a professor of Korean politics at Seoul National University Wednesday. According to the study, 55.3 percent of EU citizens said they had a positive view of South Korea, while another 18 percent said they had no opinion. Meanwhile, 26.8 percent said they had a negative view. However, when asked about how interested they were in Korea, only 38.6 percent responded

Industry Dec. 9, 2022

South Korea’s leading carmaker Hyundai Motor Group and SK Group’s battery-making arm SK On are set to invest $4 billion to build a joint battery production plant in Georgia, US state officials said Friday. Construction is expected to be completed in 2025. The two companies had signed a business agreement late November on building a joint facility in Bartow County, about 100 kilometers northwest of Atlanta. The batteries produced at the plant will power Hyundai Group’s electric

Industry Dec. 9, 2022

Seven out of 10 Starbucks users in South Korea ordered iced drinks this year, the coffee chain said Thursday, with their craving for iced coffee and tea showing little sign of abating despite cold wave alerts more recently. According to a big data analysis by Starbucks Korea, purchases of iced drinks made up 76 percent of all Starbucks sales this year, a 12 percentage point growth from last year’s 64 percent. Even during the winter season between November 2021 and February 2022, the portio

Industry Dec. 8, 2022